Energy Storage System Market Segmentation:
Technology Segment Analysis
The pumped hydro storagesegment is estimated to gain the largest market share over the projected time frame, attributed to the worldwide increasing demand and adoption of pumped hydro storage power generation, coupled with the growing energy consumption worldwide. For instance, as per a report, as of 2021, pumped hydro energy storage accounted for approximately 94% of total global storage power capacity and nearly 97% of total global storage energy volume. Besides this, rising government initiatives for renewable energy generation to attain zero carbon footprint is also projected to propel the growth of the segment in the coming years.
Application Segment Analysis
The grid storage segment is expected to garner a significant share. ascribed to the extensive use of grid energy storage systems across the globe, along with the radically rising demand for energy in the industrial sector is another major factor that is estimated to boost the growth of the segment in the coming years. As per the International Energy Agency (IEA) report, by the end of 2021, the total installed grid-scale battery storage capacity was up to 16 GW, the majority of which was installed over the last five years. Installations climbed significantly in 2021, jumping by 60% over 2020 as more than 6 GW of storage capacity was installed. That was the second year in a row in which the installations increased significantly. Besides this, large-scale energy storage allows for a continuous and efficient power supply.
Our in-depth analysis of the global market includes the following segments:
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