Energy Storage Systems Market Forecast | 2022-28

Market Insights

Energy storage systems market demand was estimated at 210.94 GW in 2021 and is likely to grow at a CAGR of 11.1% from 2022-2028 to reach 440.71 GW in 2028.

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What is an energy storage system?

A device or a group of technologies that gather, store, and release energy for later use is an energy storage system (ESS). It entails changing electrical energy into another substance that may be retained and retrieved later. Energy storage systems are essential for achieving grid stability, balancing energy supply and demand, and maximizing the use of renewable energy sources.

Electricity, mechanical, chemical, thermal, and potential energy are just a few of the different types of energy that ESS can store. The energy that has been conserved can later be released into the system or grid to meet demand or provide additional services.

Market Drivers

The prime factor that is contributing to the demand are:

• Increasing demand for continuous electricity supply and a growing focus on renewable energy is likely to boost the growth of the energy storage systems market. 
• Governments have been compelled to make significant investments in sustainable future initiatives due to increasing carbon emissions and diminishing environmental circumstances. As a result, spending on infrastructure and the development of renewable energy sources has grown recently.
• The global market for energy storage systems is crowded with regional and international companies. This makes the landscape disintegrated in nature.?

Key technologies

Battery storage

In the market for energy storage systems, battery storage is the most popular technology. Due to their high energy density, efficiency, and decreasing prices, lithium-ion batteries are the industry leaders.

Pumped hydro storage

The oldest and most established energy storage technology is pumped hydro storage. In terms of installed capacity, it represents a significant portion worldwide. PHS functions by pumping water to a higher elevation using extra electricity and releasing it when electricity demand is high to produce electricity.

Thermal energy storage

Systems for thermal energy storage store energy and release it as heat. Changes in phase materials, chilled water storage, and molten salt storage are examples of TES technology.

Flywheel energy storage systems

Systems for flywheel energy storage hold energy in a rotor that spins and transforms it back into electricity as needed. FES has a long lifespan, high cycle capability, and quick response times. Frequency regulation and grid stabilization are two common, short-duration, high-power uses for it.

Key Players

Some of the key players in the market are-

• Samsung SDI
• Tesla Inc.
• Panasonic
• Hitachi Chemical
• GS Yuasa
• J-Power
• LG Chem
• Exide Technologies
• Toshiba
• BYD Co
• Sinohydro
• Voith
• EDF
• Dongfang Electric
• Goss Engineering
• Evapco
• Steffes Corporation
• Genex Power Limited
• Alstom
• Schluchseewerk AG.

Segment Analysis

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By Technology Type

The market is segmented as pumped hydro, electro-mechanical, electrochemical, and thermal. The pumped hydro segment is projected to be the market’s largest segment during the forecast period. Higher efficiency, greater stability, longer lifespan, and low storage cost are some of the major features of the pumped hydro segment driving its growth in the global market.

By Application Type

The market is segmented as electric energy time shift, electric supply capacity, black start, renewable capacity firming, frequency regulations, and others. The electric energy time-shift segment is projected to remain the largest segment of the market. Electric energy time-shift involves purchasing inexpensive energy during low cost for storage and using it later when cost or price is high.

By Region

Asia-Pacific is estimated to be the largest market led by China, Japan, India, South Korea, ASEAN Countries, and Others. Expanding industrial sector, rapid urbanization, significant economic development in the region, and increased focus on sustainable sources of energy are the major factors driving the growth of the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Technology Type:

• Pumped Hydro
• Electro-Chemical
• Electro-Mechanical
• Thermal

By Application Type:

• Electric Energy Time Shift 
• Electric Supply Capacity
• Black Start 
• Renewable Capacity Firming 
• Frequency Regulation 
• Others 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the market.

What Deliverables will you get in this report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the application types by technology type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.