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ENERGY & POWER

Energy Storage System Market Segmentation by Technology (Pumped Hydro Storage, Compressed Air, Flywheel, Redox-Flow, and Others); by Component (Sodium Sulfur, Lithium, Lead Acid, Nickel Cadmium, and Others); by Application (Grid Storage, Transportation, and Others); and by End-User (Residential, Non-Residential, and Utility) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • December 15, 2021: LG Chem to make a substantial equity investment in North America’s largest battery recycling company, ‘Li-Cycle’. LG Chem and LG Energy Solution will also supply 20,000 tons of nickel for recycling, over a ten-year period starting in 2023.

  • November 04, 2021: Showa Denko Materials Co., Ltd. to collaborate with Toyota Motor Corporation to provide anode raw material for the lithium-ion batteries installed in Toyota’s new hybrid vehicle “Aqua”.

  • December 18, 2020: Electrovaya Inc. entered a strategic supply agreement with the Raymond Corporation for the supply of battery systems for Raymond’s energy essentials battery line.

Global Energy Storage System Market Highlights over 2022 – 2031

The global energy storage system market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2031. Energy storage systems are equipment for storing multiple forms of energy, such as, lithium-ion batteries and redox flow batteries. The growth of the market can be attributed to the growing demand for energy storage and transportation, backed by the global adoption of renewable energy and smart grids, are anticipated to drive the market growth. As per a report by the International Energy agency (IEA), electricity grid investments are expected to reach USD 290 billion in 2021. Moreover, the increasing modification in the traditional energy storage and distribution system around the world is forecasted to boost the market growth. In addition to this, increasing adoption of renewable energy, especially solar and wind energy, amongst households, is estimated to boost the demand for energy storage systems to store the generated energy. Furthermore, energy storage systems can facilitate the transportation of energy, which is required to fulfill the ever-increasing energy demand globally. According to the data by the IEA, electricity demand is estimated to increase by over 1,000 TWh in 2021.

Energy Storage System Market

The market is segmented by application into grid storage, transportation, and others, out of which, the transportation segment is anticipated to hold a substantial share in the global energy storage system market over the forecast period on account of increasing need to transport energy due to variation in production and consumption capacity of energy in different regions across the globe. Moreover, the growing demand for energy, backed by industrial development is estimated to boost the segment growth.

Based on end-user, the utility segment is anticipated to attain notable revenue share in the market throughout the forecast period. This can be attributed to the growing need for energy supply globally. Moreover, the need to maintain constant electric voltage in the electric grids for generation of electricity, which is achieved by installation of energy storage systems, is projected to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

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 Energy Storage System Market Regional Synopsis

On the basis of geographical analysis, the global 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 the rising government initiatives to provide access to electricity in remote areas, backed by the economic development in the countries, such as, Japan, India, China, and Singapore. Moreover, the growing adoption of renewable energy in the region is anticipated to boost the market growth. China currently is the largest producer of solar and hydro energy in APAC region. China accounts for 40% of global renewable capacity expansion, as per the report by the IEA. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing urbanization in the developed nations, and adoption of smart electric meters and grids.

Energy Storage System Market Share

The global 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

Market Segmentation

Our in-depth analysis of the global energy storage system market includes the following segments:

By Technology

  • Pumped Hydro Storage
  • Compressed Air
  • Flywheel
  • Redox-Flow 
  • Others

By Component

  • Sodium Sulfur
  • Lithium
  • Lead Acid
  • Nickel Cadmium
  • Others

By Application

  • Grid Storage
  • Transportation
  • Others

By End-User

  • Residential
  • Non-Residential
  • Utility

Growth Drivers

  • Increasing Need for Energy Storage Globally
  • Growing Adoption of Renewable Energy

Challenges

  • Disrupted Supply-Chain in the Power Generation Industry
  • High Cost Associated with the Batteries

Top Featured Companies Dominating the Market

  • East Penn Manufacturing Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Showa Denko Materials, Co. Ltd.
  • Electrovaya Inc.
  • Langley Holdings plc
  • LG Chem Ltd.
  • Hitachi, Ltd.
  • The General Electric Company
  • Siemens AG
  • ABB Ltd
  • NEC Energy Solutions, Inc.

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