Energy Storage Systems Market Analysis and Forecast to 2032: By Technology (Pumped Hydro Storage, Electrochemical Storage, Compressed Air Energy Storage, Flywheel Energy Storage), End User (Residential, Non-residential, Utilities), Capacity (Small-scale, Large-scale), Application (Grid Management, Transportation), and Region
The Energy Storage Systems Market demand was over 200 GW in 2022 and it is anticipated to grow at a CAGR of over 10% during the forecast period.
Energy storage systems are devices or systems that store energy so that it can be used at a later time. There are many different types of energy storage systems, including electrical energy storage, thermal energy storage, and mechanical energy storage.
Key Trends
There are several key trends in energy storage systems technology. One is the move away from traditional chemical batteries to newer technologies such as lithium-ion batteries. This is due to the fact that lithium-ion batteries are more efficient and have a longer lifespan than traditional batteries. Additionally, lithium-ion batteries can be recharged more quickly than traditional batteries.
Another key trend is the move towards using energy storage systems to provide grid stability. This is due to the fact that energy storage systems can store excess energy during periods of high demand and then release it during periods of low demand. This helps to even out the grid and prevent blackouts.
Finally, there is a trend toward using energy storage systems to power electric vehicles. This is due to the fact that electric vehicles require a large amount of power to operate and traditional batteries are not able to provide this power. Energy storage systems can store the power required to operate electric vehicles and then release it when needed.
Key Drivers
The key drivers of the energy storage systems market are increasing demand for renewable energy, the declining cost of energy storage technologies, and government incentives for the deployment of energy storage systems.
The demand for renewable energy is increasing due to the growing concerns over the environmental impact of fossil fuels. The declining cost of energy storage technologies is making them more economically viable. Government incentives, such as tax credits and subsidies, are also playing a role in driving the market for energy storage systems.
Restraints & Challenges
One of the key restraints in the energy storage systems market is the lack of standardization. This has led to a fragmented market with a large number of players, each with their own technology and business model. This has made it difficult for customers to compare and select the best option for their needs.
Another challenge is the high cost of energy storage systems. This is due to the fact that most technologies are still in the early stages of commercialization and have not yet achieved economies of scale. In addition, many energy storage systems require specialized equipment and installation, which can add to the cost.
Finally, another challenge facing the energy storage systems market is the lack of a comprehensive policy and regulatory framework. This has made it difficult for utilities and other customers to invest in energy storage systems.
Market Segmentation
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 rest of the world.
Key Players
The Energy Storage Systems market report includes players such as ABB Ltd., GE Renewable Energy, LG Energy Solutions, Contemporary Amperex Technology Ltd., BYD Co Ltd., SK Holdings, Schneider Electric, SMA Solar Technology AG, Exide Industries Ltd., Siemens AG, and others. These players adopted product approval, acquisition, product launch, partnership, and expansion to increase market share.
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- Chapter 1. Energy Storage Systems Market Overview
- 1.1 Objectives of the Report
- 1.2 Market Definition and Scope of the Report
- 1.3 Research Limitations
- 1.4 Research Methodologies
- 1.4.1 Secondary Research
- 1.4.2 Market Size Estimation Technique
- 1.4.3 Forecasting
- 1.4.4 Primary Research and Data Validation
- Chapter 2. Executive Summary
- 2.1. Summary
- 2.2. Key Highlights of the Market
- Chapter 3. Premium Insights on the Market
- 3.1 Market Attractiveness Analysis, by Region
- 3.2 Market Attractiveness Analysis, by Application
- 3.3 Market Attractiveness Analysis, by Capacity
- 3.4 Market Attractiveness Analysis, by End-user
- 3.5 Market Attractiveness Analysis, by Technology
- Chapter 4. Energy Storage Systems Market Outlook
- 4.1 Market Segmentation
- 4.2 Market Dynamics
- 4.2.1 Market Drivers
- 4.2.2 Market Restraints
- 4.2.3 Market Opportunities
- 4.3 Porters Five Forces Analysis
- 4.3.1 Bargaining Power of Buyers
- 4.3.2 Bargaining Power of Suppliers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitution
- 4.3.5 Competitive Rivalry
- 4.4 PESTLE Analysis
- 4.5 Value Chain Analysis
- 4.6 Impact of COVID-19 on the Market
- 4.7 Impact of the Russia and Ukraine War on the Market
- 4.8 Regulatory Landscape
- 4.9 Case Studies
- 4.10 Analysis on Grid-Scale Storage
- Chapter 5. Energy Storage Systems Market by Application
- 5.1 Overview
- 5.2 Market Size and Forecast
- 5.3 Transportation
- 5.3.1 Key Market Trends & Opportunity Analysis
- 5.3.2. Market Size and Forecast, by Region
- 5.4 Grid Management
- 5.4.1 Key Market Trends & Opportunity Analysis
- 5.4.2 Market Size and Forecast, by Type
- 5.4.2.1 Commercial
- 5.4.2.2 Residential
- 5.4.2.3 Others
- 5.4.2 Market Size and Forecast, by Region
- Chapter 6. Energy Storage Systems Market by Capacity
- 6.3 Small-scale
- 6.3.1 Key Market Trends & Opportunity Analysis
- 6.3.2. Market Size and Forecast, by Region
- 6.4 Large-scale
- 6.4.1 Key Market Trends & Opportunity Analysis
- 6.4.2 Market Size and Forecast, by Region
- Chapter 7. Energy Storage Systems Market by End-user
- 7.1 Overview
- 7.2 Market Size and Forecast
- 7.3 Nonresidential
- 7.3.1 Key Market Trends & Opportunity Analysis
- 7.3.2 Market Size and Forecast, by Region
- 7.4 Residential
- 7.4.1 Key Market Trends & Opportunity Analysis
- 7.4.2 Market Size and Forecast, by Region
- 7.5 Utility
- 7.4.1 Key Market Trends & Opportunity Analysis
- 7.4.2 Market Size and Forecast, by Region
- Chapter 8. Energy Storage Systems Market by Technology
- 8.1 Overview
- 8.2 Market Size and Forecast
- 8.3 Pumped Hydro Storage
- 8.3.1 Key Market Trends & Opportunity Analysis
- 8.3.2. Market Size and Forecast, by Region
- 8.4 Electrochemical Storage
- 8.4.1 Key Market Trends & Opportunity Analysis
- 8.4.2. Market Size and Forecast, by Type
- 8.4.2.1. Lithium Ion Battery
- 8.4.2.2. Sodium Sulfur Battery
- 8.4.2.3. Lead Acid Battery
- 8.4.2.4. Flow Battery
- 8.4.2.5. Others
- 8.4.3. Market Size and Forecast, by Region
- 8.5 Electro-Mechanical Storage
- 8.5.1 Key Market Trends & Opportunity Analysis
- 8.5.2. Market Size and Forecast, by Type
- 8.5.2.1. Flywheel
- 8.5.2.2. Compressed Air Energy Storage
- 8.5.3. Market Size and Forecast, by Region
- 8.6 Thermal Storage
- 8.6.1 Key Market Trends & Opportunity Analysis
- 8.6.2. Market Size and Forecast, by Type
- 8.6.2.1. Water
- 8.6.2.2. Molten Salt
- 8.6.2.3. Phase Change Material
- 8.6.2.4. Others
- 8.6.3 Market Size and Forecast, by Region
- Chapter 9. Energy Storage Systems Market by Region
- 9.1. Overview
- 9.2. North America
- 9.2.1. Key Market Trends and Opportunities
- 9.2.2. Market Size and Forecast by Application
- 9.2.3. Market Size and Forecast by Capacity
- 9.2.4. Market Size and Forecast by End-user
- 9.2.5. Market Size and Forecast by Technology
- 9.2.6. Market Size and Forecast by Country
- 9.2.7. The U.S.
- 9.2.7.1. Market Size and Forecast by Application
- 9.2.7.2. Market Size and Forecast by Capacity
- 9.2.7.3. Market Size and Forecast by End-user
- 9.2.7.4. Market Size and Forecast by Technology
- 9.2.8. Canada
- 9.2.8.1. Market Size and Forecast by Application
- 9.2.8.2. Market Size and Forecast by Capacity
- 9.2.8.3. Market Size and Forecast by End-user
- 9.2.8.4. Market Size and Forecast by Technology
- 9.2.9. Mexico
- 9.2.9.1. Market Size and Forecast by Application
- 9.2.9.2. Market Size and Forecast by Capacity
- 9.2.9.3. Market Size and Forecast by End-user
- 9.2.9.4. Market Size and Forecast by Technology
- 9.3. Europe
- 9.3.1. Key Market Trends and Opportunities
- 9.3.2. Market Size and Forecast by Application
- 9.3.3. Market Size and Forecast by Capacity
- 9.3.4. Market Size and Forecast by End-user
- 9.3.5. Market Size and Forecast by Technology
- 9.3.6. Market Size and Forecast by Country
- 9.3.7. Germany
- 9.3.7.1. Market Size and Forecast by Application
- 9.3.7.2. Market Size and Forecast by Capacity
- 9.3.7.3. Market Size and Forecast by End-user
- 9.3.7.4. Market Size and Forecast by Technology
- 9.3.8. The UK
- 9.3.8.1. Market Size and Forecast by Application
- 9.3.8.2. Market Size and Forecast by Capacity
- 9.3.8.3. Market Size and Forecast by End-user
- 9.3.8.4. Market Size and Forecast by Technology
- 9.3.9. France
- 9.3.9.1. Market Size and Forecast by Application
- 9.3.9.2. Market Size and Forecast by Capacity
- 9.3.9.3. Market Size and Forecast by End-user
- 9.3.9.4. Market Size and Forecast by Technology
- 9.3.10. Italy
- 9.3.10.1. Market Size and Forecast by Application
- 9.3.10.2. Market Size and Forecast by Capacity
- 9.3.10.3. Market Size and Forecast by End-user
- 9.3.10.4. Market Size and Forecast by Technology
- 9.3.11. Spain
- 9.3.11.1. Market Size and Forecast by Application
- 9.3.11.2. Market Size and Forecast by Capacity
- 9.3.11.3. Market Size and Forecast by End-user
- 9.3.11.4. Market Size and Forecast by Technology
- 9.3.12. Netherlands
- 9.3.12.1. Market Size and Forecast by Application
- 9.3.12.2. Market Size and Forecast by Capacity
- 9.3.12.3. Market Size and Forecast by End-user
- 9.3.12.4. Market Size and Forecast by Technology
- 9.3.13. Switzerland
- 9.3.13.1. Market Size and Forecast by Application
- 9.3.13.2. Market Size and Forecast by Capacity
- 9.3.13.3. Market Size and Forecast by End-user
- 9.3.13.4. Market Size and Forecast by Technology
- 9.3.14. Russia
- 9.3.14.1. Market Size and Forecast by Application
- 9.3.14.2. Market Size and Forecast by Capacity
- 9.3.14.3. Market Size and Forecast by End-user
- 9.3.14.4. Market Size and Forecast by Technology
- 9.3.15. Rest of Europe
- 9.3.15.1. Market Size and Forecast by Application
- 9.3.15.2. Market Size and Forecast by Capacity
- 9.3.15.3. Market Size and Forecast by End-user
- 9.3.15.4. Market Size and Forecast by Technology
- 9.4. Asia-Pacific
- 9.4.1. Key Market Trends and Opportunities
- 9.4.2. Market Size and Forecast by Application
- 9.4.3. Market Size and Forecast by Capacity
- 9.4.4. Market Size and Forecast by End-user
- 9.4.5. Market Size and Forecast by Technology
- 9.4.6. Market Size and Forecast by Country
- 9.4.7. China
- 9.4.7.1. Market Size and Forecast by Application
- 9.4.7.2. Market Size and Forecast by Capacity
- 9.4.7.3. Market Size and Forecast by End-user
- 9.4.7.4. Market Size and Forecast by Technology
- 9.4.8. Japan
- 9.4.8.1. Market Size and Forecast by Application
- 9.4.8.2. Market Size and Forecast by Capacity
- 9.4.8.3. Market Size and Forecast by End-user
- 9.4.8.4. Market Size and Forecast by Technology
- 9.4.9. India
- 9.4.9.1. Market Size and Forecast by Application
- 9.4.9.2. Market Size and Forecast by Capacity
- 9.4.9.3. Market Size and Forecast by End-user
- 9.4.9.4. Market Size and Forecast by Technology
- 9.4.10. Australia
- 9.4.10.1. Market Size and Forecast by Application
- 9.4.10.2. Market Size and Forecast by Capacity
- 9.4.10.3. Market Size and Forecast by End-user
- 9.4.10.4. Market Size and Forecast by Technology
- 9.4.11. South Korea
- 9.4.11.1. Market Size and Forecast by Application
- 9.4.11.2. Market Size and Forecast by Capacity
- 9.4.11.3. Market Size and Forecast by End-user
- 9.4.11.4. Market Size and Forecast by Technology
- 9.4.12. Singapore
- 9.4.12.1. Market Size and Forecast by Application
- 9.4.12.2. Market Size and Forecast by Capacity
- 9.4.12.3. Market Size and Forecast by End-user
- 9.4.12.4. Market Size and Forecast by Technology
- 9.4.13. Indonesia
- 9.4.13.1. Market Size and Forecast by Application
- 9.4.13.2. Market Size and Forecast by Capacity
- 9.4.13.3. Market Size and Forecast by End-user
- 9.4.13.4. Market Size and Forecast by Technology
- 9.4.14. Rest of Asia-Pacific
- 9.4.14.1. Market Size and Forecast by Application
- 9.4.14.2. Market Size and Forecast by Capacity
- 9.4.14.3. Market Size and Forecast by End-user
- 9.4.14.4. Market Size and Forecast by Technology
- 9.5. Rest of the World
- 9.5.1. Key Market Trends and Opportunities
- 9.5.2. Market Size and Forecast by Application
- 9.5.3. Market Size and Forecast by Capacity
- 9.5.4. Market Size and Forecast by End-user
- 9.5.5. Market Size and Forecast by Technology
- 9.5.6. Market Size and Forecast by Country
- 9.5.7. Latin America
- 9.5.7.1. Market Size and Forecast by Application
- 9.5.7.2. Market Size and Forecast by Capacity
- 9.5.7.3. Market Size and Forecast by End-user
- 9.5.7.4. Market Size and Forecast by Technology
- 9.5.8. Middle East
- 9.5.8.1. Market Size and Forecast by Application
- 9.5.8.2. Market Size and Forecast by Capacity
- 9.5.8.3. Market Size and Forecast by End-user
- 9.5.8.4. Market Size and Forecast by Technology
- 9.5.9. Africa
- 9.5.9.1. Market Size and Forecast by Application
- 9.5.9.2. Market Size and Forecast by Capacity
- 9.5.9.3. Market Size and Forecast by End-user
- 9.5.9.4. Market Size and Forecast by Technology
- Chapter 10. Competitive Landscape
- 10.1 Overview
- 10.2 Market Share Analysis / Ranking by Energy Storage Systems Market Revenue
- 10.3 Vendor Benchmarking
- 10.4 Developmental Strategy Benchmarking
- 10.4.1. Acquisitions & Mergers
- 10.4.2. Product Launches & Developments
- 10.4.3. Business Expansions
- 10.4.4. Partnerships, Joint Ventures, and Collaborations
- Chapter 11. Company Profiles
- 11.1 Contemporary Amperex Technology Ltd.
- 11.1.1 Company Snapshot
- 11.1.2 Business Performance
- 11.1.3 Product Offering
- 11.1.4 Key Developmental Strategies
- 11.1.5 SWOT Analysis
- 11.2 GE Renewable Energy
- 11.3 LG Energy Solutions
- 11.4 Amber Kinetics, Inc.
- 11.5 BYD Co Ltd.
- 11.6 SK Holdings
- 11.7 Schneider Electric
- 11.8 SMA Solar Technology AG
- 11.9 Exide Industries Ltd.
- 11.10 Siemens AG
- 11.11 ABB Ltd.
- 11.12 Convergent Energy and Power Inc.
- 11.13 Panasonic Corporation
- *The list of company is subject to change during the final compilation of the report
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