by According to industry experts, the energy storage systems market is expected to register a CAGR of 8.4% during the forecast period 2022-2030.
The global energy storage systems market size was valued approximately at US$ 210.92 billion in 2021 and is projected to reach US$ 435.32 billion by 2030. The report contains 180+ pages with detailed analysis.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The energy storage systems market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
The global energy storage systems market is primarily driven by the surging consumption of energy and burgeoning demand for the efficient and uninterrupted power supply. The rapid industrialization and increasing economic activities across the globe is driving the demand for the energy storage systems to ensure the efficient power supply. The technological advancements in the energy storage systems and rising investments in the development of the energy storage infrastructure across the globe is expected to boost the growth of the global energy storage systems market.
The significantly rising demand for the efficient grid management, regular load management, and efficient and uninterrupted power supply across the industries is fueling the demand for the energy storage systems. The growing concerns regarding the environment protection, reduction of carbon footprint, and development of sustainable energy sources are some of the prominent factors that will have a significant impact on the market growth. Moreover, the increasing government initiatives to promote the adoption of the renewable energy sources are a major factor that is expected to drive the market growth.
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Energy Storage Systems Market Estimations Y-O-Y:
| Market Size Was Valued In 2021 | US$ 210.92 Billion |
| Market Size Is Projected to Reach By 2022 | US$ 227.96 Billion |
| Market Size Is Projected to Reach By 2030 | US$ 435.32 Billion |
| Compound Annual Growth Rate (CAGR) from 2022 to 2030 | 8.4% |
Energy Storage Systems Market Regional Snapshot
Asia Pacific dominated the global energy storage systems market in 2020. Asia Pacific is witnessing strong economic growth owing to the rapid industrialization and rapid urbanization in the region. Moreover, the government policies is attracting huge FDIs in the region. The easy and cheap availability of the factors of production in the major countries like India and China has made Asia Pacific a manufacturing hub.
The strong growth of the industries is fueling the demand for the energy storage systems owing to the rising energy consumption. Moreover, the rising demand for the efficient and uninterrupted power supply is expected to drive the growth of the region. China is the highest manufacturer and the leading consumer of the energy storage systems. Furthermore, the growing investments in the infrastructure of the electric vehicles is expected to have a significant impact on the market growth in the forthcoming years.
North America is expected to have a significant impact on the market growth during the forecast period. This is attributed to the increased government initiatives and investments in the promotion and adoption of the sustainable energy sources. The growing efforts to reduce carbon emission is significantly boosting the demand for the electric vehicles among the population. The country like Canada is offering subsidies to the electric car owners to boost the adoption of the EVs in the country. The surging demand for the EVs is expected to drive the growth of the energy storage systems market in North America.
Report Scope of the Energy Storage Systems Market
| Report Coverage | Details |
| Market Size by 2030 | USD 435.32 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 8.4% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Technology, Application, Technology, End User, Geography |
Report Highlights
- Based on the technology, the pumped hydro segment dominated the market in 2020. This is attributed to the huge demand for the hydro pumped technology across the globe. Furthermore, the rising investments towards the research and development and upgrading the infrastructure and on-grid capacity are the major factors behind the growth of this segment.
- Based on the application, the transportation is estimated to be the most opportunistic segment. This is attributed to the increased demand for the electric vehicles in the developed nations and surging government initiatives to promote the adoption of the EVs in the developing regions.
Market Dynamics
Driver
Surging investments in renewable energy
The developing and the developed countries are altering and forming various regulations for environment protection and renewable energy. The rising carbon emissions and deteriorating environmental conditions has forced the governments to invest heavily towards the sustainable future programs. As a result, the investments in the development of renewable power sources and infrastructure has increased in the past few years. This is a major driver of the global energy storage systems market.
Restraint
High capital investments associated with the energy storage systems
A huge capital investment is required for efficiently deploying the energy storage systems. The various energy storage technologies such as lithium-ion, sodium sulfur, and pumped hydro storage requires a huge capital investment in the production. Therefore, the low financial capabilities of certain developing and underdeveloped economies might restrict them to adopt such energy storage systems.
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Opportunity
Rising investments in grid expansion and development of modern infrastructure
Developing countries such as China and India are heavily investing in the development of modern infrastructure and grid expansion. The rapid industrialization and rapid urbanization along with the growing population is boosting the need for the efficient power supply. As per the United Nations, around US$45 billion investment is needed to provide access to the modern electric power across the globe.
Challenge
Lack of proper infrastructure
There is a lack of proper infrastructure in the developing and underdeveloped countries that might result in extension to the adoption of the renewable energy sources. Furthermore, the ongoing development in the deployment of the renewable energy sources across the globe may get extended for a longer time period owing to several socio-economic and geo-political issues.
Some of the prominent players in the global energy storage systems market include:
- 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.
Segments Covered in the Report
By Technology
- Pumped Hydro
- Electro-Chemical
- Lithium Ion Battery
- Sodium Sulfur Battery
- Lead Acid Battery
- Flow Battery
- Others
- Electro-Mechanical
- Flywheel
- Compressed Air Energy Storage
- Thermal
- Water
- Molten Salt
- Phase Change Material
- Others
By Application
- Transportation
- Grid Management
By End User
- Residential
- Non-Residential
- Utilities
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
TABLE OF CONTENT
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
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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Frequently Asked Questions:
[sc_fs_multi_faq headline-0=”h6″ question-0=”What is the current size of energy storage systems market?” answer-0=”According to Precedence Research, the global energy storage systems market was accounted at US$ 210.92 billion in 2021 and is anticipated to rake US$ 435.32 billion by 2030. ” image-0=”” headline-1=”h6″ question-1=”What will be the CAGR of global energy storage systems market?” answer-1=”The global energy storage systems market is growing at a CAGR of 8.4% from 2022 to 2030. ” image-1=”” headline-2=”h6″ question-2=”Who are the major players operating in the energy storage systems market?” answer-2=”the major players operating in the energy storage systems market are 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. ” image-2=”” headline-3=”h6″ question-3=”Which are the driving factors of the energy storage systems market?” answer-3=”The global energy storage systems market is primarily driven by the surging consumption of energy and burgeoning demand for the efficient and uninterrupted power supply.” image-3=”” headline-4=”h6″ question-4=”Which region will lead the global energy storage systems market?” answer-4=”Asia Pacific dominated the global energy storage systems market in 2020 and will lead in near future.” image-4=”” count=”5″ html=”true” css_class=””]
