The global energy storage market size was valued at USD 211 billion in 2021 and is expected to surpass USD 436 billion by 2030, registering a CAGR of 8.45% during the forecast period (2022- 2030), as highlighted in a report published by Facts & Factors. The key market players are listed in the report with their sales, revenues and strategies are 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.
NEW YORK, US, Jan. 24, 2023 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “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” in its research database.
“According to the latest research study, the demand of global energy storage market size & share was valued at approximately USD 211 billion in 2021. The market is expected to grow above a CAGR of 8.45% and is anticipated to reach over USD 436 billion by 2030.”
Energy Storage Market Overview:
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.
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.
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Key Insights from Primary Research
- As per the analysis, the energy storage market is likely to grow above a CAGR of around 8.45% between 2022 and 2030.
- The Energy Storage market size was worth around US$ 211 billion in 2021 and is estimated to hit approximately US$ 436 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to growing tension over constant energy supply in some parts of the world
- Based on application segmentation, grid management was predicted to show maximum market share in the year 2021
- Based on end-user segmentation, utilities were the leading user in 2021
- On the basis of region, North America was the leading revenue generator in 2021
Industry Growth Drivers
- Growing tension over energy supply to propel market demand
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 high cost of investment restricts the market growth
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.
- Increasing investments in infrastructure development to provide growth opportunities
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.
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The report contains qualitative and quantitative research on the global energy storage market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness.
Some of the main players in the global Energy Storage market include;
- Beacon Power LLC
- Seeo Inc.
- SMA Solar Technology AG
- Convergent Energy and Power Inc.
- Exide Industries Ltd.
- S&C Electric Company.
- LG Chem
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
Energy Storage Market: Segmentation Analysis
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.
- North America to be led by the US during the projection period
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.
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Recent Industry Developments:
- In December 2022, the member states of European nations gave the much-anticipated positive nod to the investment of €602 million that will fund infrastructure projects under Connecting Europe Facility meant for Trans-European Networks for Energy
- In November 2022, Europe witnessed the launch of the region’s biggest battery energy storage system with a capacity of 196MWh installed in the Cottingham region of the UK
|Market Size in 2021||USD 211 Billion|
|Projected Market Size in 2030||USD 436 Billion|
|CAGR Growth Rate||8.45% CAGR|
|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|
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The global energy storage market is segmented as follows:
- Grid Management
- Pumped Hydro
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- Market Size, Trends, & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Application, Technology, End-User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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