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Energy Storage System Market

Energy Storage System Market Forecasts to 2028 – Global Analysis By Technology (Pumped Hydro, Thermal Storage), Type (Flow Battery, Lead Acid Battery), Application (Transportation, Grid Storage) and By Geography

4.5 (45 reviews)
Published: February 2022 ID: SMRC18239
4.5 (45 reviews)
Published: February 2022 ID: SMRC18239

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Energy Storage System Market is accounted for $7.16 billion in 2021 and is expected to reach $32.27 billion by 2028 growing at a CAGR of 24.0% during the forecast period. The energy storage system is any device that can store electrical energy produced at one time for use at another time. This includes batteries, fuel cells, and other systems such as pumped storage or flywheel. Energy stored in this way makes less dependence on the grid's current availability to be able to work with electricity generated from renewable sources like solar power or wind power.

Market Dynamics:

Driver:

Increasing development for variable energy sources


Variable energy is fluctuating by nature due to frequent climate changes. Wind and solar power generation cannot be controlled like geothermal, biomass, and hydroelectricity. However, wind and solar are sources of clean energy and release no emissions into the atmosphere, as a result of which governments across North America, Europe, and the Asia Pacific are taking initiatives to utilize them efficiently.

Restraint:

Lack of long-term energy storage


Increasing penetrations of intermittent renewable energy generation introduce novel balancing and reliability challenges for electricity systems. Mismatches between renewable energy production and electricity demand cause periods of over generation and periods of under generation. These latter energy deficit periods will result in reliability challenges unless additional balancing solutions are employed.

Opportunity:

Increasing acceptance of electric and hybrid vehicles coupled with government incentives


The increasing acceptance of electric and hybrid vehicles coupled with government incentives offered for promoting EV technology is projected to boost the growth of electric cars as well as battery industries. While battery service networks are yet to improve and surpass the gasoline fueling infrastructure, volatile gasoline prices are expected to positively influence the demand for electric vehicles over the forecast period.

Threat:

Hazardous environmental


Conventional controls that system engineers use to prevent/mitigate lithium-ion battery fires can be categorized as abuse testing, battery management design, and emergency systems. Abuse testing exposes representative cells to a range of environmental conditions they would expect to see during abnormal operation, sometimes referred to as anticipated misuse, and are intended to establish safety limits. These losses could result from a hazardous system state in combination with some worst-case environmental conditions.

The pumped hydro segment is expected to have the highest CAGR during the forecast period

The pumped hydro segment is growing at the highest CAGR in the market. The segment is expected to be driven by ongoing investments towards upgrading energy infrastructure and enhancing on-grid capacity in the Asia Pacific and North America. Favorable compliance standards coupled with surging power consumption in China and the U.S. are expected to drive pumped hydro storage (PHS) demand over the long term.

The thermal storage segment is expected to be the largest during the forecast period

The thermal storage segment is expected to be the largest share in the market. It involves converting energy from forms that are difficult to store to more expediently storable forms. Some technologies provide short-term energy storage, while others can endure for much longer.

Region with highest share:

Europe is projected to hold the largest share in the market. The authorities concerned with energy storage in the aforementioned European countries have opted for battery energy storage systems to increase the utilization of renewable energy sources and reduce dependency on fossil fuels. The increasing popularity of electric vehicles in countries including Germany and France is expected to boost the growth of the energy storage systems market over the long term.

Region with highest CAGR:

The Asia Pacific is projected to have the highest CAGR due to the presence of fast-growing economies such as China and India. As this region is prone to frequent power cuts, energy storage systems are of utmost importance in applications such as UPS and data centers. The advantages of advanced energy storage systems including cost-effectiveness, eco-friendly nature, and reliability have driven the ESS market in this region.

Key players in the market:

Some of the key players profiled in the Energy Storage System Market include Altairnano, Ecoult, Electrovaya, Fluence, General Electric, Kokam, Langley Holdings Plc, LG Chem, Maxwell Technologies, Inc., Saft, Samsung SDI Co., Ltd., Showa Denko Materials, Co. Ltd., and The Furukawa Battery Co. Ltd.

Report Coverage

Details

Published Year:

2022

Estimated Market Size in 2021:

USD 7.16 billion

Estimated Period:

2021

Compound Annual Growth Rate (CAGR)  from 2021 to 2028:

24.0%

Predicted 2028 Value:

USD 32.27 billion

Forecast Years:

2021-2028

Tables, Graphs & Figures

87

Chapters Covered:

Technology, Type, Application and Region

Core Drivers and Opportunities:

  • Increasing development for variable energy sources
  • Rising acceptance of electric and hybrid vehicles coupled with government incentives

Restraining Factors & Market Threats:

  • Lack of long-term energy storage


Key developments:

In February 2020: LG Chem & Span launched energy storage with customizable backup power. This new solution gives customers unprecedented flexibility to manage their energy whether their needs are driven by changing needs in the home, seasonality, or power outage scenarios.

Technologies Covered:
• Electrochemical Storage
• Electromechanical Storage
• Pumped Hydro
• Thermal Storage

Types Covered:
• Flow Battery
• Lead Acid Battery
• Lithium-Ion Battery
• Sodium Sulfur (NaS) Battery

Applications Covered:
• Transportation
• Grid Storage

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

 

Key Questions Answered In The Report

The Global Energy Storage System Market is majorly driven by the increasing development for variable energy sources and rising acceptance of electric and hybrid vehicles coupled with government incentives.

The pumped hydro segment is growing at the highest CAGR due to ongoing investments towards upgrading energy infrastructure and enhancing on-grid capacity.

Europe dominated with a significant market share due to the utilization of renewable energy sources and reduces dependency on fossil fuels.

Asia Pacific market is growing at the highest CAGR due to the presence of fast-growing economies such as China and India.

Key players in Energy Storage System Market include Altairnano, Ecoult, Electrovaya, Fluence, General Electric, Kokam, Langley Holdings Plc, LG Chem, Maxwell Technologies, Inc., Saft, Samsung SDI Co., Ltd., Showa Denko Materials, Co. Ltd., and The Furukawa Battery Co. Ltd.

1 Executive Summary  
   
2 Preface  

 2.1 Abstract 
 2.2 Stake Holders 
 2.3 Research Scope 
 2.4 Research Methodology 
  2.4.1 Data Mining
  2.4.2 Data Analysis
  2.4.3 Data Validation
  2.4.4 Research Approach
 2.5 Research Sources 
  2.5.1 Primary Research Sources
  2.5.2 Secondary Research Sources
  2.5.3 Assumptions
   
3 Market Trend Analysis  
 3.1 Introduction 
 3.2 Drivers 
 3.3 Restraints 
 3.4 Opportunities 
 3.5 Threats 
 3.6 Technology Analysis 
 3.7 Application Analysis 
 3.8 Emerging Markets 
 3.9 Impact of Covid-19 
   
4 Porters Five Force Analysis  
 4.1 Bargaining power of suppliers 
 4.2 Bargaining power of buyers 
 4.3 Threat of substitutes 
 4.4 Threat of new entrants 
 4.5 Competitive rivalry 
   
5 Global Energy Storage System Market, By Technology  

 5.1 Introduction 
 5.2 Electrochemical Storage 
 5.3 Electromechanical Storage 
 5.4 Pumped Hydro 
 5.5 Thermal Storage 
   
6 Global Energy Storage System Market, By Type  
 6.1 Introduction 
 6.2 Flow Battery 
 6.3 Lead Acid Battery 
 6.4 Lithium-Ion Battery 
 6.5 Sodium Sulfur (NaS) Battery 
   
7 Global Energy Storage System Market, By Application  
 7.1 Introduction 
 7.2 Transportation 
 7.3 Grid Storage 
   
8 Global Energy Storage System Market, By Geography  
 8.1 Introduction 
 8.2 North America 
  8.2.1 US
  8.2.2 Canada
  8.2.3 Mexico
 8.3 Europe 
  8.3.1 Germany
  8.3.2 UK
  8.3.3 Italy
  8.3.4 France
  8.3.5 Spain
  8.3.6 Rest of Europe
 8.4 Asia Pacific 
  8.4.1 Japan
  8.4.2 China
  8.4.3 India
  8.4.4 Australia
  8.4.5 New Zealand
  8.4.6 South Korea
  8.4.7 Rest of Asia Pacific
 8.5 South America 
  8.5.1 Argentina
  8.5.2 Brazil
  8.5.3 Chile
  8.5.4 Rest of South America
 8.6 Middle East & Africa 
  8.6.1 Saudi Arabia
  8.6.2 UAE
  8.6.3 Qatar
  8.6.4 South Africa
  8.6.5 Rest of Middle East & Africa
   
9 Key Developments  
 9.1 Agreements, Partnerships, Collaborations and Joint Ventures 
 9.2 Acquisitions & Mergers 
 9.3 New Product Launch 
 9.4 Expansions 
 9.5 Other Key Strategies 
   
10 Company Profiling  
 10.1 Altairnano 
 10.2 Ecoult 
 10.3 Electrovaya 
 10.4 Fluence 
 10.5 General Electric 
 10.6 Kokam 
 10.7 Langley Holdings Plc 
 10.8 LG Chem 
 10.9 Maxwell Technologies, Inc. 
 10.10 Saft 
 10.11 Samsung SDI Co., Ltd. 
 10.12 Showa Denko Materials, Co. Ltd. 
 10.13 The Furukawa Battery Co. Ltd 


List of Tables   
1 Global Energy Storage System Market Outlook, By Region (2020-2028) ($MN)  
2 Global Energy Storage System Market Outlook, By Technology (2020-2028) ($MN)  
3 Global Energy Storage System Market Outlook, By Electrochemical Storage (2020-2028) ($MN)  
4 Global Energy Storage System Market Outlook, By Electromechanical Storage (2020-2028) ($MN)  
5 Global Energy Storage System Market Outlook, By Pumped Hydro (2020-2028) ($MN)  
6 Global Energy Storage System Market Outlook, By Thermal Storage (2020-2028) ($MN)  
7 Global Energy Storage System Market Outlook, By Type (2020-2028) ($MN)  
8 Global Energy Storage System Market Outlook, By Flow Battery (2020-2028) ($MN)  
9 Global Energy Storage System Market Outlook, By Lead Acid Battery (2020-2028) ($MN)  
10 Global Energy Storage System Market Outlook, By Lithium-Ion Battery (2020-2028) ($MN)  
11 Global Energy Storage System Market Outlook, By Sodium Sulfur (NaS) Battery (2020-2028) ($MN)  
12 Global Energy Storage System Market Outlook, By Application (2020-2028) ($MN)  
13 Global Energy Storage System Market Outlook, By Transportation (2020-2028) ($MN)  
14 Global Energy Storage System Market Outlook, By Grid Storage (2020-2028) ($MN)  
15 North America Energy Storage System Market Outlook, By Country (2020-2028) ($MN)  
16 North America Energy Storage System Market Outlook, By Technology (2020-2028) ($MN)  
17 North America Energy Storage System Market Outlook, By Electrochemical Storage (2020-2028) ($MN)  
18 North America Energy Storage System Market Outlook, By Electromechanical Storage (2020-2028) ($MN)  
19 North America Energy Storage System Market Outlook, By Pumped Hydro (2020-2028) ($MN)  
20 North America Energy Storage System Market Outlook, By Thermal Storage (2020-2028) ($MN)  
21 North America Energy Storage System Market Outlook, By Type (2020-2028) ($MN)  
22 North America Energy Storage System Market Outlook, By Flow Battery (2020-2028) ($MN)  
23 North America Energy Storage System Market Outlook, By Lead Acid Battery (2020-2028) ($MN)  
24 North America Energy Storage System Market Outlook, By Lithium-Ion Battery (2020-2028) ($MN)  
25 North America Energy Storage System Market Outlook, By Sodium Sulfur (NaS) Battery (2020-2028) ($MN)  
26 North America Energy Storage System Market Outlook, By Application (2020-2028) ($MN)  
27 North America Energy Storage System Market Outlook, By Transportation (2020-2028) ($MN)  
28 North America Energy Storage System Market Outlook, By Grid Storage (2020-2028) ($MN)  
29 Europe Energy Storage System Market Outlook, By Country (2020-2028) ($MN)  
30 Europe Energy Storage System Market Outlook, By Technology (2020-2028) ($MN)  
31 Europe Energy Storage System Market Outlook, By Electrochemical Storage (2020-2028) ($MN)  
32 Europe Energy Storage System Market Outlook, By Electromechanical Storage (2020-2028) ($MN)  
33 Europe Energy Storage System Market Outlook, By Pumped Hydro (2020-2028) ($MN)  
34 Europe Energy Storage System Market Outlook, By Thermal Storage (2020-2028) ($MN)  
35 Europe Energy Storage System Market Outlook, By Type (2020-2028) ($MN)  
36 Europe Energy Storage System Market Outlook, By Flow Battery (2020-2028) ($MN)  
37 Europe Energy Storage System Market Outlook, By Lead Acid Battery (2020-2028) ($MN)  
38 Europe Energy Storage System Market Outlook, By Lithium-Ion Battery (2020-2028) ($MN)  
39 Europe Energy Storage System Market Outlook, By Sodium Sulfur (NaS) Battery (2020-2028) ($MN)  
40 Europe Energy Storage System Market Outlook, By Application (2020-2028) ($MN)  
41 Europe Energy Storage System Market Outlook, By Transportation (2020-2028) ($MN)  
42 Europe Energy Storage System Market Outlook, By Grid Storage (2020-2028) ($MN)  
43 Asia Pacific Energy Storage System Market Outlook, By Country (2020-2028) ($MN)  
44 Asia Pacific Energy Storage System Market Outlook, By Technology (2020-2028) ($MN)  
45 Asia Pacific Energy Storage System Market Outlook, By Electrochemical Storage (2020-2028) ($MN)  
46 Asia Pacific Energy Storage System Market Outlook, By Electromechanical Storage (2020-2028) ($MN)  
47 Asia Pacific Energy Storage System Market Outlook, By Pumped Hydro (2020-2028) ($MN)  
48 Asia Pacific Energy Storage System Market Outlook, By Thermal Storage (2020-2028) ($MN)  
49 Asia Pacific Energy Storage System Market Outlook, By Type (2020-2028) ($MN)  
50 Asia Pacific Energy Storage System Market Outlook, By Flow Battery (2020-2028) ($MN)  
51 Asia Pacific Energy Storage System Market Outlook, By Lead Acid Battery (2020-2028) ($MN)  
52 Asia Pacific Energy Storage System Market Outlook, By Lithium-Ion Battery (2020-2028) ($MN)  
53 Asia Pacific Energy Storage System Market Outlook, By Sodium Sulfur (NaS) Battery (2020-2028) ($MN)  
54 Asia Pacific Energy Storage System Market Outlook, By Application (2020-2028) ($MN)  
55 Asia Pacific Energy Storage System Market Outlook, By Transportation (2020-2028) ($MN)  
56 Asia Pacific Energy Storage System Market Outlook, By Grid Storage (2020-2028) ($MN)  
57 South America Energy Storage System Market Outlook, By Country (2020-2028) ($MN)  
58 South America Energy Storage System Market Outlook, By Technology (2020-2028) ($MN)  
59 South America Energy Storage System Market Outlook, By Electrochemical Storage (2020-2028) ($MN)  
60 South America Energy Storage System Market Outlook, By Electromechanical Storage (2020-2028) ($MN)  
61 South America Energy Storage System Market Outlook, By Pumped Hydro (2020-2028) ($MN)  
62 South America Energy Storage System Market Outlook, By Thermal Storage (2020-2028) ($MN)  
63 South America Energy Storage System Market Outlook, By Type (2020-2028) ($MN)  
64 South America Energy Storage System Market Outlook, By Flow Battery (2020-2028) ($MN)  
65 South America Energy Storage System Market Outlook, By Lead Acid Battery (2020-2028) ($MN)  
66 South America Energy Storage System Market Outlook, By Lithium-Ion Battery (2020-2028) ($MN)  
67 South America Energy Storage System Market Outlook, By Sodium Sulfur (NaS) Battery (2020-2028) ($MN)  
68 South America Energy Storage System Market Outlook, By Application (2020-2028) ($MN)  
69 South America Energy Storage System Market Outlook, By Transportation (2020-2028) ($MN)  
70 South America Energy Storage System Market Outlook, By Grid Storage (2020-2028) ($MN)  
71 Middle East & Africa Energy Storage System Market Outlook, By Country (2020-2028) ($MN)  
72 Middle East & Africa Energy Storage System Market Outlook, By Technology (2020-2028) ($MN)  
73 Middle East & Africa Energy Storage System Market Outlook, By Electrochemical Storage (2020-2028) ($MN)  
74 Middle East & Africa Energy Storage System Market Outlook, By Electromechanical Storage (2020-2028) ($MN)  
75 Middle East & Africa Energy Storage System Market Outlook, By Pumped Hydro (2020-2028) ($MN)  
76 Middle East & Africa Energy Storage System Market Outlook, By Thermal Storage (2020-2028) ($MN)  
77 Middle East & Africa Energy Storage System Market Outlook, By Type (2020-2028) ($MN)  
78 Middle East & Africa Energy Storage System Market Outlook, By Flow Battery (2020-2028) ($MN)  
79 Middle East & Africa Energy Storage System Market Outlook, By Lead Acid Battery (2020-2028) ($MN)  
80 Middle East & Africa Energy Storage System Market Outlook, By Lithium-Ion Battery (2020-2028) ($MN)  
81 Middle East & Africa Energy Storage System Market Outlook, By Sodium Sulfur (NaS) Battery (2020-2028) ($MN)  
82 Middle East & Africa Energy Storage System Market Outlook, By Application (2020-2028) ($MN)  
83 Middle East & Africa Energy Storage System Market Outlook, By Transportation (2020-2028) ($MN)  
84 Middle East & Africa Energy Storage System Market Outlook, By Grid Storage (2020-2028) ($MN)  

 

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