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Energy Storage Market Research Report - Forecast To 2030

Energy Storage Market Research 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

The Global Energy Storage Market revenue is estimated to reach up to USD 5501.2 Million at a driving CAGR of 13.24% by the end of the forecast period.

Segmentation

By Type Mechanical Thermal Electro-Chemical Chemical
By End-User Utility Commercial & Industrial Residential

Key Players

  • 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)

Drivers

  • Evolution In Renewable Energy Power Generation
  • Gradual Downfall In Technology Cost
  • Increasing Application Of Energy Storage In All End-User Industries
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Extensive study of the current market trends, the Energy Storage Market size will grow at a CAGR of CAGR of 13.24% to reach the global Revenue up to USD 5501.2 Million by the end of the forecast period (2022 - 2030).


Energy Storage Market Overview


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.



  • October 2022- Toyota Motor Corporation (Toyota) and JERA Co., Inc. have announced the construction and launch of the world’s first large-capacity Sweep Energy Storage System. The system was developed with batteries reclaimed from electrified vehicles and is connected to the consumer electrical power grid. It starts operations today. Over the coming years, demand for storage batteries is anticipated to rise as they become mandatory supply-stabilizing tools when growing renewable energy in the movement toward CO2 emissions reduction, a crucial aspect of attaining carbon neutrality. Meanwhile, limited supplies of battery materials, including lithium and cobalt, imply a current requirement for environmentally conscious initiatives, such as repossessing used electrified vehicle batteries for efficient usage as storage batteries. As an answer, both companies started discussions in 2018 to found battery reuse technologies that ultimately caused large-capacity, grid-connected Sweep Energy Storage Systems. Toyota’s latest storage system is outfitted with a function called a sweep, enabling the usage of reclaimed vehicle batteries that have substantial differences in capacity and performance to their total capacity irrespective of their level of deterioration. The sweep function, built by Toyota Central R&D Labs, Inc., is a device capable of freely controlling energy discharge by switching electricity flow on and off (bypassing) using series-connected batteries in microseconds.


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 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 global market Opportunities during the forecast period 2022-2030.



  • October 2022- The Italy-based industrial solutions division of Japanese conglomerate Nidec Group, Nidec ASI, has been offered a contract to deploy 5.4GWh of battery energy storage systems in its home market. A press release said that the contract for 18 four-hour energy storage systems nets 1.35GW/5.4GWh was offered to Nidec ASI by an anonymous ‘important company in the sector. Ix of the projects will be installed in Sardinia. At the same time, the extra 12 will be in the Centre-North region. Italy’s national transmission grid network is split into six regional Transmission Departments for its mainland, of which Centre-North is one, while Sardinia is one of two separate Transmission Districts, along with Sicily.


Energy Storage 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 global market.



  • Restraints


Global industry 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 Industry 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 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 industry growth is estimated CAGR of 13.24% by Evolution In Renewable Energy Power Generation, Gradual Downfall In Technology Cost and Increasing Application Of Energy Storage In All End-User Industries. The market experts expect the Revenue is estimated to expand up to USD 5501.2 Million by the end of 2030.



  • 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 2022-2030. 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 market to expand significantly in the coming years.


Energy Storage 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 industry 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 industry.

  • 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 market due to its economic growth.



  • October 2022- Masdar, a renewable energy giant, has announced the acquisition of the UK-based battery energy storage system (BESS) developer Arlington Energy in the deal to grow its presence in the UK and European renewable energy markets. London-based Arlington Energy primarily develops, manufactures, functions, and funds flexible energy solutions.


Energy Storage Market 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 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 market in this region.



  • October 2022- Quartux, the system integrator, will soon implement the most extensive battery system in the Mexican energy storage market, the organization’s managing director told Energy-Storage. News, debating challenges and opportunities in the country. The managing director of the Mexico City-based firm, Alejandro Fajer, has expanded a lot and is now looking at a pipeline of 300MWh for the next few quarters.


Energy Storage Market Competitive Analysis


The global Energy Storage Market is very competitive as there are many 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.


Energy Storage Market Report Overview


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



  • Market Overview

  • COVID-19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


The scope of this 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 Industry.



  • Study Period: 2022-2030

  • Base Year: 2021

  • Forecast Period: 2022-2030

  • Historical Period: 2019-2020


Market Segments


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 5501.2 Million
  CAGR   13.24% 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


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    Frequently Asked Questions (FAQ) :

    The global Energy storage is expected to record 13.24% to reach 5501.2 million USD valuation due to the increasing global consumption of energy.

    Tesla Inc, AES Corporation, General Electric Company, Sulzer, Voith GmbH, Hydrostor, Linde AG, Highview Power Storage, Hydrogenics Corporation, SolarReserve LLC and many others are some of the top market players in energy storage market.

    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.

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