The global energy storage systems market demand is expected to reach 356,071.3 MW by 2027, expanding at a CAGR of 7.9% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing demand for uninterrupted power supply from the end-use sectors, along with favorable government policies regarding the usage of energy-efficient systems, is likely to drive the market over the forecast period.
The market is primarily driven by rising demand for energy storage systems across several end-use sectors, including the industrial, commercial, and residential segments. In addition, the integration of battery energy storage systems with renewable power sources is expected to enhance the grid reliability and result in electricity bill savings during peak demand hours. This trend is anticipated to positively influence industry growth.
Energy storage system service providers and equipment manufacturers are adopting several strategies, such as new product development, joint ventures, collaborations, partnerships, and agreements. These strategic initiatives enable the industry participants to penetrate the market and cater to the changing technological requirements of different end-users in the region.
For instance, in July 2020, Tesla and PG&E (Pacific Gas and Electric Company) started constructing a 182.5 MW lithium-ion battery energy storage system at the PG&E substation in California. The utility-scale battery energy storage system is integrated with renewable resources to reduce dependence on fossil fuels and enhance overall grid reliability and efficiency.
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Energy Storage Systems Market Report Highlights
• By technology, the pumped hydro segment accounted for the largest market share in 2019 owing to its use in balancing the fluctuating output of intermittent renewable sources and baseload power plants
• Thermal energy storage occupied a significant market share in 2019 owing to rising demand for thermal energy storage (TES) systems for balancing the variations in renewable electricity production
• The electrochemical segment is anticipated to register the fastest CAGR over the forecast period owing to the growing penetration of battery energy storage in the electric vehicles and renewable power generation segment
• Asia Pacific dominated the market in 2019. Growing reliable power demand due to rising population and industrial advancements in major economies, such as China and India, are expected to fuel the regional market growth
• Europe occupied a significant market share in 2019 owing to the growing penetration of renewable energy technologies across the region, along with increasing government spending on R&D activities targeting the development of advanced energy storage technologies.
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Energy Storage Systems Market Segmentation
Grand View Research has segmented the global energy storage systems market on the basis of technology and region:
Energy Storage Systems Technology Outlook (Capacity, MW, 2016 – 2027)
• Pumped Hydro
• Electrochemical Storage
• Electromechanical Storage
• Thermal Storage
Energy Storage Systems Regional Outlook (Capacity, MW, 2016 – 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
List of Key Players of Energy Storage Systems Market
• General Electric Company
• LG Chem
• EnSync, Inc.
• Active Power
• Samsung SDI Co., Ltd.
• Hitachi Chemical Co., Ltd.
• NEC Energy Solutions
• Maxwell Technologies, Inc.
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Browse More Related Report:
Advanced Energy Storage Systems Market Report By Technology (Batteries, Flywheel, Thermal, Compressed Air, Molten Salt), By Region, By Country, And Segment Forecasts, 2012 – 2022
About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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