Battery Market for Energy Storage Systems (ESS) Market | APAC to have largest share | Technavio
NEW YORK, June 30, 2022 /PRNewswire/ -- The battery market for energy storage systems (ESS) market size is expected to increase by USD 24.08 billion between 2021 and 2026, expanding at a CAGR of 34.5% during the forecast period. The report expects the market to observe significant growth in APAC. The growth in population and rising living standards of people are creating huge growth opportunities for market players.
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The market is driven by the change in the energy mix. The global energy mix has significantly changed over the years. The increase in GHG emissions has forced governments across the world to start focusing on generating energy from sustainable and renewable sources such as solar, biomass, and wind. This is resulting in the diversification of energy resources, with renewables accounting for a significant share in the energy mix. In addition, the new mandates on the use of renewable energy have spurred the demand for energy storage systems to overcome the issues that arise due to the intermittent nature of renewable sources. Thus, the change in the global energy mix is expected to drive the growth of the market in focus.
In addition, the increased adoption of microgrids is anticipated to boost the growth of the battery market for energy storage systems (ESS) market. However, the widening demand-supply disparity with regard to lithium might challenge the growth of the market.
Major Vendors in Battery Market for Energy Storage Systems (ESS) Market:
The market is fragmented with the presence of many international and regional players. The market comprises category-focused, industry-focused, as well as diversified vendors. The vendors in the market include manufacturers of ESS-based battery technologies such as lithium, sodium, and others.
Technavio identifies the following as the dominant players in the market.
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Battery Market For Energy Storage Systems (ESS) Market Technology Outlook (Revenue, USD Billion, 2021-2026)
The lithium-ion batteries segment will generate significant revenue in the market during the forecast period. The high energy density of lithium-ion batteries is the key factor driving the growth of the segment.
Battery Market For Energy Storage Systems (ESS) Market Geography Outlook (Revenue, USD Billion, 2021-2026)
57% of the market growth will originate from APAC during the forecast period. The consumption of energy is increasing exponentially in the region owing to population growth and the improving living standards of consumers. Besides, the depletion of traditional energy sources such as fossil fuels has forced many countries in the region to focus on renewable energy sources to meet the growing demand for energy.
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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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