DUBLIN--(BUSINESS WIRE)--The "Energy Storage Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for energy storage is expected to grow at a CAGR of approximately 24.38% during the forecast period of 2020 - 2025. In an attempt to make the power industry more effective, a new trend in electric power production has witnessed intense development during the recent past, which is energy storage.
Factors such as growing renewable energy sector, supportive government policies and schemes for energy storage systems (ESS), and improving energy storage economics are expected to be the major drivers for the energy storage market in the coming years. However, ambiguity in the EU legislation related to energy storage systems is forcing the network operators to refrain from using the ESS, which, in turn, is restraining the market growth in such major regions.
The residential sector is expected to account for the largest share in the energy storage market by application with majority of the demand coming from Germany, Australia, and the United States.
The commercial and industrial (C&I) sector is increasingly adopting renewable power generation sources, such as solar and wind energy, for self-consumption. But renewable energy is an intermittent power source and the C&I sector is failing to utilize these resources to its fullest potential. Therefore, to increase the utilization rate of renewable power sources, the C&I sector is expected to increasingly adopt the energy storage systems which in, turn, creates significant opportunities to the ESS providers in the future.
Key Market Trends
Increasing Demand from Residential Sector
- The residential sector is expected to dominate the energy storage market over the forecast period. The residential usage of energy storage systems is gaining importance on account of growing need to offset the power blackouts, which result from growth in power demand from the existing power infrastructure.
- This segment is mainly dominated by Germany, Australia, and the United States. Several other countries, such as Brazil, Saudi Arabia, Thailand, and Bangladesh, have introduced the net metering program, or have made certain amendments in the program to encourage solar PV in the residential sector, thereby, creating ample opportunity for the residential energy storage market.
- Residential energy storage system (RESS) business models are still at the early development stages in most markets. However, residential customers are expected to become actively involved in modifying their energy spending patterns by monitoring their actual consumption in real time.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to continue its dominance in the energy storage market over the forecast period. The region consists of two main types of power grids each with different characteristics and opportunities for energy storage systems. On one side are highly developed nations, such as Japan, South Korea, New Zealand, and Australia, and other major cities with advanced grids that operate reliably and utilize the advanced technologies.
- On the other side, there are nations, which are still developing fundamental infrastructure systems and have unreliable or limited power grids. The developing regions are also witnessing rapid population growth and urbanization, which is increasing the demand for electricity.
- By 2027, India aims to have 275 GW of total wind and solar capacity, plus 72 GW of hydro and 15 GW of nuclear. Renewable energy's share of installed capacity is forecast to rise to 43% by 2027. With the growing renewable sector, the demand for the energy storage system, to address the challenges related to intermittency in renewable power generation, is expected to grow.
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast, in USD billion, till 2025
4.3 Global Annual Energy Storage Deployments (in MW), till 2025
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 GS Yuasa Corporation
6.3.2 Contemporary Amperex Technology Co. Limited
6.3.3 UNIENERGY TECHNOLOGIES LLC
6.3.4 BYD Co. Ltd
6.3.5 Clarios (Formerly Johnson Controls International PLC)
6.3.6 LG Chem Ltd
6.3.7 NGK Insulators Ltd
6.3.8 Samsung SDI Co. Ltd
6.3.9 Tesla Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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