The global energy storage system market is expected to grow at a significant rate of 10.3% from 2024 to 2031. Energy Storage Systems (ESS) play a vital role in capturing excess energy from renewable sources like solar and wind power for later use, ensuring a reliable grid by balancing electricity supply and demand.
Solar and wind power have gained prominence in the energy sector due to their environmental benefits, but their reliance on weather conditions poses a challenge. These energy sources can be intermittent as they do not generate electricity consistently. ESS act as bridges by storing excess energy produced during peak hours for later use, ensuring a more stable electricity supply even when the sun is not shining or the wind is not blowing.
For example, Sungrow showcased advanced solar solutions at Solar + Storage México 2024 Expo, featuring products like the “1+X” modular inverter and SG350CX inverter. With Mexico’s growing renewable energy market, Sungrow aims to address energy needs with its PowerStack energy storage system. This integration of renewable energy sources with ESS contributes to a cleaner and more stable power grid.
The Energy Storage System market report covers market insights, analysis, and forecasts for the period 2024-2031. The report includes market segmentation by source, product type, and applications. Key players in the competitive landscape include Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others.
The market segments by application include stationary and transport, by technology include Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage, and by end-use include residential, non-residential, and utilities. The regional segments covered in the report are North America, Europe, Asia-Pacific, and the Rest of the World.
Key highlights of the report include market value data analysis from 2023 to 2031, annualized market revenues for each segment, country-wise analysis of major regions, and analysis of key companies operating in the global energy storage system market. The report also provides insights into business strategies, market-entry and expansion strategies, and competitive positioning in the market.
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