Energy Storage Systems Market To Reach US$52.59 Bn by 2025

The global energy storage systems market is fragmented in nature on account of the presence of a copious number of regional and international players. In order to tap into the market, which has ample room for growth, new players are rushing in. As a result, competition in the market is predicted to heat up in the near future.

In order to surge ahead in the global energy storage systems market savvy players are banking on product development and carefully-considered mergers and acquisitions. They are also focusing on improving their distribution network and managing working capital effectively in order to thrive in the market.

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Some of prominent players operating in the global energy storage systems market are ABB Ltd., BYD Company Limited, EOS Energy Storage, Evapco, Inc., Maxwell Technologies, Inc., General Electric Company, Hitachi, Ltd., LG Chem, Ltd., NEC Corporation, Panasonic Corporation, Schneider Electric SE, Siemens AG, and Tesla.

As per a report by Transparency Market Research, the global energy storage systems market will likely rise at a steady CAGR of 5.6% from 2017 to 2025 to become worth US$52.59 bn in 2025 from US$32.60 bn in 2016.

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Depending upon application, the global energy storage systems market can be split into transportation and grid storage. Of the two, the segment of transportation is expected to register higher growth owing to soaring sales of battery operated electric vehicles, which help to keep vehicular pollution in check, and expanding railway networks.