Energy Storage Systems Market Size - By Storage System(Front-of-the-meter, Behind-the-meter), By Element(Battery, Hardware), By Battery Type(Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries), by Connection Type(On-grid, Off-grid), by Energy Capacity(Below 100 MWh, Between 100 to 500 MWh, Above 500 MWh), By Application(Residential, Commercial, Utility) & Region - Forecasts 2023 - 2033
- PUBLISHED ON
- 2024-09-05
- NO OF PAGES
- 289
- CATEGORY
- Energy & Power
Market Overview
Energy Storage System Market size is estimated to be valued at USD 204,150 million in 2022 and projected to reach USD 418,400 million by 2033, recording a CAGR of 8.3% during the forecast period 2023 to 2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 204,150 million |
Market Forecast in 2033 | USD 418,400 Million |
CAGR % 2023-2033 | 8.3% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product Typeion, Consumption, company share, company heatmap, company Product Typeion capacity, growth factors and more |
Segments Covered | Storage System, Element, Battery Type, Connection Type, Energy Capacity Type, Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | General Electric, LG Chem, Langley Holdings Plc, Altairnano, Electrovaya, Showa Denko Materials, Co. Ltd., Maxwell Technologies, Inc., Saft, THE FURUKAWA BATTERY CO., LTD., Ecoult, Kokam, Fluence, Samsung SDI Co., Ltd. and Others. |
The set of technology or method used for energy storage is called an “Energy Storage System”. This stored energy can be used later for performing various operations. For instance, renewable energy has many sources such as wind, tides, solar energy, etc. Most of the time, renewable energy cannot be used directly; therefore, we need an energy storage system so that the energy can be used when required. Energy is present in various forms such as chemical, electricity, potential, latent heat, gravitational potential, and elevated temperature and kinetic.
There are many techniques and methods used to store energy, in which it can be stored in various forms. The preference for the energy storage system depends upon the economy, application, availability of resources and integration within the system. The main factor which is accelerating the market growth is rising concerns about the damaging environmental impact of CO2 emissions and greenhouse gases which in turn have increased the adoption of renewable energy sources compared to traditional fossils and coal sources.
Many developing and developed nations have been focusing on integrating renewable energy sources into the power generation procedures to meet the rising demand for electrical energy. Furthermore, growing government initiatives towards energy consumption and production policies to start an important portion of their energy production from renewable energy sources like hydro, solar and wind is adding traction to industry progression
Surging government initiatives and incentives to propel energy production by renewable energy sources will accelerate the substantial uptake of both public and private investment in renewable energy production. Along with that, increasing concerns about the environment and ongoing efforts for finding alternative environment-friendly energy sources are expected to expand the market growth.
The inclination towards the reduction of greenhouse gases emission and low carbon energy generation has been accelerating the market growth of the Energy Storage System. Massive investments have been experienced in various battery energy storage systems by the numerous nations to meet their green energy targets.
The non-residential, residential and utility sectors have organized multiple systems for collecting and transferring power generated, utilizing wind energy and concentrated solar power. The energy which is stored in the grid is solar and wind energy. Wind and solar energy are the most important renewable energy types that are generally stored in the grid. However, fluctuating wind currents and the concealment of the sun by clouds lead to variation in the energy generation process.
Element Insights
The Battery Storage Segment led the global Energy Storage Systems Market and accounted for the largest market share in the market.
Battery Type Insights
The Lithium-Ion Batteries segment has been dominating the market and accounted for the largest revenue share in the global Lithium-Ion Batteries market. This high share is attributed to its features like less weight, high energy density, high life expectancy and high energy density.
Connection Type Insights
The On-grid segment is anticipated to register substantial growth with the growing CAGR over the forecast period.
Application Insights
The Utility segment led the market and accounted for the largest market share exceeding 50% in the global Energy Storage Systems market.
Regional Insights
The major regions constituting the geographical ambit of this marketplace are North America, Middle East & Africa, Europe, Latin America, and Europe. The Asia Pacific dominated the energy storage system market and accounted for the largest revenue share of 45.0% of the global revenue in 2020. This high share can be credited to the presence of fast-growing economies such as India and China.
These nations have the most frequent power cuts, and energy storage systems are extremely important applications such as data centres and UPS. The benefits of using energy storage systems are cost-effectiveness, eco-friendliness, and reliability, and these factors have been driving the market growth in the Asia Pacific region. However, Central and South America are also anticipated to witness significant growth in the forthcoming years.
Competitive Analysis
Some of the prominent companies to invest in Energy Storage Systems Market are General Electric, LG Chem, Langley Holdings Plc, Altairnano, Electrovaya, Showa Denko Materials, Co. Ltd., Maxwell Technologies, Inc., Saft, THE FURUKAWA BATTERY CO., LTD., Ecoult, Kokam, Fluence, Samsung SDI Co., Ltd. and Others.
Energy Storage Systems Market- Segment Analysis
By Storage System:
· Front-of-the-meter
· Behind-the-meter
By Element:
· Battery
· Hardware
· Others
By Battery Type:
· Lithium-Ion Batteries
· Advanced Lead-Acid Batteries
· Flow Batteries
· Others
By Connection Type:
· On-grid
· Off-Grid
By Energy Capacity Type:
· Below 100 MWh
· Between 100 to 500 MWh
· Above 500 MWh
By Application:
· Residential
· Commercial
· Utility
1. Global Energy Storage Systems Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. ENERGY STORAGE SYSTEMS Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million) & Volume (Units)
1.4. Global ENERGY STORAGE SYSTEMS Market Scope and Market Estimation
1.4.1. Global ENERGY STORAGE SYSTEMS Overall Market Size (US$ Million) & (MW), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global ENERGY STORAGE SYSTEMS Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. ENERGY STORAGE SYSTEMS Market Segmentation
1.5.1. Storage System of Global ENERGY STORAGE SYSTEMS Market
1.5.2. Element of Global ENERGY STORAGE SYSTEMS Market
1.5.3. Battery Type of Global ENERGY STORAGE SYSTEMS Market
1.5.4. Connection Type of Global ENERGY STORAGE SYSTEMS Market
1.5.5. Energy Capacity of Global ENERGY STORAGE SYSTEMS Market
1.5.6. Application of Global ENERGY STORAGE SYSTEMS Market
1.5.7. Key Regions of Global ENERGY STORAGE SYSTEMS Market
2. Global ENERGY STORAGE SYSTEMS Market - Executive Summary
2.1. Global ENERGY STORAGE SYSTEMS Market – Summary & Snapshot
2.2. Global ENERGY STORAGE SYSTEMS Market, By Storage System (US$ Million) & (MW)
2.3. Global ENERGY STORAGE SYSTEMS Market, By Element (US$ Million) & (MW)
2.4. Global ENERGY STORAGE SYSTEMS Market, By Battery Type (US$ Million) & (MW)
2.5. Global ENERGY STORAGE SYSTEMS Market, By Connection Type (US$ Million) & (MW)
2.6. Global ENERGY STORAGE SYSTEMS Market, By Energy Capacity (US$ Million) & (MW)
2.7. Global ENERGY STORAGE SYSTEMS Market, By Application (US$ Million) & (MW)
2.8. Global ENERGY STORAGE SYSTEMS Market, By Geography (US$ Million) & (MW)
2.9. Global ENERGY STORAGE SYSTEMS Market Outlook & Future Opportunities
3. Global ENERGY STORAGE SYSTEMS Market Trends, Outlook, and Factors Analysis
3.1. Global ENERGY STORAGE SYSTEMS Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global ENERGY STORAGE SYSTEMS Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Rise in demand for energy storage systems in transport application
3.2.1.2. Rapid growth of renewable energy industry
3.2.2. Restraints
3.2.2.1. High cost associated with battery energy storage systems
3.2.3. Opportunities
3.2.3.1. Increase in investment on power infrastructure network and rapid growth of electric vehicle sector
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of ENERGY STORAGE SYSTEMS Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of ENERGY STORAGE SYSTEMS Market
3.9.1. By Storage System
3.9.2. By Element
3.9.3. By Battery Type
3.9.4. By Connection Type
3.9.5. By Energy Capacity
3.9.6. By Application
3.9.7. By Regions
4. Global ENERGY STORAGE SYSTEMS Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global ENERGY STORAGE SYSTEMS Market, 2020 – 2021 (US$ Million) & (MW)
4.2. Global ENERGY STORAGE SYSTEMS Market, By Storage System, 2020 to 2021 (US$ Million) & (MW)
4.3. Global ENERGY STORAGE SYSTEMS Market, By Element, 2020 to 2021 (US$ Million) & (MW)
4.4. Global ENERGY STORAGE SYSTEMS Market, By Platform, 2020 to 2021 (US$ Million) & (MW)
4.5. Global ENERGY STORAGE SYSTEMS Market, By Region, 2020 to 2021 (US$ Million) & (MW)
5. Global ENERGY STORAGE SYSTEMS Market Estimates & Forecast Trend Analysis, by Storage System
5.1. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Storage System, 2022 & 2033
5.2. Global ENERGY STORAGE SYSTEMS Market Size (US$ Million) & (MW) Estimates and Forecasts, by Storage System, 2022 to 2033
5.2.1. Front-of-the-meter
5.2.2. Behind-the-meter
6. Global ENERGY STORAGE SYSTEMS Market Estimates & Forecast Trend Analysis, by Element
6.1. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Element, 2022 & 2033
6.2. Global ENERGY STORAGE SYSTEMS Market (US$ Million) & (MW) Estimates and Forecasts, by Element, 2022 to 2033
6.2.1. Battery
6.2.2. Others
6.2.2.1. Hardware
6.2.2.2. Others
Global ENERGY STORAGE SYSTEMS Market Estimates & Forecast Trend Analysis, by Battery Type
6.3. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Battery Type, 2022 & 2033
6.4. Global ENERGY STORAGE SYSTEMS Market (US$ Million) & (MW) Estimates and Forecasts, by Battery Type, 2022 to 2033
6.4.1. Lithium-Ion Batteries
6.4.2. Advanced Lead-Acid Batteries
6.4.3. Flow Batteries
6.4.4. Others
Global ENERGY STORAGE SYSTEMS Market Estimates & Forecast Trend Analysis, by Connection Type
6.5. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Connection Type, 2022 & 2033
6.6. Global ENERGY STORAGE SYSTEMS Market (US$ Million) & (MW) Estimates and Forecasts, by Connection Type, 2022 to 2033
6.6.1. On-grid
6.6.2. Off-grid
Global ENERGY STORAGE SYSTEMS Market Estimates & Forecast Trend Analysis, by Energy Capacity
6.1. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Energy Capacity, 2022 & 2033
6.2. Global ENERGY STORAGE SYSTEMS Market (US$ Million) & (MW) Estimates and Forecasts, by Energy Capacity, 2022 to 2033
6.2.1. Below 100 MWh
6.2.2. Between 100 to 500 MWh
6.2.3. Above 500 MWh
Global ENERGY STORAGE SYSTEMS Market Estimates & Forecast Trend Analysis, by Application
6.1. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
6.2. Global ENERGY STORAGE SYSTEMS Market (US$ Million) & (MW) Estimates and Forecasts, by C Application, 2022 to 2033
6.2.1. Residential
6.2.2. Commercial
6.2.3. Utility
7. Global ENERGY STORAGE SYSTEMS Market Analysis and Forecast, by Region
7.1. Global ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
7.2. Global ENERGY STORAGE SYSTEMS Market (US$ Million) & (MW) Estimates and Forecasts, by Region, 2022 to 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America ENERGY STORAGE SYSTEMS Market: Estimates & Forecast Trend Analysis
8.1. North America ENERGY STORAGE SYSTEMS Market Assessments & Key Findings
8.2. North America ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America ENERGY STORAGE SYSTEMS Market Size Estimates and Forecast (US$ Million) & (MW) (2022 to 2033)
8.3.1. By Storage System
8.3.2. By Element
8.3.3. By Battery Type
8.3.4. By Connection Type
8.3.5. By Energy Capacity
8.3.6. By Application
8.3.7. By Major Country
8.3.7.1. The U.S.
8.3.7.2. Canada
9. Europe ENERGY STORAGE SYSTEMS Market: Estimates & Forecast Trend Analysis
9.1. Europe ENERGY STORAGE SYSTEMS Market Assessments & Key Findings
9.2. Europe ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe ENERGY STORAGE SYSTEMS Market Size Estimates and Forecast (US$ Million) & (MW) (2022 to 2033)
9.3.1. By Storage System
9.3.2. By Element
9.3.3. By Battery Type
9.3.4. By Connection Type
9.3.5. By Energy Capacity
9.3.6. By Application
9.3.7. By Major Country
9.3.7.1. Germany
9.3.7.2. The U.K.
9.3.7.3. France
9.3.7.4. Italy
9.3.7.5. Spain
9.3.7.6. Rest of Europe (includes all other European countries)
10. Asia Pacific ENERGY STORAGE SYSTEMS Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific ENERGY STORAGE SYSTEMS Market Assessments & Key Findings
10.2. Asia Pacific ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific ENERGY STORAGE SYSTEMS Market Size Estimates and Forecast (US$ Million) & (MW) (2022 to 2033)
10.3.1. By Storage System
10.3.2. By Element
10.3.3. By Battery Type
10.3.4. By Connection Type
10.3.5. By Energy Capacity
10.3.6. By Application
10.3.7. By Major Country
10.3.7.1. China
10.3.7.2. Japan
10.3.7.3. India
10.3.7.4. ASEAN
10.3.7.5. South Korea
10.3.7.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa ENERGY STORAGE SYSTEMS Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa ENERGY STORAGE SYSTEMS Market Assessments & Key Findings
11.2. Middle East & Africa ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa ENERGY STORAGE SYSTEMS Market Size Estimates and Forecast (US$ Million) & (MW) (2022 to 2033)
11.3.1. By Storage System
11.3.2. By Element
11.3.3. By Battery Type
11.3.4. By Connection Type
11.3.5. By Energy Capacity
11.3.6. By Application
11.3.7. By Major Country
11.3.7.1. GCC
11.3.7.2. South Africa
11.3.7.3. Egypt
11.3.7.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America ENERGY STORAGE SYSTEMS Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America ENERGY STORAGE SYSTEMS Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America ENERGY STORAGE SYSTEMS Market Size Estimates and Forecast (US$ Million) & (MW) (2022 to 2033)
12.3.1. By Storage System
12.3.2. By Element
12.3.3. By Battery Type
12.3.4. By Connection Type
12.3.5. By Energy Capacity
12.3.6. By Application
12.3.7. By Major Country
12.3.7.1. Brazil
12.3.7.2. Mexico
12.3.7.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. Market Revenue Share Analysis (%), by Major Players (2021)
13.2. Market Competition Matrix, by Leading Players
13.3. List of Emerging, Prominent and Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
14. Company Profiles
14.1. GENERAL ELECTRIC
14.1.1. Company Overview & Insights
14.1.2. Financial Performance
14.1.3. Product / Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. LG Chem
14.3. Langley Holdings Plc
14.4. Altairnano
14.5. Electrovaya
14.6. Showa Denko Materials, Co. Ltd.
14.7. Maxwell Technologies, Inc.
14.8. Saft
14.9. THE FURUKAWA BATTERY CO., LTD.
14.10. Ecoult
14.11. Kokam
14.12. Fluence
14.13. Samsung SDI Co., Ltd.
14.14. Others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Sources
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts
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Market Research Process
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Energy Storage System market size is estimated to be valued at USD 204,150 million in 2022 and projected to reach USD 418,400 million by 2033, recording a CAGR of 8.3% during the forecast period 2023 to 2033.
Who are the key competitors of market Players?
Some of the major players operating within the market are General Electric, LG Chem, Langley Holdings Plc, Altairnano, Electrovaya, Showa Denko Materials, Co. Ltd., Maxwell Technologies, Inc., Saft, THE FURUKAWA BATTERY CO., LTD., Ecoult, Kokam, Fluence, Samsung SDI Co., Ltd. and Others.
What are the top performing segments, and countries / regions of each of the markets?
The major regions constituting the geographical ambit of this marketplace are North America, Middle East & Africa, Europe, Latin America, and Europe.
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