PUBLISHER: The Business Research Company | PRODUCT CODE: 1486802
PUBLISHER: The Business Research Company | PRODUCT CODE: 1486802
Energy Storage Systems Global Market Opportunities And Strategies To 2033
Energy storage systems (ESS) are pivotal in the modern energy sector, serving as a cornerstone for managing power supply and enhancing the reliability and efficiency of the energy grid. These systems store energy in various forms for later use, helping to balance supply and demand, stabilize the grid and integrate renewable energy sources.
The energy storage systems market consists of sales, by entities (organizations, sole traders and partnerships), of energy storage systems that are utilized by a wide range of users, including homeowners seeking to store solar energy for off-peak use, businesses aiming to reduce energy costs and carbon footprints and utility providers looking to ensure grid stability and manage load.
The global energy storage systems market was valued at $178,919.72 million in which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Surge In Electricity Demand And Consumption
The surge in electricity demand and consumption drove the growth of the energy storage systems market during the historic period. Electricity demand is rising due to population growth, urbanization, industrial expansion, increased appliance use, economic development and electrification trends. Energy storage systems are utilized for storing electricity generated from various sources, including renewable energy systems like solar panels and wind turbines, as well as traditional grid-connected power plants. These systems store excess electricity during periods of low demand or high generation and release it when demand exceeds supply or during peak usage times. For instance, in June 2023, according to a report published by the Energy Institute (EI), a UK-based professional membership body for the energy sector, total global electricity generation experienced a 2.3% increase during 2022 compared to 2021. In addition, primary energy consumption in non-OECD (Organization for Economic Co-operation and Development) countries surged by 20.5 EJ (exajoule) from pre-COVID levels, largely due to China's growth of 14.6 EJ, accounting for 72% of the rise. Therefore, the surge in electricity demand and consumption propelled the growth of the energy storage systems market.
EV Battery Technology In Residential Energy Storage
Companies operating in the energy storage systems market are developing advanced home storage battery system technologies, such as battery systems based on electrified vehicle (EV) battery technology, to enhance energy storage capacity, efficiency and sustainability for residential users. These systems leverage EV battery technology to provide residential users with reliable backup power, optimize energy usage from renewable sources like solar panels and reduce electricity costs through peak shaving and load shifting strategies. For instance, in June 2022, Toyota Motor Corporation, a Japan-based automotive manufacturer, released a residential storage battery system based on electrified vehicle battery technology, embodying the principles of safety, extended service life, superior quality, affordability and exceptional performance. The O-Uchi Kyuden System, built on extensive experience in electrified vehicle development and leveraging onboard components, offers customers peace of mind. With a rated capacity of 8.7 kWh and a rated output of 5.5 kWh, this system utilizes Toyota's battery control technology to ensure safety and provide a reliable power supply to the entire home, including during power outages triggered by natural disasters.
The global energy storage systems market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 7.30% of the total market in 2022.
Energy Storage Systems Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global energy storage systems market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
The report covers the following chapters
Markets Covered:
Table of Contents
1 Executive Summary
- 1.1 Energy Storage Systems - Market Attractiveness And Macro economic Landscape
2 Table Of Contents
3 List Of Tables
4 List Of Figures
5 Report Structure
6 Market Characteristics
- 6.1 General Market Definition
- 6.2 Summary
- 6.3 Energy Storage Systems Market Definition And Segmentations
- 6.4 Market Segmentation By Technology
7 Energy Storage Systems Market - Macro Economic Scenario
8 Major Market Trends
9 Global Market Size and Growth
10 Global Energy Storage Systems Market Segmentation
11 Energy Storage Systems Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape And Company Profiles
20 Competitive Benchmarking
21 Competitive Dashboard
22 Key Mergers And Acquisitions
23 Opportunities And Strategies
24 Energy Storage Systems Market, Conclusions And Recommendations
25 Appendix
