Allied Market Research published a report, titled, “Energy Storage Systems Market by Technology, End User, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global energy storage systems industry generated $188.5 billion in 2020, and is estimated to reach $435.4 billion by 2030, witnessing a CAGR of 8.3% from 2021 to 2030.
Increase in demand for transport applications and the growth of renewable energy industry drive the growth of the global energy storage systems market. However, high costs associated with battery energy storage systems restrain the market growth. On the other hand, rise in investments in power infrastructure network and the growth of the electric vehicle sector create new opportunities in the coming years.
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Based on technology, the pumped hydro storage segment accounted for the highest market share in 2020, contributed to more than 95% of the global energy storage systems market, and is projected to continue its lead position in terms of revenue throughout the forecast period. This is due to rise in demand for power generation based on pumped hydro storage and supportive government initiatives toward renewable energy generation. However, the battery energy storage segment is projected to witness the largest CAGR of 20.1% from 2021 to 2030, owing to increase in demand for batteries from different energy storage applications such as grid energy storage and automotive applications along with the growth of the renewable energy sector.
Based on end user, the utilities segment contributed to the highest market share in 2020, accounting for nearly 90% of the global energy storage systems market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in the demand for electricity and related products and the growth of electric vehicle sector. However, the non-residential segment is projected to manifest the fastest CAGR of 8.5% from 2021 to 2030. This is attributed to rapid expansion of heavy industries such as paper mills, sugar mills, chemical plants, automobile plants, and others along with increase in demand for sustainable power for various applications in commercial & industrial sectors.
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Based on region, Asia-Pacific, followed by Europe and North America, accounted for the highest market share in terms of revenue in 2020, contributing to more than two-fifths of the global energy storage systems market, and is expected to maintain its dominance by 2030. Moreover, this segment is projected to register the fastest CAGR of 8.5% during the forecast period. This is attributed to presence of huge consumer base, rapid expansion of the renewable energy sector, increase in investment towards energy storage systems, and the presence of key players in the region.
The global energy storage systems market analysis covers in-depth information of the major energy storage systems industry participants. The key players operating and profiled in the report include ABB, Ltd., BYD Company Limited, Delta Electronics, Inc., Electrovaya, EOS Energy Enterprises, General Electric, Langley Holdings Plc, Saft, Samsung SDI Co., Ltd., and the AES Corporation.
Other players operating in the energy storage systems market are Enerdel, Exergonix, Johnson Controls, East Penn Manufacturing Company, Langley Holdings Plc., and Kokam.
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Covid-19 Scenario
- The ban on import & export activities and challenges in manufacturing & processing activities of energy storage systems during the lockdown impacted the market negatively.
- There has been a decline in demand for energy storage systems due to halt in manufacturing activities, construction activities of utility infrastructures & renewable energy structures, and production of vehicles worldwide amidst the global lockdown.
- However, the demand for energy storage systems market is expected to recover post-pandemic, as end user industries have already set about their operations.
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