Average reading time for this story is 1 minutes
Global decentralized energy storage market is expected to grow at an average CAGR of 62.55% between 2021-2026.
According to the report, APAC is the largest market for decentralized energy storage. Market players have significant growth potential due to the high demand for energy and population growth.
Due to the presence many regional and international players, the global decentralized energy storage market can be fragmented. There are many vendors in the market, including those that are industry-focused and category-focused. To remain competitive in this market, vendors are using inorganic growth strategies like mergers and acquisitions. Technavio identifies Aggreko Plc, AT and T Inc., BYD Co. Ltd., David MacBrayne Ltd., Fluence Energy Inc., General Electric Co., LG Chem Ltd., NGK Insulators Ltd., Samsung SDI Co. Ltd., and SENER GRUPO DE INGENIERIA SA as the dominant players in the market.
Despite the fact that the changing global energy mix, growing need for backup power and the increasing economic benefits of energy storage will provide enormous growth opportunities, the wider demand-supply gap in lithium, strict laws against lead pollution and the competition from fuel cell will limit the market’s growth. Market vendors need to focus on the growth opportunities in the fastest-growing segments while maintaining their position in the slower-growing ones in order to make the most of these opportunities.
The market’s highest-earning segment for battery energy storage was the technology. The segment’s growth is supported by factors such as falling Li-ion battery costs and rising use of renewable energy sources. The segment’s growth is also supported by the increasing support from governments around the globe for the installation of energy storage systems in residential and C&I sectors to store excess energy, and reduce energy losses.
