Global Commercial and Industrial Energy Storage Market 2018-2022 to Post 12% CAGR - Technavio
LONDON--(BUSINESS WIRE)--Oct 26, 2018--Technavio’s analysts forecast the global commercial and industrial energy storage market to grow at a CAGR of nearly 12% during the forecast period.
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Technavio has published a new market research report on the global commercial and industrial energy storage market for the period 2018-2022. (Photo: Business Wire)
Integration of renewables with energy storage is one of the major trends being witnessed in the . Energy storage proves to be one of the critical issues in renewable energy management. Renewable energy technologies such as solar PV and wind power produce intermittent outputs. The variability of the renewable energy is characterized as short-duration variability and long-duration variability. Wind speed variations and fluctuations of sunlight due to the movement of clouds cause such variations. In order to ensure that the electricity supply and demand are at par, energy storage technologies have a high potential to smooth out the electricity supply from these renewable energy storages.
According to Technavio analysts, one of the key factors contributing to the growth of the global commercial and industrial energy storage market is the increased need for backup power.
Global commercial and industrial energy storage market: Increased need for backup power
In the commercial and industrial sectors, power outage for even a minute would lead to great losses for the companies. Electricity disruption of any length creates difficulties for commercial and industrial business operations. For critical operations such as hospitals and nursing facilities, even a short power outage can put lives at risk.
According to a senior analyst at Technavio, “Short power outage can lead to losses for various mission-critical businesses, from data centers to financial institutions. Several businesses do not depend on the public power grids. Extreme weather conditions, combined with the problematic power grid, are accelerating demand for backup energy storage systems. For commercial and industrial companies, energy storage systems help reduce utility costs and improve power quality and reliability.”
Global commercial and industrial energy storage market: Segmentation analysis
The global commercial and industrial energy storage market research report provides market segmentation by technology (thermal energy storage and flywheel energy storage) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The thermal energy storage market segment held the largest market share in 2017, accounting for nearly 54% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 74%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 1%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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PUB: 10/26/2018 07:03 AM/DISC: 10/26/2018 07:03 AM