Energy Storage Systems Market Size to Surpass US$ 435.32 Bn by 2030

Tokyo, April 06, 2022 (GLOBE NEWSWIRE) --

The global energy storage systems market size was valued at US$ 210.92 billion in 2021. The global energy storage systems market is primarily driven by the surging consumption of energy and burgeoning demand for the efficient and uninterrupted power supply. The rapid industrialization and increasing economic activities across the globe is driving the demand for the energy storage systems to ensure the efficient power supply. The technological advancements in the energy storage systems and rising investments in the development of the energy storage infrastructure across the globe is expected to boost the growth of the global energy storage systems market.

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The significantly rising demand for the efficient grid management, regular load management, and efficient and uninterrupted power supply across the industries is fueling the demand for the energy storage systems. The growing concerns regarding the environment protection, reduction of carbon footprint, and development of sustainable energy sources are some of the prominent factors that will have a significant impact on the market growth. Moreover, the increasing government initiatives to promote the adoption of the renewable energy sources are a major factor that is expected to drive the market growth.

Report Highlights

• Based on the technology, the pumped hydro segment dominated the market in 2020. This is attributed to the huge demand for the hydro pumped technology across the globe. Furthermore, the rising investments towards the research and development and upgrading the infrastructure and on-grid capacity are the major factors behind the growth of this segment.
• Based on the application, the transportation is estimated to be the most opportunistic segment. This is attributed to the increased demand for the electric vehicles in the developed nations and surging government initiatives to promote the adoption of the EVs in the developing regions.

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Regional Snapshot

Asia Pacific dominated the global energy storage systems market in 2020. Asia Pacific is witnessing strong economic growth owing to the rapid industrialization and rapid urbanization in the region. Moreover, the government policies is attracting huge FDIs in the region. The easy and cheap availability of the factors of production in the major countries like India and China has made Asia Pacific a manufacturing hub. The strong growth of the industries is fueling the demand for the energy storage systems owing to the rising energy consumption. Moreover, the rising demand for the efficient and uninterrupted power supply is expected to drive the growth of the region. China is the highest manufacturer and the leading consumer of the energy storage systems. Furthermore, the growing investments in the infrastructure of the electric vehicles is expected to have a significant impact on the market growth in the forthcoming years.

North America is expected to have a significant impact on the market growth during the forecast period. This is attributed to the increased government initiatives and investments in the promotion and adoption of the sustainable energy sources. The growing efforts to reduce carbon emission is significantly boosting the demand for the electric vehicles among the population. The country like Canada is offering subsidies to the electric car owners to boost the adoption of the EVs in the country. The surging demand for the EVs is expected to drive the growth of the energy storage systems market in North America.

Market Dynamics

Driver

Surging investments in renewable energy

The developing and the developed countries are altering and forming various regulations for environment protection and renewable energy. The rising carbon emissions and deteriorating environmental conditions has forced the governments to invest heavily towards the sustainable future programs. As a result, the investments in the development of renewable power sources and infrastructure has increased in the past few years. This is a major driver of the global energy storage systems market.

Restraint

High capital investments associated with the energy storage systems

A huge capital investment is required for efficiently deploying the energy storage systems. The various energy storage technologies such as lithium-ion, sodium sulfur, and pumped hydro storage requires a huge capital investment in the production. Therefore, the low financial capabilities of certain developing and underdeveloped economies might restrict them to adopt such energy storage systems.

Opportunity

Rising investments in grid expansion and development of modern infrastructure

Developing countries such as China and India are heavily investing in the development of modern infrastructure and grid expansion. The rapid industrialization and rapid urbanization along with the growing population is boosting the need for the efficient power supply. As per the United Nations, around US$45 billion investment is needed to provide access to the modern electric power across the globe.

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Challenge

Lack of proper infrastructure

There is a lack of proper infrastructure in the developing and underdeveloped countries that might result in extension to the adoption of the renewable energy sources. Furthermore, the ongoing development in the deployment of the renewable energy sources across the globe may get extended for a longer time period owing to several socio-economic and geo-political issues.

Market Segmentation

By Technology

• Pumped Hydro
• Electro-Chemical
  • Lithium Ion Battery
  • Sodium Sulfur Battery
  • Lead Acid Battery
  • Flow Battery
  • Others
• Electro-Mechanical
  • Flywheel
  • Compressed Air Energy Storage
• Thermal
  • Water
  • Molten Salt
  • Phase Change Material
  • Others
    
    

By Application

• Transportation
• Grid Management

By End User

• Residential
• Non-Residential
• Utilities
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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