The most recent study conducted by Report Ocean, titled “Global Powered Storage Devices Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Powered Storage Devices. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Powered Storage Devices Market Size study, by Storage Type (Fuel Cell, Capacitive Powered Storage, Batteries) by Application (Mills, Home Powered Storage, Air Conditioning, Transport, Electronics, Others) by Industry (Oil and Gas, Energy and Power, Chemicals, Others) and Regional Forecasts 2022-2028Global Powered Storage Devices Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. Powered Storage Devices is a type of device which is used to store energy. The increasing demand for electricity and rise in the requirement for low-carbon energy management technologies has led the adoption of Powered Storage Devices across the forecast period.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
As per the Statista, global power consumption has increased from roughly 7,300 terawatt hours in 1980 to more than 23,000 terawatt hours in 2018. This is due to rising populations, technological advancements, and widespread use of consumer electronics. Also, with the increasing research and development activities and rise in the demand from the emerging economies, the adoption & demand for Powered Storage Devices is likely to increase the market growth during the forecast period. However, high initial cost of powered storage devices impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Powered Storage Devices Market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading region across the world in terms of market share owing to the increase in the population, increase in the demand for such devices, rise in the requirement for low-carbon energy management technologies and increase in the demand for electricity in this region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate over the forecast period 2022-2028. Factors such as increasing demand for power generation plants in this region, which in turn drive the demand for powered storage market which would create lucrative growth prospects for the Powered Storage Devices Market across Asia-Pacific region.
Major market player included in this report are:
Alstom
ABB
The AES Corporation
General Electric
Convergent Energy + Power
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Hawaiian Electric Company, Inc.
S&C Electric Company
AutoGrid Systems, Inc.
Ochre Media
Rays Power Infra Pvt Ltd
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Storage Type:
Fuel Cell
Capacitive Powered Storage
Batteries
By Application:
Mills
Home Powered Storage
Air Conditioning
Transport
Electronics
Others
By Industry:
Oil and Gas
Energy and Power
Chemicals
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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