wind energy storage systems market Value and Growth Analysis-2021

Market overview: Wind energy storage systems are equipment that can efficiently and conveniently store various forms of energy that can be used as needed, for example lithium ion batteries. Recent developments: LG Energy Solution, South Korea's leading manufacturer of advanced lithium-ion batteries, recently supplied Vistra's Moss Landing energy storage facility with its latest innovative transportable frame (TR1300). The 300 MW / 1.2 GWh facility, the world's largest grid-connected battery energy storage project in December 2020, was developed by Vistra, one of the world's leading integrated generation companies. retail power generation based in Irving, Texas. Market Drivers and Restrains: Additionally, the decline in fossil fuels, resulting in sharp fluctuations in oil prices, and the growing need for clean energy have been crucial drivers for the global market for wind energy storage devices. These devices are designed to store the wind energy generated during peak hours and use it in times of need. This storage system is based on the actual wind energy production of a certain power plant, since wind energy is basically a variable form of energy. However, to function effectively, these storage devices require certain specific geographic conditions. For example, location is an important criterion to consider when installing these devices. Therefore, the demand for wind energy storage devices is concentrated in places suitable for their use. To know more read: https://www.marketdataforecast.com/market-reports/wind-energy-storage-devices-market Report is segmented as: By Mode of Storage: • Compressed air storage • Fly wheels • Pumped hydro storage Geographical Segmentation: China is the leading country in terms of production and consumption of energy storage systems in Asia-Pacific. The country is flanked by major storage system manufacturers such as BYD Battery Co. Ltd. In addition, China aims to increase the production of electric vehicles that will boost the market for battery storage systems in Asia-Pacific. Major players in Asia Pacific include AU Optronics Corp., Amita Technologies, Exide Industries Ltd., LG Chem And a few others. Impact of COVID-19 on Wind Energy Storage Devices Market: The Asia-Pacific region is expected to be the fastest growing market for battery energy storage during the forecast period. The market in Asia-Pacific is expected to experience a sharp decline due to COVID-19 during the forecast period. The region is the largest market for battery energy storage and is home to some of the fastest growing economies in the world. Asia-Pacific is also planning electrification in remote areas, most of which are off-grid in various countries. The governments of several countries in this region are focused on minimizing the adverse effects of the energy sector on the environment. Some of the leading manufacturers of battery energy storage systems based in Asia Pacific are Samsung SDI, LG Chem, Hitachi, Panasonic, and NEC Corporation. Key market players: Major players at a global platform in the value chain profiled in this report include LG Chem., Beacon Power, LLC, BYD Company Ltd., ABB Ltd., and Greensmith Energy Management Systems, Convergent Energy and Power Inc., Eos Energy Storage, Seeo, Inc. and S&C Electric Company. Other Prominent Market Players include Scheider Electric, SMA Solar Technology AG, Exide Industries Ltd., SK Holdings., Autobat SACI, Enerbrax Acumuladores Ltda, Eguana Technologies, Imergy Power Systems., Ionotec Ltd and so on.