The energy storage systems market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as rise in demand for energy storage systems, owing to surge in need for continuous power supply. In addition, rapid investment in the renewable energy sector in Europe and Asia-Pacific fuels the growth of the energy storage systems market. However, high cost associated with installation of battery energy storage system is restraining the growth of the market globally. Conversely, increase in investment on power infrastructure network and rapid growth of electric vehicle sector are anticipated to provide potential opportunities in the upcoming years. 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.
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Energy storage systems include major technologies employed
to store various forms of energy. Increased focus on 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
system 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 the market growth.
A focused analysis of the use of these technologies for
applications such as grid storage and transportation explain the current and
future scenario of the energy storage systems market. The report for 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.
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 the future growth
opportunities by analyzing government regulations & policies, thereby
further increasing the consumer acceptance in that region. The figures provided
in this report are based on the demand or consumption quantity across type of
technology, application, and end-users at 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 rise in 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, surge in power
consumption across the globe is projected to fuel energy storage systems market
growth in the coming years.
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On the basis of end user, the utilities segment acquired the
largest share in 2020, and is expected to maintain its dominance during the
forecast period. This is attributed to increase in investment towards building
of utility scale power plants. In addition, increase in construction projects
such as decentralized renewable power plants, rural electrification projects
and commercial buildings drive the growth of the market for the utilities
segment across the globe.
On the basis of application, stationary segment held the
largest share in 2020, and is expected to maintain its dominance during the
forecast period. This growth is attributed to rapid expansion of heavy
industries & projects such as dams, power plants, power grids, refineries,
and mills. In addition, rise in the number of hydropower projects across the
globe act 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 anticipated to maintain this trend during the forecast period. This
is attributed to numerous factors such as presence of huge consumer base, rapid
expansion of the renewable energy sector, 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 of 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 impact on the market
Lockdown imposed due to the outbreak of COVID-19 pandemic
resulted in 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 building & construction of new electric utility
infrastructures, renewable power plants, grid network, and other power plants,
owing to unavailability of workers and increase in demand–supply gap are projected
to hamper the market growth during the pandemic period. This resulted in
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 is garnered 3.2% market
share, and is anticipated to grow at a rate of 20.1% in terms of revenue.
- In
2020, the utilities 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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