The global energy storage system (ESS) market is anticipated to grow at a significant CAGR of 10.3% during the forecast period (2024-2031). The global ESS market is being driven by the increasing demand for reliable and efficient energy storage solutions to support the integration of renewable energy sources like solar and wind into the grid. ESS facilitates balancing supply and demand fluctuations, enhancing grid stability. Additionally, advancements in battery technologies, such as lithium-ion batteries, have lowered costs and improved performance, driving adoption across various sectors including residential, commercial, and utility-scale applications. Moreover, rising concerns about climate change and the need to reduce greenhouse gas emissions are incentivizing governments and organizations worldwide to invest in ESS to optimize energy usage, mitigate grid congestion, and meet sustainability targets, further propelling market expansion.
Browse the full report description of “Energy Storage System Market Size, Share & Trends Analysis Report by Application (Stationery and Transport), by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage and Flywheel Energy Storage), and by End-Use (Residential, Non-Residential and Utilities) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/energy-storage-system-market
In July 2023, Torus, a Lehi-based renewable energy company, announced the launch of Torus Station. This integrated system is designed to offer homeowners grid independence, reduced CO2 emissions, and significant savings on their power bills. Co-founders Nate Walkingshaw and Gilbert Lee, both formerly associated with Pluralsight, have focused their efforts on addressing climate change. Torus differentiates itself by prioritizing renewable energy usage over grid dependency. Their flywheel energy storage device boasts longevity and efficiency, accompanied by a real-time monitoring app. Torus aims to empower communities to embrace renewable energy solutions and contribute to environmental conservation efforts.
Further, in October 2022, The Chinese Academy of Sciences inaugurated a 100 MW compressed air energy storage (CAES) plant in Zhangjiakou, Hebei province, storing over 132 million kWh annually. Developed by the Institute of Engineering Thermophysics, it serves 40,000 to 60,000 households during peak demand. CAES offers significant storage, cost-efficiency, and environmental benefits. Notably, China's largest operational CAES, a 60 MW facility in Changzhou, aims for 1 GW capacity.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Application
o By Technology
o By End-Use
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Clarios, GE Vernova (General Electric Company), LG Energy Solution, NGK Insulators Ltd., and Samsung SDI Co., Ltd. among others.
Key questions addressed by the report
Global Energy Storage System Market Report Segment
By Application
By Technology
By End-Use
Global Energy Storage System Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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