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PUBLISHER: IMARC | PRODUCT CODE: 1308133

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PUBLISHER: IMARC | PRODUCT CODE: 1308133

Energy Storage Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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Market Overview:

The global energy storage systems market size reached 217.5 GW in 2022. Looking forward, IMARC Group expects the market to reach 372.9 GW by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028. The growing demand for electricity during emergency power cuts, increasing utilization of renewable energy, and rising concerns to reduce harmful emissions worldwide represent some of the key factors driving the market.

Energy storage systems (ESS) refer to the devices that are designed to store energy, such as chemical, kinetic, gravitational potential, latent heat, radiation, and thermal, and convert them to electricity and supplying it for future use. They comprise a power conversion system (PCS) and battery management system (BMS) to handle alternating current and direct current (AC/DC), DC/AC conversion, and cell charging. They rely on various technologies, such as pumped hydro, electrochemical, electromechanical, and thermal storage. They are a vital component of electricity generation, transmission, distribution, and consumption. They are cost-effective and offer resilient energy infrastructure and assist in integrating renewable or clean energy. They serve as insurance when power outages cause disastrous losses and reduce downtime. Besides this, they can reduce the demand for electricity and improve efficiency while lowering greenhouse gas (GHG) emissions. As a result, ESS finds applications in the residential, non-residential, and utility sectors across the globe.

Energy Storage Systems Market Trends:

At present, the rising demand for ESS to meet load during periods of peak demand represents one of the key factors supporting the growth of the market. Besides this, the growing demand for ESS in the automotive industry due to the rapid development of electric vehicles (EVs) around the world is offering a positive market outlook. Additionally, there is a rise in the demand for electricity at the time of emergency power cuts which does not decrease the productivity of work across the globe. This, coupled with the increasing demand for sustainable and energy-efficient solutions among the masses worldwide, is propelling the growth of the market. Apart from this, the rising concern among consumers about increasing levels of greenhouse gas (GHG) emissions across the globe is offering lucrative growth opportunities to industry investors. Moreover, governing agencies of various countries are encouraging the adoption of ESS by spreading awareness about utilizing renewable energy worldwide, which is positively influencing the market. In addition to this, the rising number of grids stability ESS projects are contributing to the growth of the market. Furthermore, the increasing installation of thermal energy storage (TES) systems in buildings as advanced energy storage systems is strengthening the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global energy storage systems market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on technology, application and end user.

Technology Insights:

Pumped Hydro

Electrochemical Storage

Electromechanical Storage

Thermal Storage

The report has provided a detailed breakup and analysis of the energy storage systems market based on the technology. This includes pumped hydro, electrochemical storage, electromechanical storage, and thermal storage. According to the report, pumped hydro storage represented the largest segment.

Application Insights:

Stationary

Transportation

A detailed breakup and analysis of the energy storage systems market based on the application has also been provided in the report. This includes stationary and transportation. According to the report, stationary accounted for the largest market share.

End-User Insights:

Residential

Non-Residential

Utilities

A detailed breakup and analysis of the energy storage systems market based on the end-user has also been provided in the report. This includes residential, non-residential, and utilities. According to the report, utilities accounted for the largest market share.

Regional Insights:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for energy storage systems. Some of the factors driving the Asia Pacific energy storage systems market included favorable government initiatives, increasing adoption of renewable energy solutions, presence of numerous key players in the region, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global energy storage systems market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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., Tata Power Company Limited., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

  • 1. What was the size of the global energy storage systems market in 2022?
  • 2. What is the expected growth rate of the global energy storage systems market during 2023-2028?
  • 3. What has been the impact of COVID-19 on the global energy storage systems market?
  • 4. What are the key factors driving the global energy storage systems market?
  • 5. What is the breakup of the global energy storage systems market based on the technology?
  • 6. What is the breakup of the global energy storage systems market based on the application?
  • 7. What is the breakup of the global energy storage systems market based on end user?
  • 8. What are the key regions in the global energy storage systems market?
  • 9. Who are the key players/companies in the global energy storage systems market?
Product Code: SR112023A5406

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
Product Code: SR112023A5406

List of Figures

  • Figure 1: Global: Energy Storage Systems Market: Major Drivers and Challenges
  • Figure 2: Global: Energy Storage Systems Market: Volume Trends (in GW), 2017-2022
  • Figure 3: Global: Energy Storage Systems Market Forecast: Volume Trends (in GW), 2023-2028
  • Figure 4: Global: Energy Storage Systems Market: Value Trends (in Billion US$), 2017-2022
  • Figure 5: Global: Energy Storage Systems Market Forecast: Value Trends (in Billion US$), 2023-2028
  • Figure 6: Global: Energy Storage Systems Market: Breakup by Technology (in %), 2022
  • Figure 7: Global: Energy Storage Systems Market: Breakup by Application (in %), 2022
  • Figure 8: Global: Energy Storage Systems Market: Breakup by End User (in %), 2022
  • Figure 9: Global: Energy Storage Systems Market: Breakup by Region (in %), 2022
  • Figure 10: Global: Energy Storage Systems (Pumped Hydro) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 11: Global: Energy Storage Systems (Pumped Hydro) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 12: Global: Energy Storage Systems (Electrochemical Storage) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 13: Global: Energy Storage Systems (Electrochemical Storage) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 14: Global: Energy Storage Systems (Electromechanical Storage) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 15: Global: Energy Storage Systems (Electromechanical Storage) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 16: Global: Energy Storage Systems (Thermal Storage) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 17: Global: Energy Storage Systems (Thermal Storage) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 18: Global: Energy Storage Systems (Stationary) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 19: Global: Energy Storage Systems (Stationary) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 20: Global: Energy Storage Systems (Transportation) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 21: Global: Energy Storage Systems (Transportation) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 22: Global: Energy Storage Systems (Residential) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 23: Global: Energy Storage Systems (Residential) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 24: Global: Energy Storage Systems (Non-Residential) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 25: Global: Energy Storage Systems (Non-Residential) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 26: Global: Energy Storage Systems (Utilities) Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 27: Global: Energy Storage Systems (Utilities) Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 28: North America: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 29: North America: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 30: United States: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 31: United States: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 32: Canada: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 33: Canada: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 34: Asia-Pacific: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 35: Asia-Pacific: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 36: China: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 37: China: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 38: Japan: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 39: Japan: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 40: India: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 41: India: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 42: South Korea: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 43: South Korea: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 44: Australia: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 45: Australia: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 46: Indonesia: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 47: Indonesia: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 48: Others: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 49: Others: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 50: Europe: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 51: Europe: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 52: Germany: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 53: Germany: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 54: France: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 55: France: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 56: United Kingdom: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 57: United Kingdom: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 58: Italy: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 59: Italy: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 60: Spain: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 61: Spain: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 62: Russia: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 63: Russia: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 64: Others: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 65: Others: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 66: Latin America: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 67: Latin America: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 68: Brazil: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 69: Brazil: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 70: Mexico: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 71: Mexico: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 72: Others: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 73: Others: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 74: Middle East and Africa: Energy Storage Systems Market: Value Trends (in Million US$), 2017 & 2022
  • Figure 75: Middle East and Africa: Energy Storage Systems Market: Breakup by Country (in %), 2022
  • Figure 76: Middle East and Africa: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2023-2028
  • Figure 77: Global: Energy Storage Systems Industry: SWOT Analysis
  • Figure 78: Global: Energy Storage Systems Industry: Value Chain Analysis
  • Figure 79: Global: Energy Storage Systems Industry: Porter's Five Forces Analysis

List of Tables

  • Table 1: Global: Energy Storage Systems Market: Key Industry Highlights, 2022 and 2028
  • Table 2: Global: Energy Storage Systems Market Forecast: Breakup by Technology (in Million US$), 2023-2028
  • Table 3: Global: Energy Storage Systems Market Forecast: Breakup by Application (in Million US$), 2023-2028
  • Table 4: Global: Energy Storage Systems Market Forecast: Breakup by End User (in Million US$), 2023-2028
  • Table 5: Global: Energy Storage Systems Market Forecast: Breakup by Region (in Million US$), 2023-2028
  • Table 6: Global: Energy Storage Systems Market: Competitive Structure
  • Table 7: Global: Energy Storage Systems Market: Key Players
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