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Energy Storage Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Mechanical, Electrochemical, Thermal, and Chemical); Application (Transportation, and Grid Management); and Region/Country
The Energy Storage Market was valued at around USD 2.00 BN in 2022 and grow at a strong CAGR of around 13.5 % during the forecast period 2023-2030. Trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Furthermore, the expansion of the market for energy storage systems is the rising adoption of electric vehicles (EVs) and the need for efficient and reliable energy storage solutions in the automotive sector is also driving the growth of the market. Additionally, well-known EV producers like Tesla are producing cars using renewable energy. To stimulate the adoption of EVs and advance sustainable mobility, governments in nations like China and Japan offer subsidies to consumers who purchase electric and hybrid vehicles.
In addition, growing investments in lithium-ion battery packs from automotive battery manufacturers are projected to open up lucrative new markets for global energy storage system developers.
Some of the major players operating in the market include Contemporary Amperex Technology Co. Limited, Convergent Energy and Power, Duke Energy, Fluence, General Electric, Hitachi Ltd, NextEra Energy Inc., NEC Corporation., S&C Electric Company, Tesla Inc. Several M&A’s along with partnerships have been undertaken by these players to boost customers with their knowledge and type of storage.
Insights Presented in the Report
“Amongst Type, mechanical energy storage systems held lucrative market share.”
Based on type, energy storage market is divided into mechanical, electrochemical, thermal, and chemical storage systems. Among all, mechanical storage methods hold a lucrative market share this is due to the presence of a considerable number of pumped hydro storage systems using water reservoirs. Further, compressed air energy storage is also a type of mechanical storage system and accounts for considerable market share for energy storage systems. It stores compressed air when surplus energy is produced from wind turbines and there is less energy consumption. Compressed air energy storage involves converting electrical energy into high-pressure compressed air that can be released at a later time to drive a turbine generator to produce electricity. In 2022, global pumped storage hydropower capacity surpassed 135 gigawatts, with China, Japan, and the United States combined accounting for almost one third of this value.
“Asia Pacific represents lucrative market share in the Global Energy Storage Market.”
For a better understanding of the market adoption of energy storage, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. Asia Pacific is likely to witness high growth due to stringent government regulations leading to surge in demand for renewable source of energy which need energy storage system to store energy in low consumption hours and use it later in peak consumption hours. In addition, the need for a reliable and efficient energy source is being exponentially fueled by the region’s rapidly expanding economic activities. The primary drivers of the growth of the energy storage systems market in the Asia Pacific region are the rising investments in rural electrification, rising government investments in the adoption of sustainable energy sources, and rising government initiatives to incentivize the corporate sector to adopt renewable energy sources.
Energy Storage Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional & country-level analysis of the industry
Customization Options:
The global energy storage market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Content
Research Methodology for Global Energy Storage Market Analysis (2023-2030)
Analyzing the historical market, estimation of the current market, and forecasting the future of global energy storage were the three major steps undertaken to create and analyze the adoption of energy storage across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the energy storage sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the energy storage through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the energy storage market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segment included in the report is type and application. Further regional & country-level analyses were conducted to evaluate the overall adoption of energy storage in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of energy storage. Further, we conducted factor analysis using dependent and independent variables like rising energy demand. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global energy storage market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of energy storage across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the energy storage market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global energy storage market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type and application.
The main objective of the Energy Storage Market Study
The current & future market trends of energy storage were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of energy storage in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include area of type and application.
- Defined analysis of the regulatory framework for the global energy storage industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the energy storage for the major regions & countries
- Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
- Company profiles of the energy storage market players and the growth strategies adopted by them to sustain in the fast-growing market
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