Global Distributed Energy Storage System Market Highlights over 2022 – 2031
The global distributed energy storage system market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Distributed energy storage system is an equipment with DC-charged batteries and a bi-directional inverter, which can store energy for later use. The distributed energy storage (DES) system is suitable for shipping and withstanding extreme environments, which is estimated to boost its demand over the forecast period. The growth of the market can further be attributed to the integration of advanced technologies with energy storage, along with the rising global demand for electricity. According to the data by the International Energy Agency (IEA), the global electricity demand is estimated to increase by over 1,000 TWh in 2021. Moreover, increasing implementation of battery energy storage across the energy distribution infrastructure, is forecasted to assist the market growth.
In addition to this, the growing need for transportation of stored energy, backed by the growing import and export of various forms of energy, is anticipated to drive the market growth. A report by the IEA stated that North America imported 76,293 GWh electricity in 2019, while Europe imported 459,952 GWh electricity and Asia Pacific region imported 77,868 GWh electricity in the same year.
The market is segmented by application into transportation, grid storage, renewable energy storage, and others, out of which, the transportation segment is anticipated to gain highest revenue share in the global distributed energy storage system market over the forecast period on account of increasing import and export of energy across the globe. Moreover, the growing energy consumption is another major factor expected to boost the segment growth. On the other hand, the grid storage segment is estimated to hold a notable share during the forecast period, owing to the constantly rising demand for continuous, uninterrupted electricity supply, globally. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Distributed Energy Storage System Market Regional Synopsis
On the basis of geographical analysis, the global distributed energy storage system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for energy in the region, backed by the economic development in the region.
The market in the Europe region is anticipated to gain the largest market share throughout the forecast period owing to the very high electricity imports in the region. Moreover, the growing production and consumption of energy in the region is estimated to boost the market growth. As per the IEA data, in Europe region, total electricity production reached 4,112,925 GWh in 2019.
The global distributed energy storage system market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global distributed energy storage system market includes the following segments:
By Product Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing import and export of electricity is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
The major players in the market are ABB Ltd., General Electric, LG Energy Solutions, Siemens AG, Schneider Electric SE, MCV Energy, Emerson Electric Co., Advanced Control Systems LLC, Hitachi, Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, and by region.
The transportation segment is anticipated to hold largest market over the forecast period and display significant growth opportunities.
The requirement of high capital investment is estimated to hamper the market growth.
The Europe region is anticipated to provide more business opportunities over the forecast period owing to the high electricity import in the region.
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