Utility-Scale Energy Storage Technologies Market Key Trends and Opportunities

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The increasing demand for energy is accelerating the deployment of utility-scale energy storage technologies around the world. The benefits offered by these technologies in terms of increasing the efficiency of energy storage are projected to help the market grow in the near future. In addition, the rising demand for reducing the carbon footprint is expected to propel the growth of the global utility-scale energy storage technologies market.
For the purpose of the study, the global utility-scale energy storage technologies market has been broadly assessed in terms of technology and geography. By technology, the market has been segmented into compressed air energy storage, pumped hydro-power, solid state batteries, and flywheels. Regionally, the market has been segmented into Europe, Asia Pacific, North America, and Rest of the World.
The research study is compiled using information obtained via proven research methodologies. It provides a comprehensive overview of the market covering the prevailing trends, growth drivers and limitations, growth opportunities, and historical performance. The report is thus intended to help stakeholders gain a better market perspective.
Global Utility-Scale Energy Storage Technologies Market: Key Trends and Opportunities
Rapid urbanization witnessed across the globe has spurred the demand for energy resulting in massive energy load on grids. Energy storages are essential to be integrated with power grids in order take the load off. This has created significant demand for utility-scale energy storage technologies around the world. Among the technologies in demand, the pumped hydro power segment is witness strong growth, Besides this, the report also foretells the demand for compressed air energy storage and solid state batteries will increase at a healthy pace in the forecast period.
Despite witnessing favorable opportunities, stringent government regulations with regards to energy storage could hinder the market in the coming years. Nevertheless, the increasing investment in research and development activities in this field will bolster growth opportunities for the companies operating in the market in the near future.
Global Utility-Scale Energy Storage Technologies Market: Regional Outlook
On a regional front, North America led the global utility-scale energy storage technologies market. Over 15 utility-scale technologies for energy storage are present in North America, which as per TMR will enable the region to continue dominating the global market through the course of the forecast period. In addition, the market is also expected to witness lucrative opportunities in Asia Pacific and Europe. The increasing investment in modernization of industries and the rising focus on automation are expected to be the chief drivers of the utility-scale energy storage technologies market in Asia Pacific. Hence industrialization witnessed in India and China will be major contributors of growth to the market in the region.

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