The global energy storage systems market reached a volume of 196.14 GW in 2021. Looking forward, IMARC Group expects the market to reach a volume of 344.46 GW by 2027, exhibiting a CAGR of 9.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
An energy storage system (ESS) is designed to store energy, such as radiation, chemical, gravitational, potential, electrical, latent heat, and kinetic, which can be used later to carry out useful operations. It offers various technological solutions for regulating power supply, building more resilient energy infrastructure, and saving costs for utilities and customers. In addition, it improves the efficiency and capacities of the electric grid while minimizing greenhouse gas (GHG) emissions. As a result, it finds extensive applications in the residential, commercial, utilities, and transportation sectors across the globe.
Energy Storage Systems Market Trends:
At present, there is a rise in the utilization of clean and renewable energy around the world to reduce global warming, air pollution, and considerable reliance on fossil fuels. This, along with the growing requirements of efficient grid management, constant load management, and continuous power supply among various organizations, represents one of the key factors driving the market. Moreover, governments of several countries are extensively investing in renewable energy technologies (RET). This, coupled with increasing government incentives to promote the adoption of electric vehicles (EVs) across the globe, is propelling the growth of the market. Additionally, the growing employment of lithium-ion batteries due to their high efficiency, better temperature performance, and low self-discharge over time is positively influencing the market. Besides this, the rising installation of thermal energy storage (TES) systems in buildings as advanced energy storage systems is offering lucrative growth opportunities to end-users and industry investors. Apart from this, the increasing electrification, in confluence with the growing number of transmission and distribution stations worldwide, is projected to catalyze the demand for energy storage systems globally in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global energy storage systems market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, application and end user.
Breakup by Technology:
- Pumped Hydro
- Electrochemical Storage
- Electromechanical Storage
- Thermal Storage
Breakup by Application:
- Stationary
- Transportation
Breakup by End User:
- Residential
- Non-Residential
- Utilities
Breakup by Region:
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Altair Nanotechnologies Inc., Eguana Technologies, Electrovaya Inc., Exide Industries Limited, Furukawa Electric Co. Ltd., General Electric Company, Kokam Ltd., LG Chem Ltd., Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Schneider Electric SE, Showa Denko K. K. and Tata Power Company Limited.
Key Questions Answered in This Report:
- How has the global energy storage systems market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global energy storage systems market?
- What are the key regional markets?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global energy storage systems market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Energy Storage Systems Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Technology
- 6.1 Pumped Hydro
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Electrochemical Storage
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Electromechanical Storage
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Thermal Storage
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Application
- 7.1 Stationary
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Transportation
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by End User
- 8.1 Residential
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Non-Residential
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Utilities
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Altair Nanotechnologies Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Eguana Technologies
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Electrovaya Inc.
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Exide Industries Limited
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.5 Furukawa Electric Co. Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 General Electric Company
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Kokam Ltd.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 LG Chem Ltd.
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Saft (TotalEnergies SE)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Samsung SDI Co. Ltd.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Schneider Electric SE
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 Showa Denko K. K.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.13 Tata Power Company Limited
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.13.3 Financials
- 14.3.13.4 SWOT Analysis