Energy Storage Systems Industry Overview
The global energy storage systems market demand was valued 211.24 GW in 2021 and is expected to reach 512.41 GW by 2030, at a CAGR of 11.0% from 2022 to 2030.
Growing demand for efficient and competitive energy resources is likely to propel market growth over the coming years. Clean & renewable energy is an affordable alternative to fossil fuel-based electricity. It’s use can help curb the overdependence on fossil fuels, reduce greenhouse gas emissions & subsequently air pollution, and diversify the power supply.
Gather more insights about the market drivers, restrains and growth of the Global Energy Storage Systems Market
An increasing number of data storage centers coupled with rapidly growing competition in numerous sectors including IT and finance is expected to augment the demand during the forecast period. In addition, changing consumer lifestyles and a rising number of power outages are projected to propel utilization in the residential sector.
Energy storage systems in the U.S. were 25.97 GW in 2021 and are expected to reach 65.32 GW by 2030. The market is estimated to expand at a CAGR of 11.4% during the forecast period. The size of the energy storage industry in the U.S. will be driven by rising electrical applications and the adoption of rigorous energy efficiency standards. The industry’s growth will be aided by a growing focus on lowering electricity costs, as well as the widespread use of renewable technology.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), in 2018, investments in renewable power production technologies, dominated by solar and wind energy, totaled USD 64.2 billion in the United States. Increased expenditures in the building of new power system networks, as well as ongoing measures to upgrade current distribution infrastructure, will support market growth in the U.S.
Energy Storage Systems Market Segmentation
Based on the Technology Insights, the market is segmented into Pumped Hydro, Electrochemical Storage, Electromechanical Storage and Thermal Storage.
- Based on technology, the pumped hydro technology segment dominated the market and accounted for more than 95.0% of the total market share, in terms of storage volume, in 2021.
- Over the projection period, the electrochemical storage segment is expected to grow at a CAGR of over 14%.
- Thermal Energy Storage (TES) systems gather and store surplus thermal energy generated by a variety of technologies for later use.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
- The Asia Pacific was the largest segment in 2021 and accounted for more than 46% of the overall market share, owing to the presence of fast-growing economies such as China and India.
- The long-term growth of the market is likely to be aided by the growing popularity of electric vehicles in countries such as Germany and France.
Market Share Insights:
- August 2021: Active Power announced planning a U.S. road trip to bring its containerized POWERHOUSE UPS to users’ doorsteps. Under this strategic initiative, Active Power engineers will be partnering with sales and service partners to deliver a series of live demonstrations around the US to exhibit the POWERHOUSE UPS. The U.S. tour will begin in October and is expected to run through 2022.
- December 2020: The Raymond Corporation announced to enter into a Strategic Supply Agreement with Electrovaya Inc. for the supply of battery systems for Raymond’s Energy Essentials Battery line. These battery systems will be used for powering the Raymond lift trucks and also utilize the latest Electrovaya NMC Ceramic lithium-ion battery technologies.
Key Companies Profile:
The market is characterized by the presence of several key players and a few medium and small-scale regional players.
Some of the prominent players operating in the global energy storage systems market are:
- Altairnano
- Ecoult
- Electrovaya
- GENERAL ELECTRIC
- Langley Holdings plc
- LG Chem
- Maxwell Technologies, Inc.
- Saft
- Showa Denko Materials Co., Ltd.
- The Furukawa Battery Co., Ltd.
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