Powered storage devices can store energy for a longer duration. The process provides storage of power which results is decline in power generation cost. Powered storage devices also helps in increasing power access and improving the efficiency of power resources. Furthermore, the powered storage market is likely to play an essential role in the power sector de-carbonization by helping to connect heat networks and electricity better. The global demand for electricity is growing continuously, and it can be met by huge power production and the addition of new capacity.
Powered Storage Market: Drivers and Challenges
The rapid rise in the global demand for power is expected to boost growth in the worldwide powered storage market.
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Increased need for the development of low-carbon energy technologies is expected to propel the demand for the powered storage devices market. Investment and research and development to increase lifetime, performance, and reduce cost is likely to facilitate higher growth in the global energy storage technologies market. The powered storage includes large centralized systems in commensuration with off-grid units is driving the market.
Higher capital costs of powered storage may restrict the growth of the powered storage market.
Power Storage Devices requires high initial investment, which acts as one of the significant hurdles for prominent players of the market. The lack of awareness about the concept and the advantages of powered storage systems associated with it is another factor contributing to the restricted demand for witnessed across the world.
Powered Storages Market: Competition Landscape
Some of the prominent players providing powered storages are Alstom, ABB Ltd., AES Corporation, General Electric, Convergent Energy + Power, Hawaiian Electric Company, Inc., S&C Electric Company, and SEEO, Inc.
Powered Storages Market: Regional overview
By geography, the powered storage market has been segmented into North America, Western Europe, Latin America, Japan, Asia Pacific excluding Japan, Eastern Europe, and MEA (the Middle East & Africa). Among these regions, North America, Western Europe and Asia Pacific Excluding Japan is expected to dominate the global powered storage market due to the increasing demand for power generation plants in this region, which in turn drive the demand for powered storage market.
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The Powered Storages market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The Powered Storage market report also maps the qualitative impact of various market factors on market segments and geographies.