Energy Storage Systems Industry Overview
The global energy storage systems market demand is expected to reach 512.41 GW by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.0% from 2022 to 2030. Growing demand for efficient and competitive energy resources is likely to propel market growth over the coming years. Clean & renewable energy is an affordable alternative to fossil fuel-based electricity. Its use can help curb the overdependence on fossil fuels, reduce greenhouse gas emissions & subsequently air pollution, and diversify power supply.
The pumped storage segment led the market in 2021.The pumped hydro technology segment dominated the market and accounted for more than 95.0% of the total market share, in terms of storage volume in 2021.The market is likely to be boosted by ongoing expenditures in the Asia Pacific and North America to upgrade energy infrastructure and increase on-grid capacity. Long-term demand for pumped hydro storage (PHS) is predicted to be driven by favorable compliance regulations and rising electricity consumption in China and the United States.
Over the projection period, the electrochemical storage segment is expected to grow at a CAGR of over 14.0%. Countries such as the United Kingdom, the United States, and India are expected to drive electrochemical storage demand. Countries in Middle East and Africa and Central and South America are expected to drive market growth over the long term.
Energy Storage Systems Market Segmentation
Grand View Research has segmented the energy storage systems market based on technology and region:
Based on the Technology Insights, the market is segmented into Pumped Hydro, Electrochemical Storage, Electromechanical Storage, and Thermal Storage.
- The pumped hydro technology segment dominated the market and accounted for more than 95.0% of the total market share, in terms of storage volume, in 2021. The global market has been further divided into (Pumped Storage, Electrochemical Storage, Electromechanical Storage, and Thermal Storage).
- The electrochemical storage segment is expected to grow at a CAGR of over 14%. Countries such as the United Kingdom, the United States, and India are expected to drive electrochemical storage demand. Countries in the Middle East and Africa and Central and South America are expected to drive thermal storage demand over the long term.
- Thermal Energy Storage(TES) systems gather and store surplus thermal energy generated by a variety of technologies for later use. Latent, sensible, and thermochemical TES systems are examples of several types of TES systems. Bricks, sand, water, rock beds, air, and concrete are some of the storage mediums employed in sensible heat storage.
Energy Storage Systems Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of several key players and a few medium and small-scale regional players. Many of the companies have their own sector that they focus on and have a very high penetration in that sector. For instance, In August 2021, Active Power announced planning a U.S. road trip to bring its containerized POWERHOUSE UPS to users’ doorsteps. Under this strategic initiative, Active Power engineers will be partnering with sales and service partners to deliver a series of live demonstrations around the US to exhibit the POWERHOUSE UPS. The U.S. tour will begin in October and is expected to run through 2022.
Some of the prominent players operating in the global energy storage systems market are:
- Altairnano
- Ecoult
- Electrovaya
- GENERAL ELECTRIC
- Langley Holdings plc
- LG Chem
- Maxwell Technologies, Inc.
- Saft
- Showa Denko Materials Co., Ltd.
- The Furukawa Battery Co., Ltd.
Order a free sample PDF of the Energy Storage Systems Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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The global Battery Energy Storage Systems Market is very fragmented due to the presence of a various sizable number of players which forms a competitive environment.
The report entails all-inclusive information related to the newest market updates like new ideas, market size, opportunity, growth path and trends for the forecast period of 2021-2027 to realize competitive edge across the world.
This report also highlights various important strategic mergers and acquisitions, company overview, financial details, and therefore the latest development undertaken.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the battery energy storage systems market include ABB, LG Chem, NEC (Japan), Panasonic, Samsung SDI.
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Factors like high capital investment required for the deployment and lack of the availability of vendors and project financing is restraining the market growth.
