Global distributed energy storage systems market estimated to reach a market value of $9.09 billion by 2020
The global distributed energy storage systems market was valued at $3.98 billion in 2014, and is estimated to reach a market value of $9.09 billion by 2020, at a CAGR of 15.0% from 2015 to 2020.
With the advancement in the field of electronics, there will be rise in the demand for power supply in order to support the equipment used in various sectors such as commercial, industrial, and residential. In order to support the constant power flow to this equipment, the electrical energy should be stored. Therefore, the distributed energy storage systems are increasingly used to store energy (in particular renewable energy) in order to resolve the issues related to the power supply in the electrical system.
On the basis of type, the distributed energy storage system market is segmented into batteries, electrochemical capacitors, compressed air, flywheel, and others. The batteries segment is expected to account for the largest share in the distributed energy storage systems market and is expected to reach $5.78 billion by 2020 at a CAGR of 17.4% from 2015 to 2020.
In terms of geography, the distributed energy storage systems market segmented into regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). The North American distributed energy storage system market is expected to experience significant growth due to the growing initiatives of renewable energy production and storage in that region.
Key companies in this market are ABB Ltd. (Switzerland), Toshiba Corporation (Japan), LG Chem ltd. (South Korea), Samsung SDI Co., Ltd. (South Korea), Saft (France), and BYD Company Limited (China).
The statistics here are given by the report “Global Distributed Energy Storage Systems Market by Technology Type, Application, Geography – Analysis and Forecast to 2020”.
Objective of this study is to analyze the market trends, share, growth & restraining factors and projection supported by market estimates and forecasts of global market.
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