Global energy storage market worth $2,663.2 Million in 2016
As per the research, the global market for energy storage is likely to grow from $2,663.2 million in 2016 to $26,137.0 million by 2022. With the growing adoption of energy storage in various end-user industries for grid and off-grid applications, the global energy storage market is expected to gain traction. The energy storage market offers ample growth opportunities during the forecast period on account of falling costs associated with the manufacturing of batteries, in conjugation with car manufacturers scaling up the production of electric vehicles.
Insights on market segments
As per the findings of research, the ancillary services emanated the largest demand. Front-of-the-meter has been the largest revenue generator in the global energy storage market.
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Asia-Pacific stands as the largest energy storage market
Asia-Pacific accounted for the largest region in the global energy storage market, where Japan contributed to the largest revenue. Germany was the major market in Europe, whereas the U.S. contributed to the largest revenue in North America region. Africa dominated the Rest of the World market.
Growing demand for clean energy sources bolsters market growth
The factors driving the growth of the energy storage market include progress in renewable energy generation, rapidly increasing grid scale energy storage market, drop in prices of lithium-ion batteries and growing application of energy storage in various end-user industries. Rapid growth of intermittent renewable energy and its storage for smooth transmission is propelling the global energy storage market.
Energy storage application in automotive sector include the use of lead acid batteries in micro-hybrid vehicles. Lithium batteries are suited for both electric vehicles and hybrid electric vehicles. Demand for electrochemical storage has observed significant increase on account of its penetration in many applications and falling prices, impact of which is expected to remain high in short and long term. The increasing application of energy storage in various end-user industries including automotive, commercial and residential would further positively impact the market moderately in short term and would have a major impact in the long term.
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Major players have stronghold in the global energy storage market
The research states that the global market is highly fragmented in nature, where major players constitute for the major shares in the global market. Some of the key players in the global energy storage market include Tesla Motors, Inc., AGL Energy Limited, ABB Ltd., General Electric Company, Johnson Controls International Plc, The AES Corporation, Robert Bosch GmbH, LG Chem, Ltd. and Maxwell Technologies, Inc.
Contracts and agreements have been the major recent developments in the global market. General Electric (GE) and AGL Energy Limited are some of the companies that had signed new agreements for the development of energy storage technologies across the globe.
GLOBAL ENERGY STORAGE MARKET SEGMENTATION
- Fuel saving
- Ancillary services
- Back-up supply
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