Energy Storage Systems Market

Energy Storage Systems Market Outlook – 2030

The global 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 system is an equipment facilitate storage of various forms of energy such as electrochemical and mechanical, which can be utilized as and when required. 

COVID-19 pandemic outbreak across the globe has resulted in decline in demand for energy storage systems owing to halted manufacturing activities, building activities of utility infrastructures, renewable energy structures and production of vehicles across the globe from amid government imposed lock down measures. This has been impacted negatively on global energy storage systems market.

Increased focus on production of renewable energy globally fuels the market for energy storage systems. However, high capital investments toward energy storage systems and rise in concern toward environmental pollution are anticipated to restrain the market growth in the coming years. 

For the purpose of analysis, the global energy storage systems market is segmented into technology, end user, application, and region. Depending on technology, the market is categorized into pumped hydro storage, battery energy storage, compressed air energy storage, and flywheel energy storage. The end users covered in the study include residential, non-residential, and utilities. By application, the market is fragmented into stationary and transportation. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global energy storage systems smarket are 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.

These players are adopting numerous strategies such as product launch, acquisition, agreement, business expansion, and collaboration to stay competitive in the energy storage systems market. For instance, in June 2021, SMC Global Power Holdings Corp. (SMC), one of the major suppliers of power to the national grid in the Philippines, partnered with ABB to install battery energy storage system (BESS) facilities as part of its nationwide BESS Project. This partnership led to increase the demand for energy storage system and turn to increase the overall revenue of the company.

The energy storage systems market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the market to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Energy storage systems market, by technology

By technology, the pumped hydro storage segment held the largest energy storage systems market share in 2020, owing 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 market growth in the coming years.

Energy storage systems market, by end user

On the basis of end user, the utilities segment dominated the global market in 2020, in terms of share, owing to increase in investment toward 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 utilities segment.

Energy storage systems market, by application

By application, the stationary segment garnered the highest market share in 2020. This 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 acts as the key driving force of the stationary energy storage systems market in the coming years. 

Energy storage systems market, by region

Asia-Pacific garnered the highest share in the energy storage systems market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the energy storage systems market forecast period. This is attributed to the presence of huge consumer base, rapid development of the renewable energy sector, 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 Europe.

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 power 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.

Key Benefits For Stakeholders

• The report provides an extensive qualitative and quantitative analysis of the current energy storage systems market trends and future estimations of the global market from 2021 to 2030 to determine the prevailing opportunities.
• A comprehensive energy storage systems market analysis of the factors that drive and restrict the growth is provided.
• Estimations and forecast are based on factors impacting the energy storage systems market growth, in terms of value.
• Profiles of leading players operating in the energy storage systems market are provided to understand the global competitive scenario.
• The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable energy storage systems industry growth.

 Energy Storage Systems Market Report Highlights