09-Jan-2023 | Facts and Factors
According to Facts and Factors, the global energy storage market size was worth around USD 211 billion in 2021 and is predicted to grow to around USD 436 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.45% between 2022 and 2030.
Energy storage is the process of capturing energy to be used as per requirement at later stages. The systems part of the energy storage form can save energy in various forms including kinetic, chemical, and thermal and later convert it into useful forms, for instance, electricity. Some of the most common forms of storing energy include pumped hydro form and lithium-ion systems. The former uses the kinetic energy from falling water to generate electricity. These facilities can be found closer to a grid transmission line so that they can store excess energy and meet the increase in the grid’s electricity requirement. This method is one of the traditional yet effective ways and the global market is witnessing a surge in the development of new projects.
Browse the full “Energy Storage Market Size, Share, Growth Analysis Report By Application (Grid Management and Transportation), By Technology (Electro-Chemical, Pumped Hydro, Thermal, and Electro-Mechanical), By End-User (Utilities, Residential, and Non-Residential), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/energy-storage-market
Batteries are another commonly used system for storing energy that converts electrical energy into chemical form for storing purpose and then convert it to electric form when required. Some examples of batteries are metal-air, sodium-ion, lead-acid, and lithium-ion batteries, the fastest-growing of all the other types. Factors like high power, high energy density, and superior efficiency are the driving factors for their demand. Batteries can be found in almost all types of small to large-scale setups. They can charge a mobile phone while also exhibiting the strength to power transmission lines.
The global energy storage market is anticipated to grow due to the growing electric vehicle (EV) market that runs on stored electricity. The cars are battery-operated instead of internal combustion engines. The battery pack is extremely large with the energy storing capacity strong enough to power a large vehicle for long durations. Once the battery is drained out, the vehicle can be plugged into a charging station to restore the drained energy.
Since the main requirement is electricity instead of fuel, there are no harmful emissions, and is regarded as an important invention for sustainable growth. The growing number of players offering mid-range to premium range vehicles is anticipated to become the main driving factor for the electric vehicle market to grow which may further be encouraged by the growing awareness amongst the population about the harmful impact of using fuel-run vehicles on the environment as not only the natural resources are getting depleted by the harmful gasses are causing major health concerns.
The major restricting factor in the global market especially in terms of large-scale set-ups is the high cost of investment and pre-requirement of supporting infrastructure. Since these set-ups are not only supposed to generate electricity or energy but supply them to remote areas, the initial set-up expense is extremely high. As per estimates, the average investment required to install a charging station for level 2 commercial vehicles or chargers may range between USD 2600 to USD 7200. The monetary expense goes higher when installing larger electric grids or hydroelectric dams.
The increasing investments in infrastructure development may provide growth opportunities while the lack of availability of proper transport systems for transportation energy is projected to challenge market growth.
Segmental Overview
The global energy storage market is segmented based on application, technology, end-user, and region
Based on application, the global market segments are grid management and transportation. In 2021, the global market witnessed the highest growth in the grid management segment owing to the extensive use of energy for various purposes including industrial and residential requirements. The US currently enjoys an installation of a power grid that is over 99% reliable even in extreme situations. Transportation energy may also register a high CAGR due to the increasing demand for electric vehicles influenced by the increase in the number of players, changing consumer preference, and shift toward cleaner sources of energy.
Based on technology, the global market divisions are electro-chemical, pumped hydro, thermal, and electro-mechanical. In 2021, the global market registered the highest CAGR in the pumped hydro segment with more than 89% of the global market dominance. The major driving factor is the higher adoption of hydro pumped systems to meet the growing energy demand of the urban population.
Regional Overview
The global energy storage market is anticipated to witness the highest growth in North America due to the growing market for EVs and associated investments in infrastructure. Tesla, a US-based major player in the EV market, has already acquired 9 organizations since its inception and by September 2022, had registered a revenue of USD 74.86 billion. Growth in Europe may be driven by the excellent energy-storing architecture of Germany, France, and Switzerland. Even with the impact of the pandemic crisis, Germany invested more than €7.5 billion in 2021 in the country’s energy storage systems. Asia-Pacific may generate higher revenue due to the growing EV market in Japan, China, India, and other countries. India Tata Nexon registered a growth of 82% by June 2022.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 211 Billion |
Projected Market Size in 2030 |
USD 436 Billion |
CAGR Growth Rate |
8.45% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
Beacon Power LLC, Seeo Inc., SMA Solar Technology AG, Convergent Energy and Power Inc., Exide Industries Ltd., S&C Electric Company., LG Chem., and others. |
Key Segment |
By Application, Technology, End-User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape
The global energy storage market is dominated by players including Beacon Power, LLC, Seeo, Inc., SMA Solar Technology AG, Convergent Energy and Power Inc., Exide Industries Ltd., S&C Electric Company., and LG Chem.
Recent Developments:
- In October 2021, the Indian government announced its plan to install a pilot project for a battery storage system with a 1000 MW capacity
- In September 2022, Shell reported that the company will install 10,000 EV charging stations across India
The global energy storage market is segmented as follows:
By Application
- Grid Management
- Transportation
By Technology
- Electro-Chemical
- Pumped Hydro
- Thermal
- Electro-Mechanical
By End-User
- Utilities
- Residential
- Non-Residential
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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