The market for energy storage systems was estimated at US$ 210.92 billion in 2021 and is projected to increase at a CAGR of 8.4% from 2022 to 2030, reaching US$ 435.32 billion. The market for energy storage systems is expanding quickly due to the rising need for dependable, environmentally friendly, and affordable energy storage solutions.
The Energy Storage Systems Market is a rapidly growing market, driven by the increasing demand for reliable, sustainable, and cost-effective energy storage solutions. Energy storage systems are critical to the integration of renewable energy sources into the grid, as they provide the necessary flexibility to balance the supply and demand of electricity. The growing advancement of technology and surging energy demand across various industry is anticipated to develop the market growth. Surging industrialization and urbanization along with increasing population is one of the key factors developing the market demand.
The global energy storage systems market size was valued at US$ 210.92 billion in 2021 and is expected to hit US$ 435.32 billion by 2030 and poised to grow at a CAGR of 8.4% from 2022 to 2030.
Electric vehicle is to propel the market growth
Increasing government initiatives along with move towards cleaner fuel is expected to surge the demand for electric vehicles. Additionally, surging demand for electric vehicles across the globe is expected to contribute to the demand for battery storage system. The major players such as Tesla is manufacturing electric vehicle that would further increase the market demand. Growing competition in finance and IT sector along with increasing demand of data storage is boosting the growth of the industry.
The market for energy storage systems has witnessed significant growth in recent years, with an increasing number of applications across various sectors, including residential, commercial, and industrial.
The increasing adoption of renewable energy sources, such as wind and solar power, is one of the major drivers of the energy storage systems market. As renewable energy sources are intermittent in nature, energy storage systems are critical to ensuring a stable and reliable power supply. The growing demand for energy storage systems is also driven by the need to reduce carbon emissions and meet environmental targets set by governments around the world.
Electrochemical energy storage systems, such as batteries and fuel cells, are the most widely used type of energy storage system, accounting for a significant share of the overall market. The demand for batteries is expected to grow rapidly in the coming years, driven by the increasing adoption of electric vehicles and the growing demand for stationary energy storage systems.
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Asia Pacific is to dominate the market
The Asia-Pacific region is expected to dominate the energy storage systems market, with China and India leading the way in terms of demand. The region is witnessing rapid urbanization and industrialization, which is driving the demand for energy storage systems to ensure a stable and reliable power supply. Various initiatives such as cost effectiveness and environment friendliness are expected to drive the growth of the market. Growing popularity of electric vehicle in various countries such as Germany and France are propelling the industry share.
Central and South America are prospective regions for investments in the car, energy, and biochemical industries. Important nations in the region include Chile, Brazil, Argentina, Peru, Colombia, and Peru. When Argentina exits its present recession in the following years, there is expected to be a considerable reduction in energy investment. The majority of the Asia Pacific region's nations are developing nations that are rapidly industrializing.
In the United States, there were 25.97 GW of energy storage systems in 2021, and 65.32 GW are anticipated by 2030. A CAGR of 11.4% is predicted for the market's growth over the forecast period. Rising electrical applications and the adoption of strict energy efficiency regulations will be the main drivers of the expansion of the energy storage business in the U.S. A growing emphasis on reducing electricity costs as well as the widespread adoption of renewable technology will support the industry's growth.
The spread of virus hampered the growth of the industry
The outburst of the pandemic disrupted the growth of almost every industry. Government all over the globe imposed temporary restrictions on import and export. Manufacturing activities across various industrial verticals were on halt that further declined energy the demand among consumers. Moreover, lack of availability of labor along widened the demand-supply gap.
However, the removal of restrictions and rising concern towards energy wastage is expected to propel the industry growth. Growing advancement in electricity sector along with increasing penetration of saving energy is also positively influencing the market demand.
Market Share Insight
The market is characterized by the existence of a few major firms as well as a few regional medium- and small-scale competitors. Many of the businesses have a very high penetration rate in the industry they specialize in. For instance, Active Power announced plans for a road trip throughout the United States in August 2021 to deliver its containerized POWERHOUSE UPS to customers' doorsteps. As part of this strategic initiative, Active Power engineers and sales will collaborate.
Some of the prominent players operating in the global energy storage systems market are:
- GENERAL ELECTRIC
- Langley Holdings plc
- LG Chem
- Maxwell Technologies, Inc.
- Showa Denko Materials Co., Ltd.
- The Furukawa Battery Co., Ltd.
Pumped hydro technology segment dominated the market growth
On the basis of technology, the pumped hydro technology accounted the major share of 95%. Growing expenditure in Asia Pacific and North America is expected to boost the market growth. Favorable government regulations along with rising consumption of electricity is likely to proliferate the demand for Pumped Hydro storage.
The electrochemical storage market is anticipated to expand at a CAGR of more than 14% during the projection period. It is anticipated that demand for electrochemical storage will be driven by nations like the United Kingdom, the United States, and India. Long-term thermal storage demand is anticipated to be driven by nations in the Middle East, Africa, Central, and South America.
Systems for thermal energy storage (TES) collect and store extra thermal energy produced by various technologies for future use. Examples of various TES system types include latent, sensible, and thermochemical TES systems. Concrete, sand, rock beds, water, air, and bricks are a few of the storage materials used in sensible heat storage.
In conclusion, the energy storage systems market is a growing market with a promising future. The increasing adoption of renewable energy sources and the need to reduce carbon emissions are driving the demand for energy storage systems across various sectors. The market is expected to witness significant growth in the coming years, with the Asia-Pacific region leading the way in terms of demand. The future of the energy storage systems market looks bright, and it will play a critical role in the transition to a more sustainable and reliable energy system.
Segments Covered in the Report
- Pumped Hydro
- Lithium Ion Battery
- Sodium Sulfur Battery
- Lead Acid Battery
- Flow Battery
- Compressed Air Energy Storage
- Molten Salt
- Phase Change Material
- Grid Management
By End User
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
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