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Home ➤ Energy and Power ➤ Transmission | Storage and Distribution ➤ Energy Storage Systems Market
Energy Storage Systems Market
Energy Storage Systems Market
Published date: June 2023 • Formats:
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  • Home ➤ Energy and Power ➤ Transmission | Storage and Distribution ➤ Energy Storage Systems Market

Global Energy Storage Systems Market by Technology (Pumped Hydro Storage, Electro-Chemical Storage, Electro-Mechanical Storage, and Thermal Storage), By Application (Transportation and Grid Management), By End User (Residential, Non-Residential, and Utilities), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: June 2023
  • Report ID: 48512
  • Number of Pages: 276
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Sample
  • Quick Navigation

    • Report Overview
    • Driving Factors
    • Restraining Factors
    • Growth Opportunities
    • Trending Factors
    • COVID-19 Impact Analysis
    • Technology Analysis
    • Application Analysis
    • End-User Analysis
    • Key Market Segments
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    In 2022, the global energy storage systems market was valued at USD 230 Billion and is expected to grow to USD 542 Billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 9.2%.

    Global energy storage systems (ESS) store energy in a variety of forms and release it as needed. A constant as well as consistent supply of energy for homes, businesses, and communities is the primary objective of ESS. As we move towards more intermittent and variable renewable energy sources, energy storage technologies are becoming more and more crucial.

    Emerging technologies include flow batteries, which use chemical processes between liquids to store energy, and hydrogen storage, which includes storing hydrogen gas and using it as a fuel source. The needed energy storage, the length of storage, and the application will all affect the method of energy storage that is selected. Grid stability, peak shaving, and backup power are just a few of the uses for ESS.

    Energy storage technologies can be crucial in the shift to a low-carbon energy system, but they are not without difficulties. High expenses, technological constraints, and environmental effects are a few of the effects that the ESS has. These issues can be resolved and the adoption of energy storage technology sped up with sustained research & development and regulatory assistance.

    global energy storage systems market

    Driving Factors

    The requirement for energy storage devices to absorb and store the energy that renewable energy sources like wind and solar power create increases as more come online. Over the past few years, the price of battery technology has decreased, making energy storage solutions more accessible to consumers, companies, and utilities.

    Energy storage system adoption can be influenced by government regulations and incentives including tax credits, subsidies, and requirements for utilities to invest in storage options. Energy storage systems are an appealing alternative for households and companies wishing to maintain an uninterrupted power supply since they may provide backup power during grid disruptions or other catastrophes.

    Restraining Factors

    Several organizations and people find it challenging to adopt this technology because the initial costs of setting up energy storage systems are still very high. Energy storage technologies may not be able to meet the energy needs of larger populations or sectors owing to their limited ability to scale.

    Energy storage system regulations can be intricate and different depending on the location as well as the nation, which can make it challenging for businesses to enter new markets. In comparison to conventional energy sources, current energy storage system technologies still have several drawbacks, such as a lower energy density and a shorter cycle life.

    Owing to the possibility of chemical leakage and disposal challenges, certain energy storage systems, such as those that employ lithium-ion batteries might be environmentally hazardous. The market for energy storage systems is not standardized. Which can make it challenging for businesses to create products that are simple to incorporate into current energy systems.

    Growth Opportunities

    Large-scale energy storage solutions are becoming increasingly necessary as more renewable energy sources are included in the system in order to ensure grid stability and balance supply and demand. This creates a big potential for energy storage system providers. Residential energy storage devices are becoming more and more popular as battery prices fall.

    By doing so, homes can reduce their reliance on the grid by storing excess energy produced by their solar panels or wind turbines and using it when needed. Energy storage system suppliers have a chance to create cutting-edge solutions to assist the infrastructure for charging electric vehicles as the market for them expands. To lessen the strain on the grid, this involves the creation of fast-charging stations that can use ESS power.

    Several companies are looking to use renewable energy sources to produce their power and lessen their reliance on the grid. This gives manufacturers of energy storage systems the chance to create expansive energy storage systems for use in business and industry. Energy storage systems can offer a dependable and affordable supply of power in places with limited access to the grid. Such as distant settlements and mining operations. Energy storage system suppliers now have the chance to create products specifically for these niche markets.

    Trending Factors

    Lithium-ion batteries have seen an ongoing rise in popularity, due to their superior efficiency, higher energy density, and lower price compared to other battery types. With the rising popularity of electric vehicles and renewable energy sources, this trend is predicted to continue.

    In order to store extra energy generated at peak times for usage during times of high demand, energy storage technologies are becoming more and more necessary as the use of renewable energy sources like wind and solar increases. Microgrids are small-scale, self-contained power systems that can run separately or in conjunction with the primary power grid, also their deployment is on the rise.

    In these microgrids, energy storage devices are essential because they offer a dependable source of electricity during blackouts or other emergencies. To lessen their reliance on the grid as well as increase the stability of their power supply, homeowners are increasingly adopting energy storage devices for domestic purposes. By offering more effective and affordable solutions, emerging technologies including flow batteries, solid-state batteries, and hydrogen fuel cells have the potential to upend the energy storage industry.

    COVID-19 Impact Analysis

    Global supply chains have been affected by the pandemic, leading to delays and shortages in the supply of ESS components like batteries, inverters, and power electronics. As a result, ESS producers now face slower production also greater costs.

    The demand for ESS products has decreased, especially in the commercial and industrial sectors, as a result of the pandemic’s adverse economic effects. Due to the unstable economic climate, numerous businesses have postponed and abandoned their investments in ESS projects.

    Due to the disruption of the supply chain, social segregation policies, and other pandemic-related issues, many ESS projects have been postponed. Project deadlines have changed with some projects being postponed to later times. Governments around the world have devised stimulus initiatives to boost the economy during the pandemic. Several of these initiatives provide money for energy storage and renewable energy projects, which may help to lessen the pandemic’s negative effects on the ESS market.

    The epidemic has sped up ESS system remote monitoring and control technology implementation. Remote monitoring and control solutions are now crucial for maintaining and optimizing ESS systems because of travel limitations and social segregation policies.

    Technology Analysis

    Based on technology, the market was dominated by pumped hydro technology, which holds more than 93% of the overall market share. Within the market for energy storage systems, the Pumped Hydro Storage (PHS) category is a prominent and established technology.

    When there is a low electricity demand, PHS systems pump water from a lower reservoir to a higher reservoir, and when there is a high demand, they release the water back to the lower reservoir through a turbine to produce electricity. PHS systems are ideal for grid-scale energy storage applications since they are frequently large-scale and also have long-term energy storage capacities.

    The PHS segment also faces several difficulties, including as high initial costs and lengthy project development lead times. But still, cost-cutting measures and streamlined project schedules have been made possible by technological advancements and improvements in project management. Moreover, PHS systems have the ability to offer a variety of grid services, including frequency management, peak shaving, and grid stability, which can generate additional money and improve the commercial sustainability of PHS projects.

    The market for electrochemical storage in energy storage systems is expanding quickly as a result of the rising demand for renewable energy sources like solar and wind power. Chemical processes are used in electrochemical energy storage systems to store electrical energy as chemical bonds, which can then be released as needed. Batteries and fuel cells are the two primary categories of electrochemical energy storage devices. Although fuel cells transform chemical energy into electrical energy, batteries store electrical energy through a reversible electrochemical reaction.

    Application Analysis

    By application, the grid storage segment dominated the global energy storage systems market with a 71% market share. Because the rising need for renewable energy sources and the necessity to balance the grid’s supply and demand for power, the grid storage segment of the ESS market has been expanding quickly in recent years. A variety of technologies, including batteries, flywheels, pumped hydro storage, compressed air energy storage, and thermal storage, are included in the grid storage sector.

    Batteries are the most popular grid storage technology among them, with lithium-ion batteries dominating the market due to their high energy density, extended cycle life, and affordable price. Many application areas, such as load shifting, peak shaving, frequency management, and backup power, are included in the grid storage section. Peak shaving includes lowering the peak demand on the grid, whereas load shifting is storing excess energy during times of low demand and releasing it during times of high demand. To stabilize the grid’s frequency, frequency control uses energy storage, whilst backup power offers a source of electricity during blackouts.

    The transportation industry would have the greatest CAGR over the projected period. The transportation industry is one of the most promising areas for the application of energy storage systems. The use of ESS in transportation can help to reduce carbon emissions, increase energy efficiency, and as well improve overall performance.

    The market for energy storage systems in transportation applications is expected to grow significantly in the coming years as more countries invest in renewable energy and the electrification of transportation. Lithium-ion batteries are currently the most widely used energy storage system in transportation, but other technologies such as hydrogen fuel cells and solid-state batteries are being developed to improve performance and efficiency.

    global energy storage systems market share

    End-User Analysis

    Based on end-users, the utility segment led the global market with a 42% share, driven by an increase in investment into building utility-scale power plants and construction projects such as commercial buildings, decentralized renewable power plants, and rural electrification projects.

    Given the rising demand for dependable and affordable energy storage solutions, the utility segment is a major factor driving the ESS market’s expansion. Electric utilities, independent power producers (IPPs), and grid operators are examples of large-scale energy suppliers that fall under the utility end-user category of the ESS market.

    To maintain a stable supply of power for customers and aid in grid balancing, these entities depend on ESS to store extra energy generated during times of low demand and release it during high demand times. ESS is being implemented by renewable energy producers including wind and solar power firms as well as conventional electric utilities.

    Key Market Segments

    Based on Technology

    • Pumped Hydro Storage
    • Electro-Chemical Storage
    • Electro-Mechanical Storage
    • Thermal Storage

    Based on Application

    • Transportation
    • Grid Management

    Based on End-User

    • Residential
    • Non-Residential
    • Utilities

    Regional Analysis

    With a 44% revenue share, Asia Pacific dominated the global market for energy storage systems in 2022. Market expansion has been facilitated by favorable government policies and growing investments in the industrialization and urbanization of the area. Also, the availability of inexpensive production inputs is attracting FDIs to the area. The world’s manufacturing industry is centered in nations like China.

    The need for a reliable and efficient energy source is being exponentially fueled by the region’s rapidly expanding economic activities. The primary drivers of the growth of the energy storage systems market in the Asia Pacific region are the rising investments in rural electrification, rising government investments in the adoption of sustainable energy sources, as well rising government initiatives to incentivize the corporate sector to adopt renewable energy sources.

    North America is also a significant market for energy storage systems due to the increasing demand for renewable energy and the need to reduce carbon emissions. The United States is the largest market for energy storage systems in North America.

    global energy storage systems market region

    Key Regions and Countries

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Key Players Analysis

    The market for energy storage systems is very fragmented, and there are several major market competitors. To obtain a competitive edge as well as increase market share, many industry competitors are making significant investments in value-added services.

    To take advantage of the current market prospects, these market players are also implementing a variety of development tactics, such as product launches, collaborations, joint ventures, as well mergers.

    Market Key Players

    • LG Chem
    • Convergent Energy and Power Inc
    • Eos Energy Storage
    • Beacon Power LLC
    • BYD Company Ltd
    • ABB Ltd
    • Greensmith Energy Management Systems
    • Seeo Inc
    • S&C Electric Company
    • Scheider Electric
    • SMA Solar Technology AG
    • Exide Industries Ltd
    • Evapco Inc
    • Maxwell Technology Inc
    • General Electric company
    • Hitachi Ltd
    • NEC Corporation
    • Panasonic Corporation
    • Siemens AG
    • Tesla
    • Other Key Players

    Recent Developments

    • In June 2020, to provide thermal energy storage solutions for industrial users, Siemens Energy and EnergyNest, a start-up that sells energy storage systems, entered into a long-term cooperation.
    • In October 2021.The installation of 1000 MW battery storage systems as a pilot project in India is being considered by the Indian government, which is seeking expressions of interest.

    Report Scope

    Report FeaturesDescription
    Market Value (2022)USD 230 Bn
    Forecast Revenue (2032)USD 542 Bn
    CAGR (2023-2032)9.2%
    Base Year for Estimation2022
    Historic Period2016-2022
    Forecast Period2023-2032
    Report CoverageRevenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments CoveredBy Technology, By Application, And By End-User
    Regional AnalysisNorth America – The US, Canada,&Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, &Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, &Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, &Rest of MEA
    Competitive LandscapeConvergent Energy and Power Inc, ABB Ltd, Tesla
    Customization ScopeCustomization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase OptionsWe have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is the growth of the Energy Storage Systems market in 2021?

    The Energy Storage Systems market growth is estimated to be US$ 420,861 million in 2021.

    What is the projected CAGR at which the Energy Storage Systems market is expected to grow at?

    The Energy Storage Systems market is expected to grow at a CAGR of 6% (2023-2032).

    List the segments encompassed in this report on the Energy Storage Systems market?

    Market.US has segmented the Energy Storage Systems market by geography (North America, Europe, APAC, South America, and the Middle East and Africa). By Technology, the market has been segmented into Pumped Hydro, Electrochemical, Thermal, and Electromechanical. By Application, the market has been further divided into Residential and Industrial.

    List the key industry players in the Energy Storage Systems market?

    Altair Nanotechnologies Inc., Electrovaya Inc., Ecoult, Langley Holdings PLC, Eos Energy Storage, Saft, General Electric, Maxwell Technologies Inc., LG Chem Ltd., and Other prominent players are engaged in the Energy Storage Systems market.

    Which region is more appealing for vendors employed in the Energy Storage Systems market?

    APAC is expected to account for the largest share of 45%. Therefore, the Energy Storage Systems industry in APAC is expected to garner significant business opportunities over the forecast period.

    Name the key areas of business for Energy Storage Systems?

    The US, China, Japan, India, Brazil, Germany, UK, France, Italy, Spain, etc. are key areas of operation for the Energy Storage Systems Market.

    Which segment accounts for the greatest market share in the Energy Storage Systems industry?

    With respect to the Energy Storage Systems industry, vendors can expect to leverage greater prospective business opportunities through the pumped hydro technology Energy Storage Systems segment, as this area of interest accounts for the largest market share.

    Energy Storage Systems Market
    Energy Storage Systems Market
    Published date: June 2023
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    • LG Chem
    • Convergent Energy and Power Inc
    • Eos Energy Storage
    • Beacon Power LLC
    • BYD Company Ltd
    • ABB Ltd Company Profile
    • Greensmith Energy Management Systems
    • Seeo Inc
    • S&C Electric Company
    • Scheider Electric
    • SMA Solar Technology AG
    • Exide Industries Ltd
    • Evapco Inc
    • Maxwell Technology Inc
    • General Electric company
    • Hitachi Ltd. Company Profile
    • NEC Corporation
    • Panasonic Corporation Company Profile
    • Siemens AG
    • Tesla
    • Other Key Players
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