The report study is comprised of an analysis for the Energy Storage System Market ESS technology segments including electromechanical, electrochemical, and thermal storage. Along with this, the study holds a detailed analysis of the end-use segments of the energy storage system which includes grid-scale, commercial industrial, and residential.
The ESS market is developing along with technological advancements, especially the players operating from countries including China, Japan, South Korea, Germany, the U.K., France, and the U.S. The market is witnessing various strategic initiatives in terms of mergers and acquisitions, collaborations, capacity expansions, and joint ventures. Considering these factors, the ESS market is observing advancement in the technology field and promoting the development of new products with enhanced capacities. As a result, GlobalData has analyzed and profiled the operations of key vendors operating in the global ESS market.
GE Renewable energy (Paris, France): In December 2022, Anhui Jinzhai Pumped Storage Power Co., LTD, one of the divisions of SG Xinyuan elected GE for the procurement of four 300 MW pumped storage units. This procurement included pumped storage turbines, generator motors, and equipment for its power plant based out in Jinzhai County, Anhui Province, China. The first two units of the order have been successfully delivered by GE to Anhui Jinzhai. Such capacity expansions in energy storage projects are estimated to contribute towards the company’s growth and ultimately benefit the market over the coming years.
LG Energy Solution (Seoul, South Korea): In January 2023, LG Energy Solution and Hanwha Group signed an MoU to collaborate on the battery manufacturing business in the US. This includes the involvement of three Hanwha Group companies: Hanwha Solutions, Hanwha Corporation/Momentum, and Hanwha Aerospace. This strategic initiative is projected to support the expansion and profit ratios of LG Energy Solution in the U.S. market. Moreover, in December 2022, LG Energy Solution announced the plan to invest nearly KRW 4 trillion ($ 3.1 billion) between 2023 to 2026 for the expansion of its battery production facility in South Korea. Thus, these strategic initiatives by the company are estimated to support its growth in the ESS market. Energy Storage System market outlook Report with detailed segment analysis is available with Global Data Now! Make a Purchase Right Here!, download a free sample
CALMAC (New Jersey, US): In 2022, CALMAC, a leader in ice-based energy storage systems launched a new app based on thermal technology for commercial building projects, which is free on both iOS and android devices. This app allows manufacturing representatives and mechanical consulting engineers across the globe to simulate the effect of thermal energy storage installations on demand. Thus, the development of such mobile applications is projected to streamline industry operations in the future and is estimated to support the growth of the ESS market over the long run.
Need more information? GlobalData's new report covers each of these companies in much more detail, providing an analysis of the following:
- Key players recent developments their impact on the industry
- List of energy storage tenders contracts
- List of energy storage projects and case studies
- The comprehensive report provides global market size estimates, volume and revenue numbers, and coverage of key issues and trends.
