The global energy storage systems market is primarily driven by the surging consumption of energy and burgeoning demand for the efficient and uninterrupted power supply. The rapid industrialization and increasing economic activities across the globe is driving the demand for the energy storage systems to ensure the efficient power supply. The technological advancements in the energy storage systems and rising investments in the development of the energy storage infrastructure across the globe is expected to boost the growth of the global energy storage systems market.
MARKET SCOPE
The "Global Commercial and industrial energy storage Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Commercial and industrial energy storage market with detailed market segmentation by technology, end-user, and geography. The global Commercial and industrial energy storage market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Commercial and industrial energy storage market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- The global Commercial and industrial energy storage market is segmented on the basis of technology, and end-user.
- On the basis of product, the Commercial and industrial energy storage market is segmented into pumped hydro, electro-chemical, electro-mechanical, and thermal.
- Similarly, on the basis of application the Commercial and industrial energy storage market is bifurcated into residential, non-residential, and utilities.
MARKET DYNAMICS
Drivers:
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- Wind and Solar energy are stored in grids. These are the most sought-after alternative energy sources. Due to fluctuation in wind currents or insufficient availability of sunlight at times, the storage of these renewable energies in flexible grids is in high demand. Across the world, owing to grid modernization there is an increasing requirement for grid energy storage systems. The adoption of energy storage systems has created many opportunities for the Energy Storage Market.
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- Energy Storage Market restraints are the high price and difficulty of deploying these systems in remote area.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Commercial and industrial energy storage oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Commercial and industrial energy storage oil market in these regions.
IMPACT OF COVID-19 ON COMMERCIAL AND INDUSTRIAL ENERGY STORAGE MARKET
The global commercial and industrial energy storage industry has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to slowdown in the growth of the commercial and industrial energy storage market revenue in 2020. The Asian and European countries under lockdowns have suffered major loss of business and revenue, due to the shutdown of manufacturing units in the region. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the electrical cable market in 2020.
However, the negative impact of COVID-19 on the commercial and industrial energy storage market is expected to be there for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for commercial and industrial energy storage products post pandemic. This is due to the fact that a rise in number of market players are reassessing their strategies and coming up with quick responses to stabilize their supply chain
MARKET PLAYERS
The report covers key developments in the Commercial and industrial energy storage oil market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Commercial and industrial energy storage oilmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for Commercial and industrial energy storage market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Commercial and industrial energy storage market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- LG Chem.
- Beacon Power, LLC
- Convergent Energy and Power Inc.
- BYD Company Ltd.
- ABB Ltd.
- Greensmith Energy Management Systems
- Seeo, Inc.
- S&C Electric Company
- Scheider Electric
- SMA Solar Technology AG.