SAN FRANCISCO, Feb. 16, 2022 /PRNewswire/ -- The global energy storage systems market demand is expected to reach 402.0 GW by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. Growing demand for efficient and competitive energy resources, increasing development for variable energy sources, and rising battery demand are factors anticipated to fuel the demand for energy storage systems.
Key Insights & Findings from the report:
- In terms of technology, the pumped hydro segment accounted for a prominent share in the market in 2020 and is further expected to witness prominent growth over the forecast period.
- As of 2020, Asia Pacific accounted for more than 45.0% market share. Growing reliable power demand due to rising population and industrial advancements in major economies, such as China and India, is expected to drive the regional market.
- Rising consumer awareness regarding energy efficiency in commercial and residential buildings is expected to further promote market growth. The growing trend of renewable source-based power generation, along with the increasing need for distributed electricity generation, is anticipated to propel market growth over the forecast period.
- Energy storage technologies allow power suppliers to save excess electricity for later use, thereby enhancing the grid reliability and flexibility with respect to electricity generation, transmission, and distribution. Heat stored by short-term and seasonal thermal energy storage systems helps balance the variations in the production and distribution of renewable electricity in a cost-effective manner.
- Furthermore, the demand for continuous power is anticipated to attain exponential growth in the years to come owing to rapid industrialization, infrastructure development, and continuous population growth over the coming years. This trend is expected to positively influence the energy storage industry landscape.
Read 66-page market research report, "Energy Storage Systems Market Size, Share & Trends Analysis Report By Technology (Pumped Hydro, Electrochemical Storage, Electromechanical Storage, Thermal Storage), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Energy Storage Systems Market Growth & Trends
Increasing acceptance of electric and hybrid vehicles coupled with government incentives offered for promoting EV technology is projected to boost the growth of electric cars as well as battery industries. While battery service networks are yet to improve and surpass the gasoline fueling infrastructure, volatile gasoline prices are expected to positively influence the demand for electric vehicles over the forecast period.
The electrochemical storage segment is expected to witness the fastest growth over the forthcoming years. This growth can be attributed to the beneficial characteristics of batteries including fast charging, declining prices, and long shelf life. Flow batteries are anticipated to observe an increased demand on account of their low safety risks, improved capacity, and cost-effectiveness.
Battery Energy Storage Systems (BESS) are gaining popularity owing to the 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.
With increasing requirements of efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period. Major manufacturers of thermal energy storage systems include Abengoa Solar, Evapco, Caldwell Energy, and Burns & McDonnell. Major TES companies are forward integrated and offer energy solutions such as microgrids, CHP, cogeneration, district heating, and cooling.
Energy Storage Systems Market Segmentation
Grand View Research has segmented the global energy storage systems market based on technology and region:
Energy Storage Systems Technology Outlook (Capacity, MW, 2017 - 2028)
- Pumped Hydro
- Electrochemical Storage
- Electromechanical Storage
- Thermal Storage
Energy Storage Systems Regional Outlook (Capacity, MW, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Argentina
- Middle East & Africa
- South Africa
List of Key Players of Energy Storage Systems Market
- GENERAL ELECTRIC
- LG Chem
- Langley Holdings Plc
- Altairnano
- Electrovaya
- Showa Denko Materials Co., Ltd.
- Maxell Technologies, Inc.
- Saft
- THE FURUKAWA BATTERY CO., LTD.
- Ecoult
- Kokam
- Fluence
- Samsung SDI Co., Ltd.
Check out more other studies published by Grand View Research:
- Fuel Cell Market - The global fuel cell market size is expected to reach USD 33.09 billion by 2027, exhibiting a CAGR of 15.5% over the forecast period, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.
- Solid State Battery Market - The global solid state battery market size is expected to reach USD 87.5 billion by 2027, escalating at a CAGR of 13% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solid-state batteries across end-use markets along with rising R&D focused on developing advanced batteries is likely to drive the market growth over the forecast period.
- Battery Energy Storage Systems Market - The global battery energy storage systems market size was valued at USD 3.4 billion in 2019 and is projected to witness a compound annual growth rate (CAGR) of 27.2% over the forecast period. Rising demand for reliable and continuous power supply from end-use sectors such as industrial, telecom, data centers, marine, and medical are expected to strengthen the market over the forecast period.
Browse through Grand View Research's Power Generation & Storage Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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