Energy Storage Market Revenue Thrives from USD 2.26 Billion in 2022 to USD 5.41 billion by 2030, at a 13.24% CAGR | Brief Insight on Tesla, AES, GE, Sulzer, etc.
Research Reports
Mar 15, 2023
Energy Storage Market Overview:
The Global Energy Storage Market revenue is estimated to reach up to USD 5.41 billion at a driving CAGR of 13.24% by the end of the forecast period. The energy storage market has been growing rapidly in recent years, driven by the increasing deployment of renewable energy sources such as wind and solar power. Energy storage systems are used to store excess energy generated by renewable sources and release it when demand is high or when the renewable sources are not generating electricity.
Energy storage systems are appertained to equipment that can store multiple forms of energy and can be used as per the requirements. Energy Storage plays a truly important role in storing renewable energy. These are modular blocks utilized to store energy produced by any renewable source and release it when needed.
Key Players
The global Energy Storage Market’s prominent key players are
- Tesla Inc. (U.S.),
- AES Corporation (U.S.),
- General Electric Company (U.S),
- Sulzer Ltd. (Switzerland),
- Voith GmbH (Germany),
- Hydrostor Inc. (Canada),
- Linde AG (Germany),
- Highview Power Storage (U.K.),
- Hydrogenics Corporation (Canada),
- SolarReserve LLC. (U.S.).
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The rearing energy consumption across the world, uprising demand for effective energy sources, raising demand for batteries, and shifting focus towards clean energy are increasing the growth of the market across the world. The blistering growth in the demand for effective grid management, regular load management, and efficient and continuous power supply are the prominent factors that affect market growth. The blistering industrialization and urbanization of the developing regions, uprising air pollution, growing concerns regarding carbon emissions, and boosting investments towards sustainable energy sources are the substantial factors that are evaluated to drive the growth of the energy storage systems market in the upcoming years. Additionally, the surging economic activities, uprising production facilities, and expanding adoption of digital technologies are significantly increasing the demand for effective and continuous power supply across various industries. Additionally, the surging acceptance of hybrid and electric vehicles among global consumers is another substantial factor behind the growth of the energy storage systems market. The surging penetration of electric vehicles across the world is punching the demand for batteries.
Energy Storage Market Segmentation
The global Energy Storage Market is segmented into the following types;
By Technology
- Pumped Hydro
- Electro-Chemical
- Lithium Ion Battery
- Sodium Sulfur Battery
- Lead Acid Battery
- Flow Battery
- Others
- Electro-Mechanical
- Flywheel
- Compressed Air Energy Storage
- Thermal
- Water
- Molten Salt
- Phase Change Material
- Others
By Application
- Transportation
- Grid Management
By End User
- Residential
- Non-Residential
- Utilities
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Market Driving Forces
- Increased focus to reduce carbon emissions
- Increase in the demand for natural gas
- Increased use for power generation
Energy Storage Market Regional Analysis
The global Energy Storage Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia Pacific pacified the global energy storage systems market in 2020. Asia Pacific is witnessing strong economic growth owing to the blistering industrialization and fast urbanization in the region. China is the top manufacturer and the presiding consumer of energy storage systems. Further, the promoting investments in the infrastructure of electric vehicles are anticipated to have a significant impact on market growth in the upcoming years.
North America is anticipated to have an expressive impact on market growth during the forecast period.
Europe’s industry outlook will be strong over the coming few years, owing to the uprising installation of improved power generation technologies. It’s worth mentioning that the U.K., France, Germany, and Italy have flaunted an augmented inclination for grid infrastructure projects and strict energy security policies.
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