| Status : Published | Published On : Oct, 2022 | Report Code : VREP3017 | Industry : Energy & Power | Available Format :
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Page : 177 |
Global Energy Storage System Market – Analysis and Forecast (2023-2030)
Industry Insight by Technology (Electro Chemical, Thermal Storage, Mechanical Energy Storage, and Others), by Application (Grid Storage and Transportation), by End User (Residential, Non-Residential, and Utilities. The non-residential include commercial and industrial) and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World).
Industry Overview
The Global Energy Storage System Market size is expected to grow from USD 440.5 billion by 2030 to USD 205.5 billion in 2022. It will register a CAGR of 9% during the forecast period 2023-2030. The energy storage system is equipment that stores energy in several forms like mechanical and electrochemical and can be utilized according to the requirement. Energy storage system applications are utilized to meet high power loads and peak power needs in a short time. Energy storage systems must be used within cutting-edge power systems. The increased consumption of energy and rising demand for effective continuous power supply are the primary factors that drive the market growth of the global energy storage system industry. The requirement for energy storage systems has expanded in developing countries as a result of rapid urbanization and industrialization.
Market Segmentation
Insight by Technology
Based on Technology, the global energy storage system market is segmented into Electro Chemical, Thermal Storage, Mechanical Energy Storage, and Others. The Electro-Chemical is further divided into Lithium-Ion Battery, Lead Acid Battery, Sodium Sulfur (NAS) Battery, Flow Battery, and Others. Mechanical energy storage is further segmented into Pumped Hydro Storage, Compressed Air and liquid Energy Storage, And Flywheel Energy Storage. Mechanical energy storage is anticipated to have the largest market share during the forecast period. Mechanical storage systems' widespread use can be attributed to their tremendous storage capacity, good economics, and capacity to make the most of available natural resources. Due to the existence of a sizable number of storage systems utilizing water reservoirs, increased demand for power generation, and favorable initiatives by the government toward renewable energy generation, the PHS category among them accounted for a monumental magnitude.
Insight by Application
Based on Application, the global energy storage system market is bifurcated into Grid Storage and Transportation. Transportation is anticipated to register high growth during the forecast period owing to increased sales of battery-operated EVs, thereby helping in checking vehicle pollution and expansion of railway networks.
Insight by End User
Based on End User, the global energy storage system market is segregated into Residential, Non-Residential, and Utilities. The non-residential include commercial and industrial. The non-residential sector is anticipated to lead the market share owing to the robust expansion of heavy industries like sugar mills, chemical plants, automobile plants, paper mills, etc. The residential end user is anticipated to grow significantly owing to the surge in the adoption of solar panels to decrease electricity costs and tide over power cuts.
Energy Storage System Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023 - 2030 |
|
Market Size in 2021 |
$205.5 Billion |
|
Revenue Forecast in 2030 |
$440.5 Billion |
|
Growth Rate |
CAGR 9% |
|
Segments Covered in the Report |
By Technology, By Application, By End User. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, the Middle East, and the Rest of the World |
Industry Dynamics
Growth Drivers
The substantially increased demand for effective grid & load management, effective and uninterrupted power supply across industries, and the initiative by the government to adopt non-conventional and cleaner forms of energy generation will propel the market development of the global energy storage system industry. The increased emphasis on environmental protection, decrease in carbon footprint, and advancement of sustainable energy sources are other factors that have flourished the market growth for the energy storage system industry.
The increased need to address vehicular pollution has forced commuters to adopt fewer polluting vehicles like electric cars, electric buses, and electric trucks, thereby boosting the sales of energy storage systems. All of these elements have helped the market for energy storage systems to expand.
Challenges
The high capital investment associated with energy storage systems and increased concern about environmental pollution will hamper the market development of the energy storage system industry. Throughout the projected period, the market expansion is anticipated to be constrained by an imbalance between the supply and demand of raw materials including cobalt, lithium, and graphite.
Opportunities
Due to the following factors, industry participants have a wide range of opportunities in the global energy storage system market:
- Increased investment in a power infrastructure network
- Development of the Electric Vehicle Sector
- Increased investment in Grid Expansion and expansion of modern infrastructure
Geographic Overview
APAC is anticipated to have the largest market share in the energy storage system market of the increased number of engineering, procurement, and construction (EPC) projects in countries like India, Japan, and China. Furthermore, the increased adoption of smart grids will lead to increased market investment in the region for the use of energy storage systems. Nevertheless, rising sales of electric vehicles and stringent policies pertaining to pollution will further the market growth in the region.
Thus, 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, and rising government initiatives to incentivize the corporate sector to adopt renewable energy sources.
Competitive Insight
Recent years have seen a global trend of project contracting, installation, and commissioning in the energy storage business. In order to stay ahead of their rivals, industry participants have recently started a number of projects focusing on cutting-edge technology, and product development, and formed collaborations with stakeholders. They are emphasizing enhancing the distribution network, focusing on R&D activities, and handling working capital requirements effectively so as to flourish in the global energy storage system market.
ABB has a fully digitalized energy storage portfolio that improves grid efficiency at every level. It offers factory-built, pre-tested solutions that can attain extensive quality control and provide a high level of safety. ABB solutions can be deployed directly to the customer site, resulting in faster installation, shorter project execution time, and higher customer savings. Their energy storage offerings include E-mobility, Renewables, Distribution Utility, and Commercial and industrial.
GE is well known throughout the world for creating and providing specialized energy storage solutions for a range of applications. A versatile, portable energy storage option for AC or DC coupled systems is GE's Reservoir. The Reservoir solution integrates GE's cutting-edge technology and expertise in an electrical balance of plant, power electronics, battery management systems, and plant controls, all of which are supported by performance guarantees. By 2030, GE hopes to invest $103 billion in energy storage projects.
Some of the major players operating in the global energy storage system industry include ABB, BYD Co. Ltd., LG Energy Solution, Wartsila (Previously Known as Green Energy Management Systems), Beacon Power, LLC, Schneider Electric, General Electric, S&C Electric Company, SMA Solar Technology AG, and Eos Energy Enterprises, Inc.
Recent Development by Key Players
In September 2022, Hitachi Energy, a market and technology leader in transmission, distribution, and grid automation solutions, and Schneider Electric, a pioneer in the digital transformation of energy management and automation, announced their partnership in order to increase customer value and quicken the energy transition. The non-exclusive collaboration will aid clients' efforts in sustainability, such as the decarbonization of the industrial and energy sectors. Hitachi Energy will be able to use Schneider Electric's medium-voltage portfolio, while Schneider Electric will be able to use Hitachi Energy's high-voltage portfolio.
In order to broaden its portfolio of Energy Storage System (ESS) products, on February 2022, LG Energy Solution announced the completion of its acquisition of NEC Energy Solutions, a grid battery integrator based in the United States.
The Energy Storage System Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Technology
- Electro Chemical
- Lithium-Ion Battery
- Lead Acid Battery
- Sodium Sulfur (NAS) Battery
- Flow Battery
- Others
- Thermal Storage
- Mechanical Energy Storage
- Pumped Hydro Storage
- Compressed Air & Liquid Energy Storage
- Flywheel Energy Storage
- Others
- Electro Chemical
- By Application
- Grid Storage
- Transportation Storage
- By End User
- Residential
- Non-Residential
- Commercial and Industrial
- Utilities
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Energy Storage System Market