The energy storage market has caught the eye of a number of stakeholders involved in the power industry, leading to its considerable growth and opening the way for next energy revolution, says GlobalData.
GlobalData’s latest thematic report, ‘Thematic Research: Energy Storage’, highlights the present scenario and emerging market trends in the global energy storage industry, and the key companies behind the development of three energy storage technologies: electrochemical, mechanical and thermal energy storage.
The energy storage market is nascent but fast-growing. The demand for energy storage system (ESS) devices in the power sector is increasing rapidly, particularly after the increase in the renewable energy integration into the grids. Intermittent power supply led to demand for the storage of electrical energy and supply during peak load periods. ESS devices can help make renewable energy - whose power output cannot be controlled by grid operators - smooth and dispatchable.
With the global energy storage market becoming one of the rapidly growing segments within the renewable power mix, equipment manufacturers or technology providers of energy storage technologies are focused on innovating their energy storage solutions and offering advanced energy storage systems.
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