info@marketresearchfuture.com 📞 +1 628 258 0071(US)  📞 +44 2035 002 764(UK)
Energy Storage Market Research Report - Forecast To 2030

Energy Storage Market Information Report By Type (Mechanical, Thermal, Electro-Chemical and Chemical), By End-User (Utility, Commercial & Industrial and Residential) - Global Forecast to 2030

ID: MRFR/E&P/3062-CR | October 2020 | Region: Global | 188 pages

Energy Storage Market Speak to Analyst Request a Free Sample

Energy Storage Market Overview


After doing an extensive study of the current and past market trends, experts anticipate that the Energy Storage Market will grow at a CAGR of 25.49% between 2022 and 2028. The global Energy Storage Market Revenue is estimated to reach up to USD 315.71 Billion by the end of the forecast period.


Energy Storage plays a very important role in storing renewable energy. These are modular blocks used to store energy produced by any renewable source and release it when required. With the rise in the numbers of renewable power setups, the Energy Storage Market Growth is expected to happen steadily.


COVID-19 Analysis


The Energy Storage Industry was affected negatively due to the COVID-19 outbreak. Due to strict lockdown measures, there were problems in obtaining the raw materials which impacted production. The market faced problems with the delivery too. The low demand in the market and increased prices are some of the effects that hampered the growth of the Energy Storage Market in the last two years.


In recent months, the Energy Storage Market is reviving. There is a surge in the energy demand from various industrial sectors. This will open up the Energy Storage Market Opportunities during the forecast period 2022-2028.


Market Dynamics



  • Market Drivers


Wind and Solar energy are stored in grids. These are the most sought-after alternative energy sources. Due to fluctuation in wind currents or insufficient availability of sunlight at times, the storage of these renewable energies in flexible grids is in high demand. Across the world, owing to grid modernization there is an increasing requirement for grid energy storage systems. The adoption of energy storage systems has created many opportunities for the Energy Storage Market.



  • Restraints


Energy Storage Market restraints are the high price and difficulty of deploying these systems in remote areas.



  • Opportunities


In recent years, the renewable energy sector has witnessed tremendous growth. The demand for renewable energies has been increasing continuously due to an increase in awareness for green energy. Alternative energy resources such biomass, solar, wind, and tide energy market has huge potential in the coming years. The rising requirement of alternative energy in the residential sector is expected to increase the Energy Storage Market growth in the coming years.


The rising pollution levels due to conventional energy sources, supportive government policies, and increasing production of renewable energy will lead towards the expansion of the Energy Storage Market Share.



  • Challenges


The technologies used for energy storage such as flow batteries, lead-acid batteries, and lithium-ion batteries are high installation investments. The lithium-ion batteries require minimal maintenance and offer high energy storage so they are the most expensive system. The high initial cost is a challenge for the growth of the global Energy Storage Market Size.



  • Cumulative Analysis


The global Energy Storage Market Growth is estimated to happen with a Compound Annual Growth Rate (CAGR) of 25.49 %. The market experts expect the market to have steady growth. The Energy Storage Market Revenue is estimated to expand up to USD 315.71 billion by the end of 2028.



  • Value Chain Analysis


The value chain analysis of the Energy Storage Market Trends indicates that the market is continuously evolving. Due to increasing awareness of the harmful effects of conventional energy sources, the demand for renewable energy is increasing thus creating huge scope for the market growth with the forecast period 2022-2028. The supportive government policies, investments in the renewable energy sector, and different types of initiatives taken by the major market players will help the global Energy Storage Market to expand significantly in the coming years.


Market Segmentations


The global Energy Storage Market is huge. The market is segmented based on region, type, and end-users.



  • Based on the type, the market is divided into Thermal Energy Storage, Pumped Storage hydroelectricity, flywheel energy storage, and batteries. The batteries sector is going to dominate the largest Energy Storage Market Share in the coming years. The types of battery-storage systems used are lithium-ion, nickel-cadmium, nickel-zinc, lead-acid, nickel-metal hydride, and others. The lithium-ion battery sector is witnessing the maximum demand and is expected to occupy a huge market share because of minimal maintenance, light-weight, and high energy efficiency.

  • Based on the end-users, the market of energy storage is divided into residential and commercial & Industrial sectors. The commercial & industrial sector is using different modes of renewable energies but it is not possible to utilize these renewable energies to the fullest without a proper energy storage system. This has increased the demands for different types of energy storage systems in the commercial & industrial sectors. This sector is expected to show significant growth in the Energy Storage Market.

  • Based on the region, the Energy Storage Market is segmented into the regions- North America, Asia-Pacific, Europe, and the rest of the world. The Asia-Pacific region is expected to show steady growth in the Energy Storage Market due to its economic growth.


Regional Analysis


The global Energy Storage Market is dominated by the European region. Increasing purchasing capacity, innovative vendors, new project developments, and new government policies will drive the significant growth of the European region.


As per the global Energy Storage Market Forecast, the Asia-Pacific region will have rapid growth during the forecast period. The rapid urbanization, growth in the industrial sector, reduced production cost, and supportive government policies in the Asia-Pacific region are the main market drivers for the steady growth of the market. The renewable energy generation capacity of the Asia-Pacific region is increasing and this will create opportunities for the market in the coming years.


The global Energy Storage Market Analysis indicates that the North American Region is growing rapidly. Owning to the increasing investments, generation of renewable energy, rising numbers of grid projects, adoption of microgrid technologies, the market is showing positive growth. Additionally, the expansion of the industrial sector and the presence of major market players in this region will help in the significant growth of the Energy Storage Market in this region.


Competitive Analysis


The global Energy Storage Market is very competitive as there are many Energy Storage Market Key Players who are creating new opportunities for this market by ensuring facility expansion, investing in Research & Development, acquisition of companies, and going for partnerships. The important players in this market are:



  • Tesla Inc. (U.S)

  • AES Corporation (U.S)

  • Hydrogenics Corporation (Canada)

  • SolarReserve LLC. (U.S)

  • General Electric Company (U.S)

  • Linde AG (Germany)

  • Highview Power Storage (U.K)

  • Sulzer Ltd. (Switzerland)

  • Voith GmbH (Germany)

  • Hydrostor Inc. (Canada)


Recent Development



  • In August 2020, Greenko Energies Pvt Ltd. has signed an MOU with NTPC Limited for various renewable energy projects. Greenko is setting up 40 GWh of hydro-storage projects in six Indian States.

  • In October 2021, the Government of India had already invited the expression of interest for installing a 1000 MWh Energy Storage System.

  • In January 2020, Oak Ridge National Laboratory had announced the development of a framework material for conducting and storing energy.


Report Overview


The report overview of the Energy Storage Market Forecast is given below.



  • Market Overview

  • COVID-19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


Report Scope and Segmentation


The scope of this Energy Storage Market Report is to provide important information after extensive Energy Storage Market Analysis is performed. As mentioned in this report, the energy storages are the modular blocks that are needed for the storage of energy produced by renewable energy sources. The reports provide detailed information about the recent development, growth opportunities, CAGR Value, key market players, market drivers, challenges, market segmentation, etc. about the global Energy Storage Market.



  • Study Period: 2022-2028

  • Base Year: 2022

  • Forecast Period: 2022-2028

  • Historical Period: 2019-2028


Segmentation


Based on Type



  • Batteries

  • Thermal Storage Hydroelectricity

  • Thermal Energy Storage

  • Flywheel Energy Storage


By End-Users



  • Residential

  • Commercial & Industrial

  • Utility


By Regions



  • North America

  • Asia Pacific

  • Europe

  • Rest of the World



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 315.71 Billion
  CAGR   25.49% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Tesla Inc. (U.S), AES Corporation (U.S), General Electric Company (U.S), Sulzer Ltd. (Switzerland), Voith GmbH (Germany), Hydrostor Inc. (Canada), Linde AG (Germany), Highview Power Storage (U.K), Hydrogenics Corporation (Canada), SolarReserve LLC. (U.S)
  Key Market Opportunities

  • Investment In Energy Storage Systems With Grid Expansion
  • Wide Scope Of Development In End-User Sectors
  •   Key Market Drivers

  • Evolution In Renewable Energy Power Generation
  • Gradual Downfall In Technology Cost
  • Increasing Application Of Energy Storage In All End-User Industries


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    The global Energy storage is expected to record a substantial market valuation due to the increasing global consumption of energy.

    The global Energy storage is projected to register a moderate 25.49% CAGR in the forecast period.

    The electro-chemical eergy storage segment is slated to expand as the fastest-growing segment.

    The commerical and industrial segment is slated to expand as the fastest-growing segment.

    A few major market players operating in the global Energy storage are Linde AG (Germany), Highview Power Storage (U.K), Hydrogenics Corporation (Canada), and SolarReserve, LLC. (U.S), among others.

    Fossil fuel storage, Mechanical, Electrical, electromagnetic, Biological, Electrochemical (Battery Energy Storage System, BESS) , Thermal, Chemical