Energy Storage Systems Market

The Energy Storage Systems Market is projected to grow at a CAGR of 10.5% during the forecast period, 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

Electrified power trains have gained wide acceptance and have contributed to the increasing demand for energy storage systems. The convergence of rapid decline in the battery costs coupled with electrified electrification is a major factor expanding the growth pace of the energy storage systems market globally. The rapid adoption of electric vehicles continues to attract major players and government bodies globally, which has reflected the potential of the market. According to a report published by International Energy Agency (IEA) and World Bank in 2019, energy storage deployments in the evolving markets are likely to grow over 40% annually in the coming decade. The rising demand for energy across the countries will drive the growth of the market, for example, developing countries will need to double their power output to meet rising demand and by the end of 2035, these countries will represent 80 percent of the total growth in both energy consumption and production, stated by IEA. Furthermore, almost negligible impacts on the environment, controlled emission, and portability are some of the leading factors of the energy storage systems, contributing to changing the market landscape. Strategic initiatives by the key players in the market have helped save millions of dollars and showed the system’s potential. For example, in 2017 Tesla designed and developed world’s largest Li-ion technology comprising Tesla Powerpack batteries across South Australia’s Hornsdale province, which helped in saving more than US$ 40 million sue to its balancing and stabilizing the unreliable grid, leading to the expansion of the market share.

Restraint in the Energy Storage Systems Market

However, low-capacity and connection to the grid are pricey, which may hamper the market’s growth over the forecast period.

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Technology – Segment Analysis

Based on the technology, hydro pump storage is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the advantages offered by the technology like it helps in balancing the fluctuating output of baseload power plants and renewable sources. In addition, continuous investments in technology which has led to the growth of the demand. For example, in 2018 U.S. government declared US$ 9 million in grant for research pursuits intended at lowering the costs of pumped hydro systems.

End-User – Segment Analysis

Based on the end-user, the residential segment in anticipated to grow at a higher CAGR in the market over the forecast period. Residential systems haven deployed dominating globally. For instance, according to IEA, US continues to be the hot bed for the activity, as in 2019 more than 10 000 behind-the-meter storage systems sold, leading to the expansion of the market. This due to the continuous growth of the developing countries like, India and China leading to the adoption of energy storage systems in the sector.

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Regional – Segment Analysis:

Based on the regional coverage, Asia-Pacific is expected to grow at a higher CAGR in the market over the forecast period. This is due to the increasing electric production, which has surged the demand for energy storage systems. For example, China planned to introduce around 11.9 million electric car units by the end of 2020, to cut down carbon dioxide emissions, which used batteries which comes under storage system, which has contributed to the market’s growth. Furthermore, increasing power demand due to increasing population and industrial innovations in nations like India and China is driving the market.

Top Market Players

Various notable players operating in the market, include, LG Chem., ABB Ltd., AES Energy Storage, LLC, Beacon Power, LLC, BYD Company Limited, Convergent Energy and Power Inc., Greensmith Energy Management Systems, Eos Energy Storage, Seeo, Inc., S&C Electric Company, among others. 

Key Developments:

• • In 2021, ABB Ltd. announced that it will supply energy storage systems to Stadler a rail manufacturer, which has helped in the expansion of the market.

Segments covered in the Report:

The global energy storage systems market has been segmented on the basis of technology, end-user, application, and regions. Based on technology, the market is segmented into pumped hydro storage, compressed air energy storage (CAES), sodium sulfur, lithium ion, lead acid, nickel cadmium, flywheel and redox-flow. Based on end-user, the market is segmented into residential, non-residential and utility. Based on application, the market is segmented into grid storage and transportation. 

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Key questions answered in this research report:

• • At what pace is global energy storage systems market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in energy storage systems market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global energy storage systems market?
  • Which technology generated maximum revenues in 2021 and identify the most promising technology during the forecast period?
  • What are the various end-user areas of global energy storage systems market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Technology, By End-User, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	LG Chem., ABB Ltd., AES Energy Storage, LLC, Beacon Power, LLC, BYD Company Limited, Convergent Energy and Power Inc., Greensmith Energy Management Systems, Eos Energy Storage, Seeo, Inc., S&C Electric Company, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Energy Storage Systems Market by Technology

• • Pumped Hydro Storage
  • Compressed Air Energy Storage (CAES)
  • Sodium Sulfur
  • Lithium Ion
  • Lead Acid
  • Nickel Cadmium
  • Flywheel
  • Redox-flow

Global Energy Storage Systems Market by End-User

• • Residential
  • Non-Residential
  • Utility

Global Energy Storage Systems Market by Application

• • Grid Storage
  • Transportation

Global Energy Storage Systems Market by Region

• • North America Energy Storage Systems Market (Option 1: As a part of the free 25% customization)
    • By Technology
    • By End-User
    • By Application
    • US Energy Storage Systems Market All-Up
    • Canada Energy Storage Systems Market All-Up
  • Europe Energy Storage Systems Market (Option 2: As a part of the free 25% customization)
    • By Technology
    • By End-User
    • By Application
    • UK Energy Storage Systems Market All-Up
    • Germany Energy Storage Systems Market All-Up
    • France Energy Storage Systems Market All-Up
    • Spain Energy Storage Systems Market All-Up
    • Rest of Europe Energy Storage Systems Market All-Up
  • Asia-Pacific Energy Storage Systems Market (Option 3: As a part of the free 25% customization)
    • By Technology
    • By End-User
    • By Application
    • China Energy Storage Systems Market All-Up
    • India Energy Storage Systems Market All-Up
    • Japan Energy Storage Systems Market All-Up
    • Rest of APAC Energy Storage Systems Market All-Up
  • RoW Energy Storage Systems Market (Option 4: As a part of the free 25% customization)
    • By Technology
    • By End-User
    • By Application
    • Brazil Energy Storage Systems Market All-Up
    • South Africa Energy Storage Systems Market All-Up
    • Saudi Arabia Energy Storage Systems Market All-Up
    • UAE Energy Storage Systems Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Energy Storage Systems Market All-Up

Major Players Operating in the Energy Storage Systems (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • LG Chem.
  • ABB Ltd.
  • AES Energy Storage, LLC
  • Beacon Power, LLC
  • BYD Company Limited
  • Convergent Energy and Power Inc.
  • Greensmith Energy Management Systems
  • Eos Energy Storage
  • Seeo, Inc.
  • S&C Electric Company