The report "Energy Storage System Market by Technology (Electro Chemical (Lithium-Ion Battery, Lead Acid Battery, Sodium Sulfur (NAS) Battery, Flow Battery, and Others), Thermal Storage, Mechanical Energy Storage (Pumped Hydro Storage, Compressed Air & Liquid Energy Storage, and Flywheel Energy Storage), and Others), by Application (Grid Storage and Transportation), by End User (Residential, Non-Residential, and Utilities) - Global Forecast to 2030", The global energy storage system market is predicted to grow at a 9% CAGR and reach USD 440.5 billion by 2030. The rapid growing industrialization and surge in economic activities globally will thrive the market demand for energy storage systems so as to ensure an effective power supply. Moreover, technological development in energy storage systems, increased concern about emitted by automobiles, increased adoption of electric vehicles, and mounting investments to develop energy storage infrastructure globally will drive the market demand for the global energy storage systems industry. The increased emphasis on producing renewable, sustainable, and pollution-free energy sources globally and supportive government initiatives related to transmission system operators (TOSs) and distribution system operators (DSOs) will propel the market growth for energy storage systems.
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
Browse 63 market data Tables and 40 Figures spread through 200 Pages and in-depth TOC on " Energy Storage System Market by Technology (Electro Chemical (Lithium-Ion Battery, Lead Acid Battery, Sodium Sulfur (NAS) Battery, Flow Battery, and Others), Thermal Storage, Mechanical Energy Storage (Pumped Hydro Storage, Compressed Air & Liquid Energy Storage, and Flywheel Energy Storage), and Others), by Application (Grid Storage and Transportation), by End User (Residential, Non-Residential, and Utilities), and Region - Global Forecast to 2030"
By technology, battery energy storage is anticipated to have a high CAGR during the forecast period.
The global energy storage system market is divided into four categories based on technology: electrochemical, thermal storage, mechanical energy storage, and others. Lithium-Ion batteries, lead acid batteries, sodium sulfur (NAS) batteries, flow batteries, and others make up the electrochemical category. Compressed air and liquid energy storage, flywheel energy storage, and pumped hydro storage are other divisions of mechanical energy storage. Battery energy storage is anticipated to register a high CAGR during the forecast period owing to a surge in demand for batteries which are used in different energy storage applications like grid energy storage and automotive sector and market development of the renewable energy sector.
“Asia-Pacific is anticipated to have the largest growth in the Energy Storage System Market during the forecast period.”
The Asia Pacific is predicted to have the largest market growth in the global energy storage system industry owing to the surge in demand for electric vehicles, rising awareness about energy-efficient devices, ongoing development in the power distribution infrastructure, and ease in availability of raw materials for battery manufacturing are the major drivers that bolster the market growth in the region.
Some of the major players 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.
Global Energy Storage System Market Coverage
Technology Insight and Forecast 2018-2030
Application Class Insight and Forecast 2018-2030
End User Insight and Forecast 2018-2030
Energy Storage System Market by Region
Rest of the World (RoW)