Renewable energy integration, regulatory support & incentives, and decentralization & microgrids are the factors that drive the growth of the market.
PORTLAND, Ore., April 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Energy Storage System Market by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage), Application (Stationary and Transport), and End-Use (Residential, Non Residential, and Utilities): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “energy storage system market” was valued at $198.8 billion in 2022, and is estimated to reach $329.1 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
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Prime determinants of energy storage system market growth
The global energy storage system market has experienced growth due to several factors such as renewable energy integration, regulator support & incentives, and decentralization & microgrids. However, lack of standardization and perception of risk hinder market growth. Moreover, investment in electric vehicle charging infrastructure, and rural electrification initiatives provides opportunities for expanding the energy storage system market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2023 |
$198.8 billion |
|
Market Size in 2032 |
$329.1 billion |
|
CAGR |
5.2 % |
|
No. of Pages in Report |
250 |
|
Segments Covered |
Technology, Application, and End-Use. |
|
Region Scope |
North America, Europe, Asia-Pacific, and LAMEA |
|
Country Scope |
U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa. |
|
Drivers |
Renewable energy integration Regulatory support and incentives Decentralization and microgrids |
|
Opportunities |
Electric vehicle charging infrastructure Rural electrification initiatives |
|
Restraints |
Lack of standardization Perception of risk |
The flywheel energy storage segment is expected to grow faster throughout the forecast period.
By technology, the pumped hydro storage segment held the highest market share in 2022, accounting for more than four-fifths of energy storage system market revenue. It is estimated to maintain its leadership status throughout the forecast period The combination of reliability, efficiency, scalability, and cost-effectiveness has positioned pumped hydro storage as a dominant technology in the energy storage system market, particularly for grid-scale applications where long-duration storage and grid support services are critical. However, the flywheel energy storage segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. The increase in innovation and development of medical devices for diagnosis in hospitals have led to an increase in the demand for flywheel energy storage devices which has a positive impact on the energy storage system market.
The stationary segment is expected to lead the trail by 2032
By application, the stationary segment held the highest market share in 2022, accounting for nearly four-fifths of the energy storage system market revenue, and is estimated to dominate during the forecast period. Stationary energy storage systems command a significant market share due to their versatility, reliability, and broad applicability across various sectors. These systems offer a scalable solution for storing excess renewable energy, optimizing grid performance, and providing backup power during outages. With advancements in technology, such as lithium-ion batteries, stationary energy storage systems have become increasingly cost-effective and efficient, making them attractive for utilities, commercial enterprises, and residential consumers. However, the transport segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. The rapid growth of the transport energy storage system market is primarily fueled by the global shift towards electrification in the transportation sector. As governments, industries, and consumers increasingly prioritize sustainability and seek to reduce greenhouse gas emissions, there’s a growing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
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The utilities segment dominates the market by 2032
By end-use, the utilities segment held the highest market share in 2022, accounting for more than four-fifths of the energy storage system market revenue, and is estimated to dominate during the forecast period. The high demand for energy storage systems in utilities’ end-use arises from the imperative to optimize grid operations, manage peak demand efficiently, integrate increasing levels of renewable energy sources, and enhance grid resilience. Utilities rely on energy storage to mitigate intermittency issues associated with renewables, ensuring a stable and reliable power supply.
However, residential segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032. The residential energy storage system market is experiencing rapid growth due to several key factors. Firstly, the increasing adoption of rooftop solar photovoltaic (PV) systems among homeowners has created a need for energy storage solutions to maximize self-consumption of solar energy and provide backup power during grid outages. Additionally, advancements in battery technology, coupled with decreasing costs, have made energy storage systems more accessible and affordable for residential consumers. This has spurred widespread interest and investment in residential energy storage solutions, ranging from lithium-ion batteries to emerging technologies like flow batteries and hydrogen storage.
The Asia-Pacific segment is expected to dominate the market by 2032
By region, Asia-Pacific held the highest market share in 2022, accounting for more than two-fifths of the energy storage system market revenue, and is estimated to dominate during the forecast period. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. The combination of growing energy demand, renewable energy deployment, supportive government policies, technological advancements, and a thriving supply chain is fueling the high demand and rapid growth of the energy storage system market in the Asia-Pacific region.
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Leading Market Players: –
- Scheider Electric
- SMA Solar Technology AG
- Exide Industries Ltd.
- SK Holdings
- Autobat
- Enerbrax Acumuladores Ltda
- Eguana Technologies
- Imergy Power Systems
- Ionotec Ltd
- Tata Power
The report provides a detailed analysis of these key players in the energy storage system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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