Global Energy Storage Market 2023-28: Business Growth Analysis, Technological Innovation, And Top Leading

Global Energy Storage Market Insights:

The Global Energy Storage Market is expected to witness a CAGR of 38.26% during the forecast period 2023-28. The market growth is anticipated due to the growing government initiatives to promote the adoption and the capacity & resilience of energy grids globally. The proliferation of government policies and regulations in the energy storage sector is driving the growth of the market.

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Global Energy Storage Market Definition:

Energy storage is the process of accumulating energy in specific devices or systems for future use, allowing companies and industries to conserve energy and utilize it when energy demand rises. In this way, energy storage ensures a steady supply-demand equilibrium for consumers, avoiding issues like unreliable electricity and abrupt price spikes. It stores renewable energies like solar, wind, hydro, and others.

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Global Energy Storage Market Challenge:

Limited Technical and Engineering Talent leading to Labor Shortage in the Market: The availability of skilled professionals in the energy sector is limited, leading to intense competition among companies to hire from this limited talent pool. This scarcity of qualified personnel poses a challenge to the technological development and growth of energy storage companies. Additionally, shortage of skilled labor across the globe is translating into project delays and impacting investment decisions. According to the National Solar Job Census by the US Interstate Renewable Energy Council, in 2021 89% of the solar companies are facing a lack of proper qualified applicants.

Global Energy Storage Market Segmentation:

1. By Type

• Battery
• Pumped Storage Hydropower- Market Size & Forecast 2018-2028, USD Million
• Compressed-air energy storage (CAES)- Market Size & Forecast 2018-2028, USD Million
• Gravity-based energy storage- Market Size & Forecast 2018-2028, USD Million
• Liquid Air energy storage (LAES)- Market Size & Forecast 2018-2028, USD Million
• Flywheel Energy Storage (FES)- Market Size & Forecast 2018-2028, USD Million

2. End Users

• Residential- Market Size & Forecast 2018-2028, USD Million
• Commercial & Industrial- Market Size & Forecast 2018-2028, USD Million
• Utilities- Market Size & Forecast 2018-2028, USD Million

Global Energy Storage Market Geographically Analysis:

3. By Region

• North America
• South America
• Europe
• Asia-Pacific
• The Middle East & Africa

Global Energy Storage Leading Companies:

• Contemporary Amperex Technology Ltd
• NextEra Energy
• Toshiba Corporation
• GS Yuasa Corporation
• Siemens
• ABB
• LG Chem
• Voith GmbH & Co. KGaA
• ANDRITZ HYDRO GmbH
• Hitachi Energy
• Mitsubishi Electric Corporation
• Tesla
• Samsung SDI
• UniEnergy Technologies, LLC
• General Electric
• Others

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