Distributed Energy Storage System Market Share, Growth, Latest Trends, Key Players, Competition and Future Opportunities Till 2023-2033: SPER Market Research
Distributed energy storage, or DES, is the utilization of power storage devices close to end consumers that can react fast and supply energy as needed. Distributed energy storage systems are situated close to the final clients, such as in homes or businesses. Although this technology has been around for a while, technical advancements have aided in making this sort of energy storage meet the necessary regulations and laws. The bidirectional inverter and the DC-charged batteries are the system’s two most critical components. The energy distribution system of a smart grid is suitable for this energy storage technology.
According to SPER market research, ‘Distributed Energy Storage System Market Size- By Capacity Type, By Battery, By Application, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Distributed Energy Storage System Market is predicted to reach USD 13.67 billion by 2033 with a CAGR of 9.89%.
Drivers:
- Microgrids are gaining popularity. A micro grid is a network of distributed energy sources and loads that interact with the grid as a single, controlled entity. It can operate in grid-connected or island mode depending on its capabilities to connect to and disconnect from the grid. Because of their ability to improve consumer reliability and resilience to grid failures, microgrids are becoming more popular. Storage, sources of clean energy, and conventional generators can keep the local grid running even if its primary supply is disturbed by the use of advanced microgrids.
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Challenges:
- The Energy Storage Systems Market is growing, yet thermal runaway is a major problem with lithium-ion batteries. The primary causes of thermal runaway are high voltage, internal cell defects, and mechanical issues or damage. Elevated temperatures, gas accumulation, and possibly disastrous battery cell rupture leading to fire or explosion are the consequences of thermal runaway. Should the thermal runaway continue unchecked, it has the potential to cause additional harm by propagating from one cell to another. It follows that this aspect is expected to restrict market expansion in the upcoming years.
- The Global Power Industry has been impacted by the ongoing COVID-19 pandemic. Numerous organizations that manufacture gadgets have been forced to shut down their operations and facilities due to the current scenario; some have even gone so far as to implement complete lockdowns in order to combat the virus. The COVID-19 pandemic has caused a notable decline in power demand, even while residential building electricity use has increased. Governments all throughout the world were compelled to impose restrictions on economic activity in order to lessen the consequences of the coronavirus. Distributed energy resource management system solutions have suffered in the near term due to the decline in business activities.
Furthermore, in the analysis of the Distributed Energy Resource Management Market the main regions taken into consideration were North America, Europe, South America, Asia Pacific, Middle East, and Africa. North America’s power sector is facing challenges in meeting energy efficiency targets, complying with federal carbon policy, and integrating various distributed energy generation sources. According to estimates, North America will be the largest market from 2020 to 2025 due to the region’s massive increase in electricity demand. To address these issues, there is a rise in the amount of money allocated to distributed energy resource management systems. Additionally, some of the market key players are ABB Ltd, Advanced Control Systems, LLC, Hitachi, Ltd, Johnson Controls International Plc, LG Energy Solution Ltd, NEC Corporation, The General Electric Company, Jabil Inc, Others.
Distributed Energy Resource Management Market Segmentation:
By Capacity Type: Based on the Capacity Type, Global Distributed Energy Storage System Market is segmented as; Single-phase Type, Three-Phase Type, Double-phase Fire Line Type.
By Battery: Based on the Battery, Global Distributed Energy Storage System Market is segmented as; Nickel-Cadmium, Lead Acid, Lithium-Ion, Others.
By Application: Based on the Application, Global Distributed Energy Storage System Market is segmented as; Transportation, Grid Storage, Renewable Energy Storage, Others.
By End User: Based on the End User, Global Distributed Energy Storage System Market is segmented as; Commercial, Residential.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Distributed Energy Storage System Market Future Scope
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