THE Energy Storage Systems Market IS USD 174 million in 2016 And Is Estimated To Reach 6 % over the forecast period 2017-2025

Energy Storage SystemEnergy storage is the capture of energy produced at one time for use at a later time. A device that stores energy is generally called an accumulator or battery. Energy comes in multiple forms including radiation, chemical, gravitational potential, electrical potential, electricity, elevated temperature, latent heat and kinetic. Energy storage involves converting energy from forms that are difficult to store to more conveniently or economically storable forms. Some technologies provide short-term energy storage, while others can endure for much longer. Bulk energy storage is currently dominated by hydroelectric dams, both conventional as well as pumped. Global Energy Storage Systems Market valued approximately USD 174 million in 2016 is anticipated to grow with a healthy growth rate of more than 6 % over the forecast period 2017-2025. Key factors that drive the market growth of energy storage systems are growing adoption in transportation and software integration for management of energy storage systems and growth in renewable energy adoption. However technical challenges and high cost are restraining the market growth. Energy Storage System is equipment, which conveniently and efficiently stores various forms of energy which can be utilized as per the requirement, example lithium ion batteries. These are undergoing for constant technological development which overcomes the traditional barriers for the continuous supply of energy. Furthermore, rising focus on production of renewable is due to growing energy consumption across the globe. Some of the key manufacturers involved in the market are LG Chem., ABB Ltd, AES Energy Storage, LLC, Beacon Power., LLC, BYD Company Limited, Convergent Energy & Power Inc., Greensmith Energy & Power Inc., EOS Energy Storage, Seeo, Inc., and S&C Electric Company. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies. Download Sample PDF..