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    Energy Storage Systems Market Report

    Energy Storage Systems Market Report
    Report code - SROG148 Delivery - 2 Weeks
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    Energy Storage Systems Market Size, Share, Trend, Forecast, & Industry Analysis &ndash See more...

    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?

    The energy storage system is a device used to convert electrical energy from a power system into a form that can be stored for converting back to electrical energy.

    Drivers

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    • Increasing demand for continuous electricity supply and 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 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.

    Report – Features

    Market Segmentation

    3

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    10

    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 market 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 market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Overview, industry life cycle analysis, supply chain analysis
    • Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Trend and forecast analysis
    • Segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Energy Storage Systems Market Features

    Energy Storage Demand in 2028

    440.71GW

    Energy Storage Demand in 2022

    234.35GW

    Market Growth (2021-2026)

    11.1%CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Technology Type (Pumped Hydro, Electro Chemical (Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, and Others), Electro-Mechanical (Flywheel and Compressed Air Energy Storage), Thermal (Water, Molten Salts, Phase Change Materials, and Others)

     

    By Application Type (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewable Capacity Firming, Frequency Regulation, and Others),

     

    By Region (North America, Europe, Asia-Pacific, and Rest of the World)

    Top Companies in 2022

    • 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.

    Dominant Region

    Asia-Pacific is estimated to be the largest market.

    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

    Frequently Asked Questions (FAQs)

    The energy storage system is a device used to convert electrical energy from a power system into a form that can be stored for converting back to electrical energy.

    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 and Schluchseewerk AG are among the key players in the energy storage systems market.

    Energy storage systems market demand was estimated at 210.94 GW in 2021 and is likely to reach 440.71 GW in 2028.

    Energy storage systems market was estimated to grow at a CAGR of11.1% from 2022-2028.

    The pumped hydro segment is expected to be the largest segment in the market in the years to come.

    The global market for energy storage systems is crowded with regional and international companies. This makes the landscape disintegrated in nature. 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. Spending on infrastructure and the development of renewable energy sources has grown

    Asia-Pacific is estimated to grow at the fastest pace in the market in the coming years.

    The study period of this market report is 2016-28.