Energy storage systems market size to exceed US$435.32 billion
Tokyo, April 6, 2022 (GLOBE NEWSWIRE) —
The Global Energy Storage Systems Market Size was valued at 210.92 billion US$ in 2021. The global energy storage systems market is mainly driven by the growing energy consumption and growing demand for efficient and uninterrupted power supply. Rapid industrialization and increasing economic activities across the globe are driving the demand for energy storage systems to ensure efficient power supply. Technological advancements in energy storage systems and increasing investment in the development of energy storage infrastructure across the globe is expected to drive the growth of the global energy storage systems market.
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The significantly increasing demand for efficient grid management, steady load management, and efficient and uninterrupted power supply in industries is fueling the demand for energy storage systems. Growing concerns regarding environmental protection, reduction of carbon footprint and development of sustainable energy sources are some of the major factors that will have a significant impact on the growth of the market. Moreover, the growing government initiatives to promote the adoption of renewable energy sources is a major factor that is expected to drive the growth of the market.
|Market size in 2021||$210.92 billion|
|CAGR||8.4% from 2022 to 2030|
|Forecast data||2022 to 2030|
|Companies covered||LG Chem., Beacon Power, LLC, Convergent Energy and Power Inc., BYD Company Ltd., ABB Ltd., Greensmith Energy Management Systems, Seeo, Inc., S&C Electric Company, Scheider Electric, SMA Solar Technology AG, Eos Energy Storage , Exide Industries Ltd.|
- Based on technology, hydropump segment dominated the market in 2020. This is attributed to the huge demand for hydropump technology across the globe. In addition, rising investment in research and development and modernization of network infrastructure and capacity are the major growth drivers for this segment.
- Based on the application, transportation is estimated to be the most opportunistic segment. This is attributed to the increased demand for electric vehicles in developed countries and growing government initiatives to promote the adoption of electric vehicles in developing regions.
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Asia-Pacific dominated the global energy storage systems market in 2020. Asia-Pacific is experiencing high economic growth owing to the region’s rapid industrialization and urbanization. Moreover, government policies are attracting huge FDI to the region. The easy and cheap availability of factors of production in major countries like India and China has made Asia-Pacific a manufacturing hub. High growth in industries is fueling the demand for energy storage systems due to the increase in energy consumption. Moreover, the growing demand for efficient and uninterrupted power supply is expected to boost the region’s growth. China is the largest manufacturer and consumer of energy storage systems. Additionally, increasing investments in electric vehicle infrastructure are expected to have a significant impact on the market growth in the coming years.
North America is expected to have a significant impact on the market growth over the forecast period. This is attributed to increased government initiatives and investments in the promotion and adoption of sustainable energy sources. Growing efforts to reduce carbon emissions are greatly boosting the demand for electric vehicles among the population. The country like Canada is offering subsidies to electric car owners to boost the adoption of electric vehicles in the country. Rising demand for electric vehicles is expected to drive the growth of the energy storage systems market in North America.
Increase in investments in renewable energies
Both developing and developed countries are changing and forming various regulations for environmental protection and renewable energy. Rising carbon emissions and deteriorating environmental conditions have forced governments to invest heavily in future sustainable programs. As a result, investments in the development of renewable energy sources and infrastructure have increased in recent years. It is a major driver of the global energy storage systems market.
High capital investments associated with energy storage systems
Huge capital investment is required to effectively deploy energy storage systems. The various energy storage technologies such as lithium-ion, sodium-sulfur, and pumped hydroelectric storage require huge capital investment in production. Therefore, the weak financial capabilities of some developing and underdeveloped economies might prevent them from adopting such energy storage systems.
Increased investment in network expansion and modern infrastructure development
Developing countries such as China and India are investing heavily in modern infrastructure development and grid expansion. Rapid industrialization and rapid urbanization along with population growth are increasing the need for an efficient power supply. According to the United Nations, an investment of around US$45 billion is needed to provide access to modern electric power across the world.
Lack of adequate infrastructure
There is a lack of appropriate infrastructure in developing and underdeveloped countries, which could lead to an expansion in the adoption of renewable energy sources. Furthermore, the ongoing development of the deployment of renewable energy sources across the world may extend for a longer period due to several socio-economic and geopolitical issues.
- Pumped hydraulics
- Lithium ion battery
- Sodium-sulfur battery
- lead acid battery
- Flow battery
- Compressed air energy storage
- The water
- dissolved salt
- Phase change material
- Network management
Per end user
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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