DUBLIN--(BUSINESS WIRE)--The "Global Energy Storage Systems Market Size, Share & Trends Analysis Report by Technology (Pumped Hydro, Electrochemical Storage, Electromechanical Storage, Thermal Storage), Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. The global energy storage systems market demand is expected to reach 402.0 GW by 2028
Growing demand for efficient and competitive energy resources, increasing development for variable energy sources, and rising battery demand are factors anticipated to fuel the demand for energy storage systems.
Increasing acceptance of electric and hybrid vehicles coupled with government incentives offered for promoting EV technology is projected to boost the growth of electric cars as well as battery industries. While battery service networks are yet to improve and surpass the gasoline fueling infrastructure, volatile gasoline prices are expected to positively influence the demand for electric vehicles over the forecast period.
The electrochemical storage segment is expected to witness the fastest growth over the forthcoming years. This growth can be attributed to the beneficial characteristics of batteries including fast charging, declining prices, and long shelf life. Flow batteries are anticipated to observe an increased demand on account of their low safety risks, improved capacity, and cost-effectiveness.
Battery Energy Storage Systems (BESS) are gaining popularity owing to the rising emphasis on reducing the dependency on fossil fuels and increasing the share of clean energy in the energy mix. Ascending demand for time-shifting improved power quality, better grid network usage, and emergency power supply is expected to propel the demand for BESS over the forecast period.
With increasing requirements of efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period. Major manufacturers of thermal energy storage systems include Abengoa Solar, Evapco, Caldwell Energy, and Burns & McDonnell.
Major TES companies are forward integrated and offer energy solutions such as microgrids, CHP, cogeneration, district heating, and cooling.
Energy Storage Systems Market Report Highlights
- In terms of technology, the pumped hydro segment accounted for a prominent share in the market in 2020 and is further expected to witness prominent growth over the forecast period
- As of 2020, Asia Pacific accounted for more than 45.0% market share. Growing reliable power demand due to rising population and industrial advancements in major economies, such as China and India, is expected to drive the regional market
- Rising consumer awareness regarding energy efficiency in commercial and residential buildings is expected to further promote market growth. The growing trend of renewable source-based power generation, along with the increasing need for distributed electricity generation, is anticipated to propel market growth over the forecast period
- Energy storage technologies allow power suppliers to save excess electricity for later use, thereby enhancing the grid reliability and flexibility with respect to electricity generation, transmission, and distribution. Heat stored by short-term and seasonal thermal energy storage systems helps balance the variations in the production and distribution of renewable electricity in a cost-effective manner
- Furthermore, the demand for continuous power is anticipated to attain exponential growth in the years to come owing to rapid industrialization, infrastructure development, and continuous population growth over the coming years. This trend is expected to positively influence the energy storage industry landscape
Market Dynamics
Market Driver Analysis
- Growing demand for efficient and competitive energy resources
- Increasing development of variable energy sources
- Rising battery demand
Market restraint Analysis
- Lack of long-term energy storage
Energy Storage Systems Market- Porter's Analysis
Energy Storage Systems Market- PESTEL Analysis
Companies Mentioned
- GENERAL ELECTRIC
- LG Chem
- Langley Holdings Plc
- Altairnano
- Electrovaya
- Showa Denko Materials Co. Ltd.
- Maxwell Technologies, Inc.
- Saft
- THE FURUKAWA BATTERY CO. LTD.
- Ecoult
- Kokam
- Fluence
- Samsung SDI Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/xqfjek
