Elevated focus on managing power distribution effectively, thereby leading to rising demand for electricity is likely to boost the growth of energy storage systems market over the coming years. Energy storage systems largely find applications in industrial and transport sectors. They are also installed in stadiums, data centers, and hospitals for incessant supply of power.
Growing concerns pertaining to energy preservation and transition from fossil fuel consumption to other alternate renewable sources of energy is projected to upswing the growth curve of energy storage systems business. Energy storage systems exhibit high performance, increased efficiency, and display low costs.
Pumped hydro energy storage systems and lead-acid battery storage systems are highly popular, owing to modern technologies used by these systems. Power crises and outages witnessed across the industrial plants has further propelled the demand for electricity, thereby further driving energy storage systems market trends.
Commercial and residential sectors as well as utility sector require energy storage systems. Escalating green energy trends and need for reducing power consumption as well as electricity bills is likely to drive the energy storage systems demand across the residential sector.
Densely populated countries such as India and China are anticipated to contribute substantially towards the growth of storage systems market in Asia. New reforms introduced by the Chinese authorities in the power sector and creation of new groups such as internal grid integration expert committee of China Renewable Energy Industries Association is likely to fuel the storage systems industry expansion in the region.
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In a major boost for energy storage systems market, CellCube Energy Storage Systems Incorporation has declared that it has set up first of its two energy storage systems at O’Connell Electric in New York. The company sources have asserted that the new products will increase the energy utilization along with reducing of the costs by approximately 30% to 40%, respectively.