Global Energy Storage Systems Market Is Likely To Grow At A CAGR Value Of Around 8.10% By 2028

27-Apr-2022 | Zion Market Research

The global Energy Storage Systems market was worth around USD 189.1 billion in 2021 and is estimated to grow to about USD 301.8 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.10 percent over the forecast period. The report analyzes the Energy Storage Systems market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Energy Storage Systems market.

The market's expansion can be attributed to rising demand for grid energy storage systems as a result of ongoing grid modernisation, increasing penetration of lithium-ion batteries in the renewable energy sector, and the rising trend of adopting a low-carbon and fossil-fuel-free economy, as well as the ongoing renewable energy revolution. On the other side, the significant financial investment required to create battery energy storage devices is limiting the industry's growth. On the other hand, a surge in the number of rural electrification projects around the world, as well as an increase in the need for continuous power supply due to the rise in the number of data centres and a drop in lithium-ion battery prices, are expected to open up huge opportunities for the adoption of battery energy storage systems in the coming years. Owing to the rise in demand of energy storage system, the global Energy Storage Systems market is estimated to grow at a CAGR of 8.10% during the forecast period.

Furthermore, producers of battery energy storage systems face hurdles due to variables such as the difficulty of placing battery energy storage systems on islands or in isolated places, lithium-ion battery overheating, and lithium-ion battery ageing. The market is expected to grow significantly over the forecast period due to the increasing demand for efficient grid management, constant load management, and continuous power supply. Furthermore, clean and renewable energy is a more cost-effective option than fossil-fuel-based electricity. Its use can help reduce our reliance on fossil fuels, reduce greenhouse gas emissions and, as a result, air pollution, and diversify our energy supply. Governments all over the world are taking steps to actively invest in Renewable Energy Technologies (RET). Attempts are being made to use thermal energy for transportation.

Global Energy Storage Systems Market

The global Energy Storage Systems market is segregated based on technology, end users and application. Based on technology, the global energy storage system market is distinguished into Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage. The pumped hydro storage segment dominates the market. Based on end users, the energy storage system market is segmented into Residential, Non-residential, and Utilities. The utilities segment is expected to lead over the forecast period. Based on application, the energy storage system market is segmented into Stationary and Transportation. The stationary segment is expected to dominate the market.

Developed regions such as North America and Europe have already commissioned policies to improve the adaptability of various EVs for personal and commercial use, thereby assisting the global market. As governments in developing economies implement new rules to improve the reliability and quality of power distribution facilities to residential users, energy storage investments are likely to skyrocket in the APAC region. The governments of several countries in this region are concentrating their efforts on reducing the negative environmental effects of the energy sector. As a result of these circumstances, the use of battery energy storage systems in home and public utility applications is increasing.

Key players functioning in the global Energy Storage Systems market include Scheider Electric, SMA Solar Technology AG, Exide Industries Ltd., SK Holdings, Autobat SACI, Enerbrax Acumuladores Ltda, Eguana Technologies, Imergy Power Systems, Ionotec Ltd and Tata Power.

Browse the full Energy Storage Systems Market By Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage), By End users (Residential, Non-residential, and Utilities), By Application (Stationary and Transportation), and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/energy-storage-systems-market

Recent Developments

  • In December 2021, LG Energy Solutions Co., Ltd. and Siemens AG have signed a Memorandum of Understanding (MoU) for partnership in the field of battery manufacturing, specifically in the digitization of the manufacturing process. LG Energy Solutions Co., Ltd. created smart battery manufacturing methods at its factories using innovative technology as a result of this strategic relationship.
  • In June 2020, Panasonic and Span.IO, Inc. (US) have inked a new partnership to develop a domestic energy storage system. This solution is anticipated to be integrated into Panasonic's EverVolt and connected with the Span smart panel, giving homeowners a new degree of control over their battery backup power while also providing intuitive energy management.

Global Energy Storage Systems market is segmented as follows:

By Technology

  • Pumped Hydro Storage
  • Battery Energy Storage
  • Compressed Air Energy Storage
  • Flywheel Energy Storage

By End users

  • Residential
  • Non-residential
  • Utilities

By Application

  • Stationary
  • Transportation

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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