PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1314937
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1314937
Global Energy Storage System Market Size study & Forecast, by Technology by Application, by End User and Regional Analysis, 2023-2030
Global Energy Storage System (ESS) Market is valued approximately at USD 228.34 billion in 2022 and is anticipated to grow with a CAGR of more than 8.40% over the forecast period 2023-2030. Energy Storage System (ESS) refers to a technology that enables the storage of excess energy generated from various sources for later use. It involves capturing and storing electricity in batteries, flywheels, compressed air, or other storage mediums to be discharged when needed. ESS plays a crucial role in enhancing energy reliability, balancing supply and demand, and integrating intermittent renewable energy sources into the power grid. By storing excess energy during periods of low demand or high generation, ESS helps to reduce wastage, improves grid stability, and provides backup power during outages. It offers flexibility in managing energy resources and contributes to the efficient utilization and optimization of the overall energy system. Moreover, increasing renewable energy integration and increasing demand for electricity anticipated to be the market growth drivers ket. Furthermore, increasing use of smart grid technology and government support and cohesive initiatives creates growth opportunities for the market growth during the forecast period 2023-2030.
According to Centre for Climate and Energy Solutions (C2ES), In 2020, renewable energy sources accounted for 19.8 percent of electricity generation, driven by hydro and wind power. By 2030, the share of renewables is expected to increase to 35 percent, with significant contributions from wind and solar energy. Non-hydro renewables have experienced substantial growth, expanding their portion of electric power generation from under 1 percent in 2005 to over 12.5 percent in 2020. This growing reliance on renewables highlights the need for efficient energy storage systems (ESS) to capture, store and utilize renewable energy effectively, ensuring grid stability and reliable power supply. According to Statista in 2022, China emerged as the global leader in electricity demand, surpassing all other nations. The total electricity needed by China exceeded 8,840 terawatt-hours, more than double the demand of the United States. In comparison to the base year of 2021, China witnessed a significant growth of around 370 terawatt-hours in its electricity demand. This escalating demand for electricity presents a significant opportunity for energy storage systems (ESS) to play a crucial role in ensuring a stable and reliable power supply, managing peak loads and meeting the growing energy requirements of the country. However, rising environmental concern and high cost of (ESS) installation may hamper the market growth.
The key regions considered for the Global Energy Storage System (ESS) Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominates the ESS market with the largest market share due to rapid economic growth, urbanization, and industrialization. Investments in renewable energy by countries such as China, Japan, and South Korea have driven the need for efficient energy storage. Supportive government policies and a strong manufacturing base further stimulate the market growth. The region's large population and rising energy consumption create a significant market for ESS, enhancing grid stability and improving energy reliability. North America's ESS market experiences rapid growth due to factors such as increasing renewable energy deployment, supported by government policies and clean energy targets. The region's strong research and development ecosystem fosters innovation, leading to efficient and scalable ESS technologies. With a mature energy infrastructure, North America provides a conducive environment for integrating and deploying ESS projects. The rising demand for grid modernization, resilience, and transportation electrification also contributes to the region's accelerated growth in the ESS market.
Major market player included in this report are:
- LG Chem Ltd.
- Convergent Energy and Power Inc.
- Eos Energy Enterprises, Inc
- Beacon Power Corporation
- BYD Co. Ltd.
- ABB Ltd.
- Greensmith Energy Management Systems Inc.
- Seeo, Inc.
- Schweitzer & Conrad, Inc.
- Schneider Electric SE
Recent Developments in the Market:
- In June 2020, Siemens Energy and EnergyNest, a startup specializing in energy storage systems, have formed a long-term partnership to offer thermal energy storage solutions tailored to industrial users.
- In October 2021, The Indian government issued a call for expressions of interest to initiate a pilot project for the installation of 1000 MW battery storage systems in the country.
Global Energy Storage System (ESS) Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimatio: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Technology, Application, End User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology:
- Pumped Hydro
- Electro-Chemical
- Electro-Mechanical
- Thermal
By Application:
- Transportation
- Grid Management
By End User:
- Residential
- Non-Residential
- Utilities
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Energy Storage Systems (ESS) Market, by region, 2020-2030 (USD Billion)
- 1.2.2. Energy Storage Systems (ESS) Market, by Technology, 2020-2030 (USD Billion)
- 1.2.3. Energy Storage Systems (ESS) Market, by Application, 2020-2030 (USD Billion)
- 1.2.4. Energy Storage Systems (ESS) Market, by End User, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Energy Storage Systems (ESS) Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Energy Storage Systems (ESS) Market Dynamics
- 3.1. Energy Storage Systems (ESS) Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing Renewable Energy Integration
- 3.1.1.2. Increasing Demand for Electricity
- 3.1.2. Market Challenges
- 3.1.2.1. Rising Environmental Concern
- 3.1.2.2. High Cost of (ESS) Installation
- 3.1.3. Market Opportunities
- 3.1.3.1. Increasing Use of Smart Grid Technology
- 3.1.3.2. Government Support and Initiatives
- 3.1.1. Market Drivers
Chapter 4. Global Energy Storage Systems (ESS) Market: Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economic
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Energy Storage Systems (ESS) Market, by Technology
- 5.1. Market Snapshot
- 5.2. Global Energy Storage Systems (ESS) Market by Technology, Performance - Potential Analysis
- 5.3. Global Energy Storage Systems (ESS) Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
- 5.4. Energy Storage Systems (ESS) Market, Sub Segment Analysis
- 5.4.1. Pumped Hydro
- 5.4.2. Electro-Chemical
- 5.4.3. Electro-Mechanical
- 5.4.4. Thermal
Chapter 6. Global Energy Storage Systems (ESS) Market, by Application
- 6.1. Market Snapshot
- 6.2. Global Energy Storage Systems (ESS) Market by Application, Performance - Potential Analysis
- 6.3. Global Energy Storage Systems (ESS) Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 6.4. Energy Storage Systems (ESS) Market, Sub Segment Analysis
- 6.4.1. Transportation
- 6.4.2. Grid Management
Chapter 7. Global Energy Storage Systems (ESS) Market, by End User
- 7.1. Market Snapshot
- 7.2. Global Energy Storage Systems (ESS) Market by End User, Performance - Potential Analysis
- 7.3. Global Energy Storage Systems (ESS) Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
- 7.4. Energy Storage Systems (ESS) Market, Sub Segment Analysis
- 7.4.1. Residential
- 7.4.2. Non-Residential
- 7.4.3. Utilities
Chapter 8. Global Energy Storage Systems (ESS) Market, Regional Analysis
- 8.1. Top Leading Countries
- 8.2. Top Emerging Countries
- 8.3. Energy Storage Systems (ESS) Market, Regional Market Snapshot
- 8.4. North America Energy Storage Systems (ESS) Market
- 8.4.1. U.S. Energy Storage Systems (ESS) Market
- 8.4.1.1. Technology breakdown estimates & forecasts, 2020-2030
- 8.4.1.2. Application breakdown estimates & forecasts, 2020-2030
- 8.4.1.3. End User breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Energy Storage Systems (ESS) Market
- 8.4.1. U.S. Energy Storage Systems (ESS) Market
- 8.5. Europe Energy Storage Systems (ESS) Market Snapshot
- 8.5.1. U.K. Energy Storage Systems (ESS) Market
- 8.5.2. Germany Energy Storage Systems (ESS) Market
- 8.5.3. France Energy Storage Systems (ESS) Market
- 8.5.4. Spain Energy Storage Systems (ESS) Market
- 8.5.5. Italy Energy Storage Systems (ESS) Market
- 8.5.6. Rest of Europe Energy Storage Systems (ESS) Market
- 8.6. Asia-Pacific Energy Storage Systems (ESS) Market Snapshot
- 8.6.1. China Energy Storage Systems (ESS) Market
- 8.6.2. India Energy Storage Systems (ESS) Market
- 8.6.3. Japan Energy Storage Systems (ESS) Market
- 8.6.4. Australia Energy Storage Systems (ESS) Market
- 8.6.5. South Korea Energy Storage Systems (ESS) Market
- 8.6.6. Rest of Asia Pacific Energy Storage Systems (ESS) Market
- 8.7. Latin America Energy Storage Systems (ESS) Market Snapshot
- 8.7.1. Brazil Energy Storage Systems (ESS) Market
- 8.7.2. Mexico Energy Storage Systems (ESS) Market
- 8.8. Middle East & Africa Energy Storage Systems (ESS) Market
- 8.8.1. Saudi Arabia Energy Storage Systems (ESS) Market
- 8.8.2. South Africa Energy Storage Systems (ESS) Market
- 8.8.3. Rest of Middle East & Africa Energy Storage Systems (ESS) Market
Chapter 9. Competitive Intelligence
- 9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
- 9.2. Top Market Strategies
- 9.3. Company Profiles
- 9.3.1. LG Chem Ltd.
- 9.3.1.1. Key Information
- 9.3.1.2. Overview
- 9.3.1.3. Financial (Subject to Data Availability)
- 9.3.1.4. Product Summary
- 9.3.1.5. Recent Developments
- 9.3.2. Convergent Energy and Power Inc.
- 9.3.3. Eos Energy Enterprises, Inc
- 9.3.4. Beacon Power Corporation
- 9.3.5. BYD Co. Ltd.
- 9.3.6. ABB Ltd.
- 9.3.7. Greensmith Energy Management Systems Inc.
- 9.3.8. Seeo, Inc.
- 9.3.9. Schweitzer & Conrad, Inc.
- 9.3.10. Schneider Electric SE
- 9.3.1. LG Chem Ltd.
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes
- 10.3. Research Assumption
LIST OF TABLES
- TABLE 1. Global Energy Storage Systems (ESS) Market, report scope
- TABLE 2. Global Energy Storage Systems (ESS) Market estimates & forecasts by Region 2020-2030 (USD Billion)
- TABLE 3. Global Energy Storage Systems (ESS) Market estimates & forecasts by Technology 2020-2030 (USD Billion)
- TABLE 4. Global Energy Storage Systems (ESS) Market estimates & forecasts by Application 2020-2030 (USD Billion)
- TABLE 5. Global Energy Storage Systems (ESS) Market estimates & forecasts by End User 2020-2030 (USD Billion)
- TABLE 6. Global Energy Storage Systems (ESS) Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 7. Global Energy Storage Systems (ESS) Market by region, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 8. Global Energy Storage Systems (ESS) Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 9. Global Energy Storage Systems (ESS) Market by region, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 10. Global Energy Storage Systems (ESS) Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 11. Global Energy Storage Systems (ESS) Market by region, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 12. Global Energy Storage Systems (ESS) Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 13. Global Energy Storage Systems (ESS) Market by region, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 14. Global Energy Storage Systems (ESS) Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 15. Global Energy Storage Systems (ESS) Market by region, estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 16. U.S. Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 17. U.S. Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 18. U.S. Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 19. Canada Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 20. Canada Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 21. Canada Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 22. UK Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 23. UK Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 24. UK Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 25. Germany Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 26. Germany Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 27. Germany Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 28. France Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 29. France Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 30. France Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 31. Italy Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 32. Italy Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 33. Italy Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 34. Spain Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 35. Spain Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 36. Spain Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 37. RoE Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 38. RoE Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 39. RoE Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 40. China Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 41. China Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 42. China Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 43. India Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 44. India Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 45. India Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 46. Japan Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 47. Japan Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 48. Japan Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 49. South Korea Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 50. South Korea Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 51. South Korea Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 52. Australia Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 53. Australia Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 54. Australia Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 55. RoAPAC Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 56. RoAPAC Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 57. RoAPAC Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 58. Brazil Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 59. Brazil Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 60. Brazil Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 61. Mexico Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 62. Mexico Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 63. Mexico Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 64. RoLA Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 65. RoLA Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 66. RoLA Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 67. Saudi Arabia Energy Storage Systems (ESS) Market estimates & forecasts, 2020-2030 (USD Billion)
- TABLE 68. South Africa Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 69. RoMEA Energy Storage Systems (ESS) Market estimates & forecasts by segment 2020-2030 (USD Billion)
- TABLE 70. List of secondary sources, used in the study of global Energy Storage Systems (ESS) Market
- TABLE 71. List of primary sources, used in the study of global Energy Storage Systems (ESS) Market
- TABLE 72. Years considered for the study
- TABLE 73. Exchange rates considered
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
LIST OF FIGURES
- FIG 1. Global Energy Storage Systems (ESS) Market, research methodology
- FIG 2. Global Energy Storage Systems (ESS) Market, Market estimation techniques
- FIG 3. Global Market size estimates & forecast methods
- FIG 4. Global Energy Storage Systems (ESS) Market, key trends 2022
- FIG 5. Global Energy Storage Systems (ESS) Market, growth prospects 2023-2030
- FIG 6. Global Energy Storage Systems (ESS) Market, porters 5 force model
- FIG 7. Global Energy Storage Systems (ESS) Market, pest analysis
- FIG 8. Global Energy Storage Systems (ESS) Market, value chain analysis
- FIG 9. Global Energy Storage Systems (ESS) Market by segment, 2020 & 2030 (USD Billion)
- FIG 10. Global Energy Storage Systems (ESS) Market by segment, 2020 & 2030 (USD Billion)
- FIG 11. Global Energy Storage Systems (ESS) Market by segment, 2020 & 2030 (USD Billion)
- FIG 12. Global Energy Storage Systems (ESS) Market by segment, 2020 & 2030 (USD Billion)
- FIG 13. Global Energy Storage Systems (ESS) Market by segment, 2020 & 2030 (USD Billion)
- FIG 14. Global Energy Storage Systems (ESS) Market, regional snapshot 2020 & 2030
- FIG 15. North America Energy Storage Systems (ESS) Market 2020 & 2030 (USD Billion)
- FIG 16. Europe Energy Storage Systems (ESS) Market 2020 & 2030 (USD Billion)
- FIG 17. Asia pacific Energy Storage Systems (ESS) Market 2020 & 2030 (USD Billion)
- FIG 18. Latin America Energy Storage Systems (ESS) Market 2020 & 2030 (USD Billion)
- FIG 19. Middle East & Africa Energy Storage Systems (ESS) Market 2020 & 2030 (USD Billion)
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
