The global energy storage systems market size is expected to reach around US$ 435.32 billion by 2030 from US$ 210.92 billion in 2021 and is expected to grow at an impressive double-digit rate of 8.4% from 2022 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global energy storage systems market for the period 2017-2030, wherein 2022 to 2030 is the forecast period and 2021 is considered as the base year.
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Research Methodology
A unique research methodology has been utilized to conduct comprehensive research on the growth of the global energy storage systems market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global energy storage systems market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Report Highlights
- Based on the technology, the pumped hydro segment dominated the market in 2020. This is attributed to the huge demand for the hydro pumped technology across the globe. Furthermore, the rising investments towards the research and development and upgrading the infrastructure and on-grid capacity are the major factors behind the growth of this segment.
- Based on the application, the transportation is estimated to be the most opportunistic segment. This is attributed to the increased demand for the electric vehicles in the developed nations and surging government initiatives to promote the adoption of the EVs in the developing regions.
Market Dynamics
Driver
Surging investments in renewable energy
The developing and the developed countries are altering and forming various regulations for environment protection and renewable energy. The rising carbon emissions and deteriorating environmental conditions has forced the governments to invest heavily towards the sustainable future programs. As a result, the investments in the development of renewable power sources and infrastructure has increased in the past few years. This is a major driver of the global energy storage systems market.
Restraint
High capital investments associated with the energy storage systems
A huge capital investment is required for efficiently deploying the energy storage systems. The various energy storage technologies such as lithium-ion, sodium sulfur, and pumped hydro storage requires a huge capital investment in the production. Therefore, the low financial capabilities of certain developing and underdeveloped economies might restrict them to adopt such energy storage systems.
Opportunity
Rising investments in grid expansion and development of modern infrastructure
Developing countries such as China and India are heavily investing in the development of modern infrastructure and grid expansion. The rapid industrialization and rapid urbanization along with the growing population is boosting the need for the efficient power supply. As per the United Nations, around US$45 billion investment is needed to provide access to the modern electric power across the globe.
Challenge
Lack of proper infrastructure
There is a lack of proper infrastructure in the developing and underdeveloped countries that might result in extension to the adoption of the renewable energy sources. Furthermore, the ongoing development in the deployment of the renewable energy sources across the globe may get extended for a longer time period owing to several socio-economic and geo-political issues.
Why should you invest in this report?
If you are aiming to enter the global energy storage systems market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for energy storage systems are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Some of the prominent players in the global energy storage systems market include:
- LG Chem.
- Convergent Energy and Power Inc.
- Eos Energy Storage
- Beacon Power, LLC
- BYD Company Ltd.
- ABB Ltd.
- Greensmith Energy Management Systems
- Seeo, Inc.
- S&C Electric Company
- Scheider Electric
- SMA Solar Technology AG
- Exide Industries Ltd.
Market Segmentation:
By Technology
- Pumped Hydro
- Electro-Chemical
- Lithium Ion Battery
- Sodium Sulfur Battery
- Lead Acid Battery
- Flow Battery
- Others
- Electro-Mechanical
- Flywheel
- Compressed Air Energy Storage
- Thermal
- Water
- Molten Salt
- Phase Change Material
- Others
By Application
- Transportation
- Grid Management
By End User
- Residential
- Non-Residential
- Utilities
Regional Analysis:
The geographical analysis of the global energy storage systems market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global energy storage systems Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global energy storage systems market in 2030?
- What is the expected CAGR for the energy storage systems market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global energy storage systems market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Energy Storage Systems Market
5.1. COVID-19 Landscape: Energy Storage Systems Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Energy Storage Systems Market, By Technology
8.1. Energy Storage Systems Market, by Technology Type, 2022-2030
8.1.1. Pumped Hydro
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Electro-Chemical
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Electro-Mechanical
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Thermal
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Energy Storage Systems Market, By Application
9.1. Energy Storage Systems Market, by Application, 2022-2030
9.1.1. Transportation
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Grid Management
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Energy Storage Systems Market, By End User
10.1. Energy Storage Systems Market, by End User, 2022-2030
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Non-Residential
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Utilities
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Energy Storage Systems Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.3. Market Revenue and Forecast, by End User (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.3. Market Revenue and Forecast, by End User (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.3. Market Revenue and Forecast, by End User (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.3. Market Revenue and Forecast, by End User (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.3. Market Revenue and Forecast, by End User (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.3. Market Revenue and Forecast, by End User (2017-2030)
Chapter 12. Company Profiles
12.1. LG Chem.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Convergent Energy and Power Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Eos Energy Storage
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Beacon Power, LLC
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. BYD Company Ltd.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. ABB Ltd.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Greensmith Energy Management Systems
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Seeo, Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. S&C Electric Company
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. SMA Solar Technology AG
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
12.11. Exide Industries Ltd.
12.11.1. Company Overview
12.11.2. Product Offerings
12.11.3. Financial Performance
12.11.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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