Energy Storage Systems Market Size, Share, Growth, Report 2022-2030
The global energy storage systems market was estimated at USD 190 billion in 2021 and is expected to reach around USD 439 billion by 2030, poised to grow at a CAGR of 8.5% from 2022 to 2030. Energy storage systems are equipment that store various types of energies that can be utilized whenever required. Rise in trend of production of renewable energy sources due to increasing energy requirements has fueled the energy storage systems market.
The global energy storage systems market is significantly driven by rising popularity and adoption of electric vehicles across the globe. Growing concerns about environmental pollution due to automobiles is attributable to the rising demand for energy storage systems. Energy storage systems are equipment that store various types of energies that can be utilized whenever needed. Commercial, industrial, and residential sectors demand energy storage systems. The rising awareness about the production of renewable energy sources due to increasing energy requirements has fueled the expansion of the energy storage systems market. Rapid urbanization and industrialization has also increased the need for energy storage systems in developing economies.
Rise in Awareness About Using Renewable Energy Sources for Power Generation
There is an increasing awareness about the harmful environmental impact of CO2 emissions and greenhouse gases all over the world. This has triggered the growing interest in renewable energy sources as compared to the conventional coal or fossil fuel sources. This trend is expected to stimulate the global energy storage systems market in the upcoming years. The use of renewable energy sources supported by energy storage applications prove to be more economical and eco-friendly than the traditional storage systems. Strict environmental regulations imposed by governments have encouraged the production of electric vehicles, as they create less pollution as compared to fuel-powered vehicles. Electrically operated vehicles need energy storage units. All these factors have promoted the growth of the energy storage systems market.
Increase in Applications of Energy Storage Systems
Energy storage system applications are used to meet peak power demands and high power switching in a short time. It is inevitable to use energy storage system within advanced power systems. In the traditional structure, gas turbines and hydroelectric power plants are used as such peak power sources. These plants are systems with high investment costs, and the use of natural gas fuel causes greenhouse gas emissions. Instead, the use of RES supported by energy storage applications or the use of energy storage directly in conjunction with conventional power plants may be an alternative.
By using hydropower plants as pumping hydropower plants, an energy storage system can be provided. Most energy storage applications have much faster response times than conventional peak power plants. Demand-side management functions can be realized by central operators of distributed energy storage applications. In such an operating system, distributed energy storage applications can be operated as a whole block or as independent units depending on the need. By supplying peak power requirement from energy storage systems, it is possible to operate traditional generation plants at optimum capacity. Thus, it can be beneficial in terms of operating life and contribute to the reduction of greenhouse gas emission values.
An interesting application of energy storage system for end-users is demand charge management. The objective of this application is the reduction of energy demand with the aim to offset or avoid peak energy demand charges. Utility tariffs for commercial end-users include distinct charges for power and energy; thus, the opportunity of managing demand charge exists. Demand charges (power-related) are evaluated based on the maximum power used by the customer.
Incremental Opportunities for Manufacturers in Energy Storage Systems Market
Key players operating in the global energy storage systems market are focusing on developing innovating products to mark their presence in a global market and leverage lucrative revenue opportunities. An increasing number of regional and international players operating in the global energy storage systems market are witnessing revenue streams. Increasing competition among them is driving the market growth for the global energy storage systems market.
Key market players are also investing in research & development activities to stay ahead of the competition. The global energy storage systems market is expected to rise in the upcoming years due to the presence of several market contributors. Rising mergers and acquisitions activities, improvements in distribution network, and effective management of working capital are some of the factors expected to boost market growth in the upcoming years.
Moreover, key market players are focusing on new technologies and innovations for the production of renewable energy on a large scale. They are partnering with small enterprises and entering into merger & acquisition agreements in order to expand their market presence. This aside, R&D activities are being conducted to ensure effective production of energy storage systems without any negative impact on the environment.
Market Players Gaining Lucrative Benefits in Asia Pacific
Asia Pacific is expected to account for the largest share of the global energy storage systems market. There is an increasing demand for energy storage systems in Asia Pacific. The Asia Pacific energy storage systems market is significantly driven by rise in sales of electric vehicles in countries such as China and India. Increasing awareness about energy efficient devices and easy availability of raw materials for battery manufacturing are driving the Asia Pacific market for energy storage systems during the forecast period.
The Asia Pacific energy storage systems market is anticipated to exhibit strong growth over the forecast period, owing to vast developments in the power distribution infrastructure. The energy storage systems market in North America is also expected to grow rapidly during the forecast period. Growing thrust on electricity cost reduction boosts the demand for energy storage systems within the residential and automotive end-use segments.
COVID-19 Impact on Energy Storage Systems Market
Rapid spread of coronavirus across the globe and enforced lockdown in many countries have had a negative impact on the global energy storage systems market. This has hampered the supply chain, halting the production of vehicles across the globe. Manufacturers operating in the global energy storage market are recovering from the losses caused due to disturbed ecosystem and decline in installation of battery energy storage systems across the globe. After the successful recovery of businesses, manufacturers in the global energy storage systems market are focusing on increasing their production capacity to gain revenue benefits. The increasing production of electric vehicles is a major factor contributing to the expansion of the global energy storage systems market in the upcoming years.
Rising concerns related to energy wastage and continued efforts to facilitate higher level of energy conservation are also anticipated to positively affect the global energy storage systems market. Rising demand for modernization and advancement of electrical grids are anticipated to create opportunities for stakeholders and players in the global energy storage systems market.
Energy Storage Systems Market Drivers
Popularity of Pumped Hydro Propels Market Share of Mechanical Storage Technologies
Key players:
Segments Covered in the Report
By Technology
By Application
By End User
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Energy Storage Systems Market
5.1. COVID-19 Landscape: Energy Storage Systems Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Energy Storage Systems Market, By Technology
8.1. Energy Storage Systems Market, by Technology Type, 2022-2030
8.1.1. Pumped Hydro
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Electro-Chemical
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Electro-Mechanical
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Thermal
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Energy Storage Systems Market, By Application
9.1. Energy Storage Systems Market, by Application, 2022-2030
9.1.1. Transportation
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Grid Management
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Energy Storage Systems Market, By End User
10.1. Energy Storage Systems Market, by End User, 2022-2030
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Non-Residential
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Utilities
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Energy Storage Systems Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.3. Market Revenue and Forecast, by End User (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.3. Market Revenue and Forecast, by End User (2017-2030)
Chapter 12. Company Profiles
12.1. LG Chem.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Convergent Energy and Power Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Eos Energy Storage
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Beacon Power, LLC
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. BYD Company Ltd.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. ABB Ltd.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Greensmith Energy Management Systems
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Seeo, Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. S&C Electric Company
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. SMA Solar Technology AG
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
12.11. Exide Industries Ltd.
12.11.1. Company Overview
12.11.2. Product Offerings
12.11.3. Financial Performance
12.11.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers