A focused analysis of the use of these technologies for
applications such as grid storage and transportation explains the current and
future scenario of the energy
storage systems market. The report for the energy storage systems
market exclusively focuses on current energy storage systems market trends and
future growth opportunities for commercially available technologies for energy
storage systems such as pumped hydro storage, compressed air, sodium-sulfur,
lithium-ion, lead acid, and others.
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The energy storage systems market size was valued at $188.5
billion in 2020 and is projected to reach $435.4 billion by 2030, growing at a
CAGR of 8.3% from 2021 to 2030. Energy storage systems include major
technologies employed to store various forms of energy. Increased focus on the
production of renewable energy globally fuels the market for energy storage
systems. Major regions such as Asia-Pacific and North America develop
strategies to install energy storage systems that can efficiently store various
forms of energy. Furthermore, massive investments are being made by local
governing bodies to encourage energy storage worldwide, thus contributing
toward the growth of the overall market. Moreover, the adoption of storage
systems in the residential sector is expected to propel market growth.
The report further focuses on various end users of the
energy storage systems, which include residential, non-residential, and
utilities. Moreover, the report analyzes the current market trends of energy
storage systems in different regions and suggests future growth opportunities
by analyzing government regulations & policies, thereby further increasing
consumer acceptance in that region. The figures provided in this report are
based on the demand or consumption quantity across types of technology,
application, and end-users at the country level. The market value and volumes
are further derived by performing the bottom-up approach and considering the
price trends.
Depending on the technology, the pumped hydro storage
segment garnered the highest energy storage systems market share of about 95.8%
in 2020 and is expected to maintain its dominance during the energy storage
systems market forecast period. This is attributed to the rising demand for
pumped hydro storage power generation across the globe. In addition, government
initiatives toward renewable energy generation are expected to drive the growth
of the market during the analyzed time frame. Moreover, the surge in power
consumption across the globe is projected to fuel the energy storage systems
market growth in the coming years.
On the basis of end users, the utility segment acquired the
largest share in 2020 and is expected to maintain its dominance during the
forecast period. This is attributed to the increase in investment toward the
building of utility-scale power plants. In addition, an increase in
construction projects such as decentralized renewable power plants, rural
electrification projects, and commercial buildings drive the growth of the
market for the utility segment across the globe.
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On the basis of application, the stationary segment held the
largest share in 2020 and is expected to maintain its dominance during the
forecast period. This growth is attributed to the rapid expansion of heavy
industries & projects such as dams, power plants, power grids, refineries,
and mills. In addition, the rise in the number of hydropower projects across
the globe acts as the key driving force of the stationary energy storage
systems market.
Region-wise, the market is analyzed across North America,
Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in
2020 and is anticipated to maintain this trend during the forecast period. This
is attributed to numerous factors such as the presence of a huge consumer base,
the rapid expansion of the renewable energy sector, the rise in investment
towards energy storage systems, and the existence of key players in the region.
Moreover, presence of the countries such as China, Japan, India, Australia, and
South Korea is anticipated to contribute toward the growth of the market in
Asia-Pacific.
The global energy storage systems market analysis covers
in-depth information on the major energy storage systems industry participants.
The key players operating and profiled in the report include ABB, Ltd., BYD Company
Limited, Delta Electronics, Inc., Electrovaya, EOS Energy Enterprises, General
Electric, Langley Holdings Plc, Saft, Samsung SDI Co., Ltd., and the AES
Corporation.
Other players operating in the energy storage systems market
are Enerdel, Exergonix, Johnson Controls, East Penn Manufacturing Company,
Langley Holdings Plc., and Kokam.
COVID-19’s impact on the market
The lockdown imposed due to the outbreak of the COVID-19
pandemic resulted in a temporary ban on import & export and manufacturing
& processing activities across various industries and electrical utilities,
which decreased the demand for energy storage systems from these consumers. In
addition, halt in the building & construction of new electric utility
infrastructures, renewable power plants, grid networks, and other power plants,
owing to the unavailability of workers and an increase in demand–the supply gap
is projected to hamper the market growth during the pandemic period. This
resulted in a decline in market growth in the second, third, and fourth
quarters of 2020. However, the energy storage systems market is expected to
recover by the first quarter of 2021, as COVID-19 vaccination has begun in
various economies across the globe, which is expected to improve the global
economy.
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Key Findings Of The Study
- In
2020, the pumped hydro storage segment accounted for about 95.8% of the
share in the global market and is expected to maintain its dominance till
the end of the forecast period.
- In
2020, the battery energy storage systems segment garnered a 3.2% market
share and is anticipated to grow at a rate of 20.1% in terms of revenue.
- In
2020, the utility segment exhibited a market share of 89.7% and is
anticipated to grow at a rate of 8.3% in terms of revenue.
- Transport
is the rapidly growing application segment in the global energy storage
systems market, and is expected to grow at a CAGR of 9.2% during
2021–2030.
- In
2020, Asia-Pacific dominated the global energy storage systems market with
more than 44.7% of the share, in terms of revenue, and is expected to grow
at the fastest rate, registering a CAGR of 8.5% throughout the forecast
period.
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