Energy Storage Systems Market: Global Industry Analysis and Forecast (2023-2029)

Energy Storage Systems Market size was valued at US$ 221.09 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 8.3% from 2023 to 2029, reaching nearly US$ 386.34 Bn.
Energy Storage Systems Market Overview:
The collection of techniques and technologies used to store energy is known as an energy storage system. The energy that has been stored can be used later to carry out beneficial tasks. For instance, many renewable energy sources, including wind, solar, or tides, are intermittent. This report focuses on the different segments of the Energy Storage Systems market (Technology, End-user, Application, and Region). In-depth analysis of the leading industry participants and regions is provided in this report (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a comprehensive analysis of the various sectors' tremendous modern-era growth. The key data analysis from 2018 to 2022 is highlighted through figures, images, and presentations. The market drivers, restraints, opportunities, and challenges for Energy Storage Systems are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Energy Storage Systems market.

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Energy Storage Systems Market Dynamics:
During the forecast period, rising need for affordable, effective energy sources is expected to drive market growth. Electricity derived from clean and renewable sources is a more cost-effective option. Demand is expected to rise during the forecast period as a result of an increase in data storage facilities and quickly escalating competition across many industries, including IT and banking. Additionally, it is expected that increased power outages and shifting consumer lifestyles will increase residential sector use.

In the United States, there were 25.97 GW of energy storage systems in 2022, and 65.32 GW are expected by 2030. During the forecast period, the market is expected to grow at a CAGR of 11.4%. Rising electrical applications and the adoption of strict energy efficiency regulations are expected to be the main drivers of the growth of the energy storage systems market in the U.S. The market is expected to grow as a result of increased attention being paid to reducing the price of electricity as well as the broad application of renewable technology.

The United States invested a total of USD 64.2 billion in renewable power production technologies in 2018, primarily in solar and wind energy, according to the Institute for Energy Economics and Financial Analysis (IEEFA). The development of new power system networks and ongoing efforts to upgrade existing distribution infrastructure will require increased funding, which will help the U.S. market.

Energy Storage as a Service (ESaaS) Is Becoming a Key Service Model

In order to provide reliable electricity more affordably for a business, ESaaS combines an advanced energy storage technology, an energy management system, and a service agreement. Constant Power invented the business model, which is now being used abroad to provide investors with consistent profits following the completion of an ESS project.

New business models like ESaaS are a promising development to attract financing and further grow the industry because energy storage transactions were previously avoided by investors owing to the complexities around cash flow.

Asia Pacific is expected to dominate Energy Storage in the World

Manufacturing of ESS/li-ion batteries is expected to be dominated by Samsung SDI and LG Chem, with BYD following closely behind. While Tesla revealed significant ambitions for energy storage in its most recent conference call, Samsung SDI's joint venture with an inverter manufacturer Sungrow in 2016 has further established the Korean company's top spot with a 38 percent market share in the industry (such as the 1GWh ESS project in Australia). Leclanché, a European corporation, plans to partner with Exide Industries to pursue the Indian ESS market.
Energy Storage Systems Market Segment Analysis:
The Energy Storage Systems Market is segmented by Technology, End-user, and Application.

Based on the Technology, the market is segmented into Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage, Electrochemical Storage, Electromechanical Storage, and Thermal Storage. Pumped Hydro Storage Technology segment is expected to hold the largest market share of xx% by 2029. Ongoing investments to modernise energy infrastructure and increase on-grid capacity in North America and Asia Pacific are expected to have a positive impact on the market. Positive compliance laws and growing energy consumption in China and the US are expected to drive long-term demand for pumped hydro storage (PHS).

Pumped storage facilities can quickly respond to grid changes by providing the necessary electricity or absorbing any excess. Pumped storage is the sole option for large-scale, economically viable energy storing at this point in technology.

Around 2.5% of the world's installed capacity and 99% of all energy storage facilities have pumped-storage hydroelectricity facilities. It is the most affordable and dependable method of electricity storage, allowing for both the effective use of excess energy and the return of a sizable amount of energy to the grid. Enel has 28 plants with a combined capacity of 9,598 megawatts in Italy, Slovakia, and Spain, including four sizable facilities with a capacity of more than one gigawatt each. Enel is one of the most skilled European utilities in pumped-storage hydroelectricity.

Electrochemical Storage segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The need for electrochemical storage is expected to be driven by nations like the United Kingdom, the United States, and India.

Thermal Storage segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Long-term demand for thermal storage is expected to be driven by the Middle East, Africa, Central America, and South America.

Thermal Energy Storage (TES) systems collect extra thermal energy produced by a variety of technologies and store it for later use. Several different kinds of TES systems include latent, sensible, and thermochemical TES systems. Among the storage materials used for sensible heat storage are concrete, bricks, sand, water, rock beds, and air.



Based on the Application, the market is segmented into Stationary, and Transportation. Stationary Application segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is attributable to the continued growth of heavy industries and projects including dams, power plants, power networks, refineries, and mills. Additionally, the market for stationary energy storage systems is expected to be significantly driven during the forecast period by the growth of hydropower projects all over the world.
Regional Insights:
The Asia Pacific region is expected to dominate the Energy Storage Systems Market during the forecast period 2023-2029. The Asia Pacific region is expected to hold the largest market share of xx% by 2029. This is due to the presence of rapidly growing countries like China and India. In applications like UPSs and data centres, where power outages are common, energy storage devices are essential. The advantages of contemporary energy storage systems, such as their affordability, environmental friendliness, and dependability, are the factors that are expected to drive the Energy Storage Systems market in this region.

There are two main power grid types in the region, each with unique properties and prospects for energy storage devices. High-income countries like Japan, South Korea, New Zealand, and Australia, as well as other significant cities, have modern grids that dependably run and make use of cutting-edge technologies. On the other hand, there are countries with weak or insufficient electricity grids that are still establishing their basic infrastructural systems. Rapid urbanisation and population growth are also occurring in the developing world, which is raising the need for power.

India plans to have 275 GW of total wind and solar capacity, as well as 72 GW of hydroelectricity and 15 GW of nuclear power, by 2027. By 2027, the installed capacity share of renewable energy is expected to increase to 43%. The demand for energy storage systems to address the issues associated with intermittent renewable power generation is expected to increase as the renewable energy sector increases.

Furthermore, the South Korean government dropped its estimated growth in electricity demand to 1% annually until 2030 in accordance with the 8th Basic Plan for Electricity Supply and Demand, issued in 2017. The deployment of ESS in conjunction with energy efficiency initiatives and the use of cleaner, renewable energy sources will help the government reduce its greenhouse gas emissions and fine dust particle pollution. These are the key factors that are expected to drive the growth of the Asia Pacific region in the Energy Storage Systems Market during the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Energy Storage Systems Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Energy Storage Systems Market dynamic and structure by analyzing the market segments and projecting the Global Energy Storage Systems Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Energy Storage Systems Market make the report investor’s guide.
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Energy Storage Systems Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 221.09 Bn.


Forecast Period 2023 to 2029 CAGR:
8.3%
Market Size in 2029:
US $ 386.35 Bn.


 Segments Covered:
by Technology
Pumped Hydro Storage
Battery Energy Storage
Compressed Air Energy Storage
Flywheel Energy Storage
Electrochemical Storage
Electromechanical Storage
Thermal Storage


by End-user
Residential
Non-Residential
Utilities


by Application
Stationary
Transportation



Energy Storage Systems Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)14.1303
Key Players
1. G Chem.
2. ABB Ltd.
3. AES Energy Storage, LLC
4. Beacon Power, LLC
5. BYD Company Limited
6. Convergent Energy and Power Inc.
7. Greensmith Energy Management Systems
8. Eos Energy Storage
9. S&C Electric Company
10. Scheider Electric
11. SMA Solar Technology AG
12. Exide Industries Ltd.
13. SK Holdings.
14. Autobat SACI
15. Eguana Technologies
16. Imergy Power Systems
17. Ionotec Ltd
18. Tata Power

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Energy Storage Systems Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Energy Storage Systems Market.

2] Who are the top key players in the Energy Storage Systems Market?
Ans. G Chem., ABB Ltd., AES Energy Storage, LLC, Beacon Power, LLC, BYD Company Limited, Convergent Energy and Power Inc., Greensmith Energy Management Systems, and Eos Energy Storage are the top key players in the Energy Storage Systems Market.

3] Which segment is expected to hold the largest market share in the Energy Storage Systems Market by 2029?
Ans. Pumped Hydro Storage Technology segment is expected to hold the largest market share in the Energy Storage Systems Market by 2029.

4] What is the market size of the Energy Storage Systems Market by 2029?
Ans. The market size of the Energy Storage Systems Market is expected to reach US $386.34 Bn. by 2029.

5] What was the market size of the Energy Storage Systems Market in 2022?
Ans. The market size of the Energy Storage Systems Market was worth US $ 221.09 Bn. in 2022.