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Energy Storage Systems Market Size, Trends 2026 | Industry Report

Energy Storage Systems Market Analysis Report By Technology, By Region And Segment Forecasts From 2019 To 2026

Report ID: MN17619810  |  Published: June 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Energy Storage  |  Publisher: Grand View Research

Industry Insights

The global demand for energy storage systems market was accounted for 176,897.6 MW in the year 2017 and is anticipated propel at the CAGR of 2.3% from 2018 to 2026. Growing awareness regarding energy-efficient solutions in the commercial and residential sector is primarily supporting the market growth. in addition, high demand for continuous and uninterrupted power supply is projected to bolster the demand for energy storage systems. 

Increasing adoption of connected and smart homes along with the rising need for energy grid management is projected to spur the demand for storage systems in the coming few years. Furthermore, rising demand from the electricity sector with a focus on the distribution of energy grid is also expected to positively impact on market growth.

U.S. energy storage systems market

In addition, increasing trend of renewable energy source management is proliferating the demand for energy storage solutions. thus, various countries across Europe, and North America has taken initiatives for attaining sustainable environment and future by the end of 2050. 

Government across various countries is investing huge money on developing energy from renewable energy sources. For example, companies like Tesla develop its automobiles such as Model S, Model X, and Roadster on the account of renewable energy solutions. these vehicles are operated by the electricity stored inside the batteries. 

Supportive government initiatives is encouraging manufacturers to develop electric and hybrid vehicles (HEVs), which is expected to foster the market growth. Currently, gasoline or fuel based automobile industry constitutes largest share. However, continuous volatility of fuel prices is projected to boost the electric vehicles market. 

Technology Insights

Based on the technology, the market is split into electromechanical, electrochemical, PHS, and thermal systems. Pumped hydro storage systems in North America and the Asia Pacific is projected to grow at a significant rate owing to enhancement in energy grid capacity.  

The electrochemical technology segment is projected to grow at the CAGR of around 12.0% during the forecasted period. Thus, growth is supported by electricity consumption across countries such as U.S., India, and the U.K. On the other hand, Latin America, and Middle East countries are projected to surge the demand for thermal energy solutions.

Global energy storage systems market

Increasing emphasis on lowering fuel is rising the need for battery systems, which is projected to boost the need for energy storage solutions. Benefits such as emergency power supply, time shifting, and high power are anticipated to spur the demand for energy storages or battery systems. 

Thermal energy storage system includes sensible, thermochemical, and latent type systems. In sensible system, various heat storage medium used include sand, rock beds, concrete, bricks, and water. Based on technology, molten salt type contributed to energy capacity of more than 2.0 GW in the world.

Regional Insights 

In 2017, the Asia Pacific led the energy storage system market with the highest storage capacity of over 81 GW in the overall market. Growing infrastructural development in Japan, China, and India is supporting the growth of the market. Energy consumption is rising along with increasing demand for flywheel, CAES, and ESS systems.

In the European market, countries such as Germany, France, Spain, Austria, and Switzerland have attributed to energy capacity exceeding 6.6 GW in the year 2017. Moreover, the growing adoption of renewable and hybrid energy technologies is fostering the market growth.

North American market has a higher penetration of PHS based solution facilities than ESS technologies. Moreover, increasing R&D spending along with a focus on eliminating hazardous gas emissions is anticipated to propel the market growth.

In America, the government authorities invest in developing thermal powered energy solutions. For instance, the Chile government has allowed tax credits for building solar-based thermal systems. Furthermore, rising air pollution, and growing need for a green environment for a sustainable future. All these key factors are expected to contribute to the market growth.

Impact of COVID-19 Insights

The COVID-19 pandemic has significant impact on the global energy storage systems market. COVID-19 crisis has resulted in lockdown situation which has affected manufacturers with reduced workforce, and disruption in supply chain of components such as batteries, solar cells, among others.

According to U.S. Energy Storage Association (ESA), all major companies have suffered a decline in their revenue during the first and second qurter of 2020. Amid pandemic, several energy storage system manufacturers are facing delays in their project deployment. These delays are projected to upend grid reliability measures and avoid power system disruption;thus, the market is anticipated to grow at healthy rate over the forecast period.

Energy Storage System Market Share Insights

Leading players in the market include, General Electric; Active Power; Furukawa Battery; Electrovaya; EnSync; Fluence; Saft; The Furukawa Battery Co., Ltd.; AltairNano; and Maxwell Technologies, Inc.

The companies in the market focus on new product development based on advanced technologies to have competitive edge and to increase their reach across the globe. Some of the players focus on developing reliable and cost effective O & M service for catering consumer base. 

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2014 - 2016

Forecast period

2018 - 2026

Market representation

Capacity in MW & CAGR from 2018 to 2026

Regional scope

North America, Europe, Asia Pacific, Central & South America & Middle East & Africa

Country scope

U.S., Canada, France, Germany, U.K., China, India, Japan, Argentina, and South Africa.

Report coverage             

Capacity forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2014 to 2026. For the purpose of this study, Million Insights has segmented the global energy storage systems market report on the basis of technology, and region:

• Technology Outlook (Capacity, MW, 2014 - 2026)
    • PHS
    • Electrochemical
    • Electromechanical
    • Thermal

• Regional Outlook (Capacity, MW, 2014 - 2026)
    • North America
        • U.S.
        • Canada
    • Europe
        • France
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Argentina
    • Middle East & Africa (MEA)
        • South Africa

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