Trusted Business Insights presents the Latest Study on Energy Storage Systems Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Energy Storage Systems Market
The global energy storage systems market recorded a demand of 176,897.6 MW in 2017. It is projected to register a CAGR of 2.3% during the forecast period. Increasing consumer awareness regarding energy efficiency in residential and commercial buildings is expected to be a prominent factor driving new installations in near future. Increasing requirement of continuous power supply and efficient grid and load management is anticipated to further fuel the growth.
Rising consumer awareness regarding efficient energy consumption coupled with increasing demand for smart homes with effective load management is expected to play a major role in driving the demand. Ascending demand from electric utilities, on account of rising need for distributed energy integration with the main grid, is likely to propel the growth over the forecast period.
Increased installation of renewable energy sources along with escalating requirement of storing the generated electricity for Uninterrupted Power Supply (UPS) has also led to significant rise in demand. Various countries in Europe and North America have undertaken initiatives for enhancing renewable power generation by 2050 to achieve a sustainable future with the help of clean energy.
Governments across the globe are taking steps to invest actively in renewable power technologies. Efforts are being taken to use electrochemical storage for transportation purposes. Companies including Tesla are manufacturing automobiles, such as Tesla Roadster, Model S, Model X, and Model 3 based on sustainable energy. These vehicles run on the electricity generated using batteries and they have been widely accepted across the globe.
Increasing acceptance of hybrid and electric vehicles in tandem with the government incentives offered for promoting EV technology is projected to boost growth of electric car and energy storage system industry. While battery service networks are yet to improve and surpass the gasoline fueling infrastructure, volatile prices of gasoline are expected to positively influence the demand for electric vehicles over the forecast period.
Market Segmentation, Outlook & Viewpoint: Global Energy Storage Systems Market
Technology Market Segmentation & Outlook (Capacity, MW, 2014 – 2026)
Key Players, Recent Developments & Regional Insights: Global Energy Storage Systems Market
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Pumped Hydro Storage (PHS) is expected to be driven by ongoing investments to upgrade existing infrastructure and to enhance on-grid capacity, especially in Asia Pacific and North America. Favorable compliance standards coupled surging power consumption in China and U.S. is expected to drive PHS demand over the forecast period.
Electrochemical segment is expected to witness a CAGR of 12.0% over the forecast period. Countries such as U.K., U.S., and India are expected to drive the electrochemical storage demand over the next few years. Countries in Middle East and Latin America are expected to drive thermal storage demand over the long term.
Battery systems (BESS) are gaining popularity owing to rising emphasis on reducing the dependency on fossil fuels and increasing the share of clean energy in the energy mix. Ascending demand for time shifting, improved power quality, better grid network usage, and emergency power supply is expected to propel the demand for BESS over the forecast period.
Thermal Energy Storage (TES) systems allow surplus thermal energy, generated from various technologies, to be collected and stored for future usage. Various types of TES systems include latent, sensible, and thermochemical. Different forms of storage medium used in sensible heat storage include bricks, sand, water, rock beds, air, and concrete. In terms of technology, molten salt led TES systems with a total capacity of over 2.0 GW across the world.
Asia Pacific led the global market with a cumulative storage capacity exceeding 81 GW in 2017. Upcoming PHS projects are anticipated to boost the region growth over the forecast period. Rising electricity consumption has resulted in the need for storage systems in China, Japan, and Southeast Asia. Surging need for energy management in utility-scale projects and peak load requirement are expected to propel the demand for other ESS, such as batteries, CAES, and flywheel.
Spain, Germany, Italy, France, Switzerland, and Austria accounted for a cumulative energy storage capacity of over 6.6 GW in 2017. However, the significant market penetration of existing hybrid and pure renewable energy technologies in Germany and U.K. is likely to drive investments in potential locations across these countries.
North America has a large number of PHS facilities as compared to other ESS technologies. The overall market is anticipated to witness significant growth in the near future owing to a large number of planned electrochemical facilities. Rising initiatives in R&D investments coupled with stringent regulations pertaining to the environmental emissions of fossil-fueled power generation is expected to further fuel the growth.
Thermal energy storage has been the most prominent sector for government investments in the Americas. The government of Chile has extended the tax credits required for installing solar thermal systems in buildings until 2020. Rising need to curtail the exponentially growing pollution and provide citizens with a healthy living atmosphere, clean drinking water, green environment, and fresh air to achieve a sustainable future are likely to drive the market over the forecast period.
Energy Storage Systems Market Share Insights
The companies are focus on working on advanced technology-based products due to the rising demand for energy storage systems in the grid-connected sector. The primary product strategies in the ESS market have become competitive on account of grid parity and other power generating sources.
The operational strategies for the energy storage sector are closely tied to the system integrators, manufacturers and project’s originators sharing the operational and maintenance parts of most large-scale and commercial projects. Companies are mostly integrated across the manufacturing and distribution stages of the value chain, where the key players have showcased expertise to develop the most cost effective and reliable O&M service solutions.
Some of the prominent vendors in the global market include GE; Electrovaya; Active Power; Furukawa Battery; Fluence; Saft; EnSync; Maxwell Technologies, Inc.; The Furukawa Battery Co., Ltd.; and AltairNano.
Key Insights Covered: Global Energy Storage Systems Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Energy Storage Systems industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Energy Storage Systems industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Energy Storage Systems industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Energy Storage Systems industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Energy Storage Systems industry.
Research Methodology: Global Energy Storage Systems Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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