The deployment of energy storage system is anticipated to augment in the coming years, on account of changes associated with the power sector. The increasing development of renewable power infrastructure, coupled with the surging need for ancillary services in the power sector, is a big boost for the energy storage market. For the effective usage of renewable energy and grid resiliency, energy storage plays a crucial role. Energy storage technology aids grid operators, globally, in managing the variable energy generation from renewables, like solar and wind energy. However, the development of advanced energy storage systems has been highly limited in select regions with highly developed economies. The reason behind this is primarily the high initial cost and requirement of technical expertise. Despite the decrease in energy storage system (ESS) cost, ESS remains expensive, and the upfront investment required is difficult to overcome without government support. The energy storage market is led by pumped hydro storage, which has the majority share across the world, as it is the only matured energy storage technology. Globally, the development of distributed energy resources is growing rapidly to meet the local power demand and enable grid resiliency. The energy storage plants provide an alternative as a source of electricity in a distributed energy system. As the energy storage plants are located close to consumption centers in a distributed power system, the power transmission is minimum. Moreover, if energy storage is suitably deployed, it is expected to ensure the grid operators a flexible and fast responding resource to effectively manage variability in generation and demand.

1.INTRODUCTION

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

5. MARKET SEGMENTATION

6. COMPETITIVE LANDSCAPE

7. MARKET OPPORTUNITIES AND FUTURE TRENDS