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Energy Storage Systems Market Analysis and Trends | Industry Key Players: Siemens, Panasonic, LG Chem, Samsung SDI, General Electric, Hitachi
The Infinium Global Research has announced the addition of the “Energy Storage Systems Market to 2024 – Global Analysis and Forecasts by Type and Product” to its research database.
The main objective of this report is to define, describe, and forecast the global “Energy Storage Systems” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
Rising Adoption of Renewable Energy across the World to Promote the Growth in Energy Storage Systems Market
The adoption of renewable energy across the world is growing very rapidly that is driving the energy storage system market worldwide. The energy storage systems play a vital role in the storage of renewable energy storage. The energy storage systems come in the various capacities i.e. Ampere/Hrs. The rising consumer’s interest towards the use of on-demand energy source is likely to boosts the growth of the energy storage system market. In addition, use of the software’s to manage the energy storage system is expected to contribute to the growth of the energy storage system market. However, the initial high set-up cost of energy storage system is expected to hamper the growth of the energy storage system. Moreover, rising adoption of energy storage system across various industries is expected to create several opportunities for the energy storage system market in the upcoming market.
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DEWA tests energy storage system at Dubai’s solar park
In August 2018, Dubai Electricity and Water Authority (DEWA) has launched a pilot project to install and test a 1.2MW/7.2MW per hour sodium sulfur battery energy storage system (NaS BESS) at the Mohammed bin Rashid Al Maktoum Solar Park. The project, in cooperation with the Amplex Emirates, supports DEWA’s efforts to promote clean-energy production and storage technologies. DEWA will connect the storage systems to its grid.
DEWA is disrupting the business model of public utilities by creating a new digital future for Dubai through Digital DEWA, its digital arm. DEWA will implement a leading model for utilities that is based on innovation in renewable energy, energy storage, artificial intelligence (AI) and digital services,” Saeed Mohammed Al Tayer, managing director and CEO of DEWA.
Andhra Pradesh CM to Inaugurate First-Ever Thermal Battery Plant
In August 2018, Chief Minister N Chandrababu Naidu will unveil the world's first-ever thermal battery in his Andhra Pradesh. Manufactured by the Bharat Energy Storage Technology Private Limited (BEST), the first-of-its-kind cell is aimed at boosting up renewable sources of energy production, instead of non-renewable fossil fuel-based energy generation. The technology, which will help in mitigating carbon emissions, is best suited for grid balancing and stabilizations. It will also be used to store energy for telecommunication, commercial establishments, electric vehicles and highway charging stations. It can also be effectively used in remote locations, such as hilly terrains and islands.
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Utility rates driving record demand for home energy storage systems
In August 2018, Installations of home energy storage system in the U.S. hit a record high in the first quarter of 2018. The new capacity of 36 megawatt-hours will sustain an estimated 4,000 home systems and adds to the 1,080 megawatt-hours installed in the past 4 years.
Report Highlights:
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global energy storage systems market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of energy storage systems market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the energy storage systems market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the energy storage systems market to understand the present and future trends in this market and formulate their strategies accordingly.
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