The global energy storage market size was estimated to be US$ 9.5 billion in 2021 and is expected grow at a CAGR of 27.6% between 2023 to 2032.
What are energy storage devices?
Systems that can store various types of energy and primarily electric energy that can be used at a later time are referred to as energy storage systems. The advantages of a constant energy supply have been made possible by recent technological developments in energy storage systems, which have had a substantial impact on market growth. The need for renewable energy storage systems is growing globally as a result of the increased use of alternative energy sources.
The market for energy storage devices is seeing a rapid increase in demand:
The primary factors anticipated to propel the expansion of the energy storage systems market in the upcoming years include the quick development and urbanization of emerging economies, rising air pollution, and rapidly increasing carbon emissions are promoting growth in investments for sustainable energy sources.
The demand for an effective and reliable power source throughout many industries is rapidly increasing due to booming economic activities, expanding production facilities, and rising usage of digital technology.
Increasing public and private sector spending on infrastructure development and research for renewable energies is anticipated to have a favourable impact on the marketplace for storage systems for electricity during the projected period. Additionally, the market for energy storage systems is expanding due to the numerous government efforts and incentives offered to promote the use of green and renewable energy sources.
Factors impacting market growth:
Global market expansion is being aided by rising energy consumption, increased need for batteries, efficient energy source demand, and a shift in emphasis toward clean energy. The key elements that influence market growth are the quick increase in demand for effective electricity grids, regular load shifting, and reliable and efficient power supply.
The market for energy storage systems has expanded as a result of the substantial rise in energy demand on a global scale. The booming public and private investments in the generation of renewable energy are anticipated to propel the market for energy storage systems worldwide.
Market Report by insightSLICE:
All market parameters have been thoroughly examined in the most current Energy Storage Market Report for 2023 by insightSLICE. The targeted industry, consumption, expansion, changes, and projections for this industry are all included in this report.
In this study on the Global Energy Storage Market research, significant factors including competitive rivals, company definition, subareas or divisions, notable advances, and the compelling research environment are all taken into consideration.
The report also explains important market factors that could hinder or encourage market expansion. Customers will be provided accurate information utilizing combined quantitative and qualitative approaches from reputable sources. The market dynamics that are discussed in this market study are essential instruments for boosting business operations, management competence, and income.
Asia Pacific is expected to show highest market share:
With a 58.2% revenue share, Asia Pacific led the global market for energy storage in 2022. Energy storage market growth in the Asia Pacific region is also primarily driven by greater government measures to encourage businesses to utilize renewable energy sources.
Both the top producer and customers of energy storage systems worldwide are from China. Consequently, China's significant market participation is responsible for the expansion of the Asia Pacific energy storage systems market.
Market expansion has been facilitated by favourable public policies and is expected to drive growth in the urbanization and industrialization of the area. Additionally, the presence of inexpensive production factors is drawing FDIs to the Asian region. The world's manufacturing sector is located in nations like China which is also benefiting regional growth.
The need for a reliable and efficient energy source is being continuously driven by the region's rapidly expanding economic activities. The market for energy storage devices is growing in the area as a result of rising government spending on the deployment of renewable energies and rising investments in electrifying rural areas.
North America is also having better growth prospects:
North America is anticipated to experience rapid growth in this market. The market is also anticipated to expand as a result of rising measures to minimize carbon footprint. Increased public understanding and better perception of the advantages of renewable energy, along with the rising demand for reliable, efficient power supply in households will generate a strong market demand during the forecast period.
The government's increasing efforts to provide an effective and sustainable power supply are also fostering market expansion. Additionally, the market expansion in the area has been positively impacted by the rising use of electric vehicles in markets like the US and the presence of EV manufacturers.
Corporate strategies and major companies in the global energy storage market:
The market for energy storage systems is very competitive, and there are several major market competitors. To obtain strategic advantage and increase their market share, many industry competitors are making significant investments in value-added solutions.
To take advantage of the current market prospects, these market participants are also implementing a variety of development tactics, such as product announcements, collaborations, partnerships, and expansions.
The major players operating in the global energy storage market include ABB Ltd., BYD Company Limited, LG Chemicals, Eos Energy Storage, Calmac, Dynapower Company, LLC, Seeo Inc., General Electric Company, Scheider Electric, NEC Corporation, Siemens AG, etc.
Market Segmentation
By Technology
- Electro Chemical
- Lead Acid Battery
- Sodium Sulfur (NAS) Battery
- Flow Battery
- Others
- Thermal Storage
- Mechanical Energy Storage
- Pumped Hydro Energy Storage
- Flywheel Energy Storage
- Compressed Air & Liquid Air Energy Storage
By Application
- Transportation
- Grid Storage
By End-Use
- Residential
- Non-residential
- Utilities
- Automotive
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
