Energy Storage Systems Market Size Will Attain USD 394.3
TOKYO, Dec. 06, 2022 (GLOBE NEWSWIRE) — The Global Energy Storage Systems Market Size accounted for USD 208.8 Billion in 2021 and is projected to occupy a market size of USD 394.3 Billion by 2030 growing at a CAGR of 7.6% from 2022 to 2030.
Over the last few years, the industry has been primarily driven by rising demand for efficient and competitive energy resources. The industry is also growing exponentially owing to the rising energy demand and growing number of renewable energy projects.
Energy Storage Systems Market Statistics
- Global energy storage systems market value was USD 208.8 Billion in 2021 and expected to grow at CAGR of 7.6% from 2022 to 2030
- The global demand for energy storage systems was valued at 211.4 GW in 2021 and is expected to exceed 399 GW by 2030
- According to our analysis, global energy consumption increased by 5% in 2021, following a 4.5% decline in 2020
- Asia-Pacific energy storage systems market share will gather around USD 96 billion market share in coming years
- In 2021, China consumed more than 25% of global energy
- Among technology, pumped hydro storage sub-segment collected US$ 196.3 billion in revenue in 2021
- Based on end-user, utilities sub-segment recorded US$ 181.7 billion of the market revenue in 2021
- Favorable government initiatives for these systems is a key energy storage systems market trend that fuels the industry growth
Energy Storage Systems Market Growth Factors
- Growing trend for continuous energy supply
- Increasing popularity of renewable energy sources
- Rapidly rising energy consumption
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Energy Storage Systems Market Coverage:
|Market||Energy Storage Systems Market|
|Energy Storage Systems Market Size 2021||USD 208.8 Billion|
|Energy Storage Systems Market Forecast 2030||USD 394.3 Billion|
|Energy Storage Systems Market CAGR During 2022 – 2030||7.6%|
|Energy Storage Systems Market Analysis Period||2018 – 2030|
|Energy Storage Systems Market Base Year||2021|
|Energy Storage Systems Market Forecast Data||2022 – 2030|
|Segments Covered||By Technology, By Application, By End-User, And By Geography|
|Energy Storage Systems Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Altairnano, Ecoult, Electrovaya, GE, Langley Holdings plc, LG Chem, Maxwell Technologies, Inc., Saft, Showa Denko Materials Co., Ltd., and The Furukawa Battery Co., Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Energy Storage Systems Market Dynamics
Increasing consumer awareness of efficient energy consumption, combined with demand for smart homes with operational load management, is expected to drive the growth of the energy storage system industry. Rising demand from electric utilities due to demand for distributed energy integration with the main grid may fuel growth over the forecast period.
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Energy Storage Systems Market Segmentation
The global energy storage systems market is divided into four categories: by technology, by application, by end-user, and by geography. The global technology is split into electro-chemical, electro-mechanical, pumped hydro storage, and thermal. Application segment is further bifurcated into transportation and grid management. By end-user, the segmentation includes residential, non-residential, and utilities. Furthermore, the regional market is divided into North America, the Middle East and Africa, Europe, Latin America, and Asia-Pacific.
Energy Storage Systems Market Share
According to our energy storage systems market forecast, pumped hydro storage systems (PHS) are expected to remain a leading segment in the energy storage systems market by 2030, owing to ongoing investments in advancing on-grid capacity and optimizing energy infrastructure in North America and Asia-Pacific. The segment captures around 90% of the worldwide energy storage systems capacity in 2021.
The growing acceptance of hybrid and electric vehicles, combined with government incentives for advancing EV innovation, is expected to support the growth of the electric vehicle and energy storage system industries. While battery services have yet to improve and outperform gasoline fueling infrastructure, fluctuating gas prices are expected to have a significant impact on demand for electric vehicles over the forecast period.
Hybrid systems, which include start-stop systems, e-bikes, and hybrid vehicles, are expected to provide the most growth opportunities for lithium-ion battery manufacturers. Altairnano, AES, and GE Renewable, for example, are investing heavily in the research and development of novel battery storage technologies.
Grid storage accounted for the majority of the market share in 2021. Grid storage systems are widely used to store large amounts of energy. According to our energy storage systems industry analysis, the utilities sub-segment will hold a dominant market share through 2030.
Energy Storage Systems Market Regional Scenario
Asia-Pacific led the global market in storage capacity in 2017, surpassing 81 GW. Upcoming PHS projects are expected to aid in the development of the area over the estimated time frame. Rising power consumption has increased the demand for storage systems in China, Japan, and Southeast Asia. Growing demand for energy executives in utility-scale ventures and peak load demand are expected to drive the demand for various ESS, for example, batteries, CAES, and flywheel.
In 2017, Spain, Switzerland, Germany, France, Italy, and Austria had a storage capacity limit of more than 6.6 GW. Regardless, the massive market entry of pure renewable energy technologies and existing hybrid in Germany and the United Kingdom is likely to drive demand in potential areas throughout these countries.
When compared to other ESS advancements, North America has a large number of PHS offices. The market is expected to experience significant growth in the near future, owing to the large number of planned electrochemical facilities. Rising R&D activity, combined with stringent guidelines governing the environmental emissions of fossil-fueled power generation, is expected to further fuel development.
Increased installation of renewable energy sources, as well as the growing need for storing generated electricity for (UPS) Uninterrupted Power Supply, has resulted in a significant increase in demand. Many countries in Europe and North America have launched initiatives to advance renewable energy generation by the end of 2050 in order to achieve a sustainable future with the help of clean energy.
In the Americas, thermal energy storage has received the most attention from the government. The tax credits needed to install solar thermal systems in buildings by the end of 2020 have been expanded by the Chilean government. The market will likely be driven by the increasing need to reduce the exponentially growing pollution and provide residents with a healthy living environment, clean drinking water, a green environment, and outside air to achieve a sustainable future.
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Energy Storage Systems Market Players
The top companies in the global energy storage systems market are Ecoult, Altairnano, Electrovaya, GE, Showa Denko Materials Co., Ltd., Langley Holdings plc, LG Chem, Saft, Maxwell Technologies, Inc., and The Furukawa Battery Co., Ltd.
Questions Answered By This Report
- What was the market size of Energy Storage Systems Market in 2021?
- What will be the CAGR of Energy Storage Systems Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Energy Storage Systems Market?
- Which region held the largest share Energy Storage Systems Market in 2021?
- What are the key market drivers Energy Storage Systems Market?
- Who is the largest end user Energy Storage Systems Market?
- What will be the Energy Storage Systems Market value in 2030?
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