Energy Storage Systems Market Size is Set to Record Robust Growth to Reach a Valuation of USD 435.4 Billion by 2030, As Technological Advancements and Demand for Renewable Energy Sources Rises, States Extrapolate

The global energy storage systems market is posed to depict staggering growth, registering a CAGR of 8.9% during the forecast period. Pivotal factors propelling the growth are the shift towards renewable energy generation and the objective of reducing greenhouse gas emissions.

Dubai, UAE, July 25, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Extrapolate, the global Energy Storage Systems Market was valued at USD 188.5 billion in 2021 and is anticipated to reach USD 435.4 billion by 2030, growing at a CAGR of 8.9% through the review period. The energy storage systems market is set to exhibit steady growth, driven by the increasing dependence on renewable energy sources. The global increase in energy consumption, particularly in developing nations, has prompted governments and international organizations to implement various measures to meet the growing demand for stored energy.

Moreover, the shift towards renewable energy generation and advanced energy storage systems worldwide is poised to fuel market growth. This transition, backed by the objective of reducing greenhouse gas emissions, has created a conducive environment for the adoption of various storage technologies, which is fostering overall market growth.

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Competitive Landscape

The energy storage systems market is characterized by the presence of a few major firms as well as a few regional players, including both medium- and small-scale companies. Many businesses focus on their specific field and have a very high level of penetration. For instance, A 50MWh battery energy storage system, valued at NR 386 crores, was unveiled by Tata Power in August 2021 at the Phyang hamlet in Leh, Ladakh.

Prominent market players in the global energy storage systems market include:

  • LG Energy Solution
  • Beacon Power, LLC
  • Convergent Energy + Power
  • BYD Motors Inc.
  • ABB
  • Wärtsilä
  • Electrovaya
  • S&C Electric Company
  • Scheider Electric
  • Linde plc
  • SMA Solar Technology AG
  • Eos Energy Enterprises, Inc.
  • Exide Industries Limited

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By Technology

  • Pumped Hydro
  • Battery
  • Compressed Air
  • Thermal

Increasing Demand for Pumped Hydro Technology to Spur Sales

The pumped hydro segment dominated the global energy storage systems market due to its increasing demand across the globe. Additionally, government initiatives focused on promoting the production of renewable energy are likely to fuel market growth through the assessment timeline. Market growth is also expected to be facilitated in the coming years by an increase in global power consumption. Long-term demand for pumped hydro storage (PHS) is predicted to be boosted by favorable compliance regulations and rising energy consumption in China and the U.S.

By Application

  • Transportation
  • Stationary

Stationary Segment to Dominate the Market Due to Growing Industries

The stationary segment emerged as dominant in the global energy storage systems market in 2020, primarily attributed to the substantial growth of major industries and projects, including dams, power plants, power grids, refineries, and mills. The soaring demand for dependable and effective energy storage solutions in various industries propelled segmental growth. Additionally, the market for energy storage systems is projected to continue to expand in the next few years due to the rising prevalence of hydropower projects around the world.

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High Grid Energy Storage System Deployment to Drive Market Expansion

The market for energy storage systems is projected to grow as a result of the implementation of flexible grid solutions for energy storage. Technology for battery energy storage is rapidly being used in grid deployment. These techniques help grid operators conserve electricity when power generation surpasses consumption. The dependability and flexibility of the electrical supply systems in terms of electricity generation, transmission, and distribution are improved by the application of these technologies. Hence, the application of grid energy storage systems boosts market growth. 

Rapid Industrialization in Asia Pacific to Augment Market Development

Asia Pacific dominated the global energy storage systems market due to the presence of a huge customer base, the proliferation of the renewable energy sector, and the strong presence of significant players. Moreover, a surge in urbanization, burgeoning industrialization, and galloping government policies further propel regional growth. As a result of the readily available and reasonably priced production inputs in major nations like China and India, the APAC region has emerged as a pivotal manufacturing hub. The vigorous development of industries is pushing the demand for energy storage systems as a result of higher energy consumption.

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By Region

  • North America- U.S., Mexico, Canada
  • Europe- UK, France, Germany, Italy
  • Asia-Pacific- China, Japan, India
  • Latin America- Brazil, Argentina, Colombia
  • The Middle East and Africa- United Arab Emirates, Saudi Arabia

Increased Government Investments in North America to Impel Product Adoption

North America is expected to witness the fastest growth in the upcoming years due to increased government investments and the rising adoption of renewable energy. Rising emphasis on reducing carbon emissions has resulted in an upsurge in public demand for electric vehicles. To incentivize the adoption of electric vehicles, countries like Canada are implementing subsidies for buyers. This growing demand for electric vehicles is expected to augment the energy storage systems market progress in North America.

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Some Points from TOC:

Chapter 1. Executive Summary

Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component Preliminary data xx
2.3.2. Primary Component Statistical Model Data Triangulation Research Objective

Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis

Chapter 4. COVID-19 Impact On Energy Storage Systems Market
Chapter 5. Global Energy Storage Systems Market Overview, By Technology, 2017 - 2030 (USD Million)
Chapter 6. Global Energy Storage Systems Market Overview, By Application, 2017 - 2030 (USD Million)
Chapter 7. Global Energy Storage Systems Market Overview, By End User, 2017 - 2030 (USD Million)
Chapter 8. Global Energy Storage Systems Market Overview, By Geography, 2017 - 2030 (USD Million)
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development

Chapter 15. Key Vendor Analysis
15.1. LG Energy Solution
15.1.1. Company overview
15.1.2. Financial performance
15.1.3. Technology Benchmarking
15.1.4. Recent initiatives
15.1.5. SWOT analysis

15.2. Beacon Power, LLC
15.2.1. Company overview
15.2.2. Financial performance
15.2.3. Technology Benchmarking
15.2.4. Recent initiatives
15.2.5. SWOT analysis

15.3. Convergent Energy + Power
15.4. BYD Motors Inc.
15.5. ABB
15.7. Wärtsilä
15.8. Electrovaya
15.9. S&C Electric Company
15.10. Scheider Electric
15.11. Linde plc
15.12. SMA Solar Technology AG
15.13. Eos Energy Enterprises, Inc.
15.14. Exide Industries Limited
15.15. Others
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market

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