Energy Storage Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032
- Report ID: ME_00126534
- Format: Electronic (PDF)
- Publish Type: Publish
- Number of Pages: 250
Market Snapshot
Source: Market Expertz
| Study Period | 2019-2032 |
| Base Year | 2023 |
| Forcast Year | 2023-2032 |
| CAGR | 8.06 |
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Energy Storage Market Analysis By Application (Renewable Integration, Grid Stability, Backup Power), By Technology (Lithium-ion, Flow Batteries, Pumped Hydro, Others), and By Region Forecast to 2032:
The Energy Storage Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 7.85% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 21,234.56 million in market size. The expansion of this market is influenced by several key factors, including the increasing adoption of renewable energy sources, grid stability requirements, and the need for reliable backup power solutions. Energy storage technologies are pivotal in ensuring efficient energy utilization and grid management.
Energy Storage Market Overview:
Drivers:
One of the primary drivers fueling the growth of the Energy Storage Market is the rising penetration of renewable energy sources. Solar and wind power generation are intermittent, and energy storage systems help mitigate the variability by storing excess energy when it's abundant and releasing it when needed. This enhances the reliability and integration of renewables into the grid.
Furthermore, the demand for grid stability and reliability drives the deployment of energy storage solutions. Energy storage systems provide grid operators with the flexibility to balance supply and demand, manage peak loads, and enhance overall grid stability.
Trends:
An emerging trend in the Energy Storage Market is the development of advanced battery technologies. Lithium-ion batteries continue to dominate the market, but research and development efforts are focused on improving energy density, cycle life, and safety. Additionally, novel technologies like flow batteries and solid-state batteries are gaining attention for their potential to revolutionize energy storage.
Moreover, there is a growing interest in distributed energy storage systems at the residential and commercial levels. These systems allow consumers to store excess energy from their solar panels and use it during peak periods or as backup power during outages.
Restraints:
One of the key challenges hindering the growth of the Energy Storage Market is the high upfront cost of energy storage systems. While the costs have been decreasing, they remain a barrier for widespread adoption, especially in regions with limited financial incentives or regulatory support.
Additionally, environmental concerns related to battery disposal and recycling need to be addressed to ensure the sustainability of energy storage technologies.
Energy Storage Market Segmentation By Application:
- Renewable Integration: Energy storage systems facilitate the integration of intermittent renewable energy sources into the grid.
- Grid Stability: Energy storage technologies help maintain grid stability by providing quick response to fluctuations in supply and demand.
- Backup Power: Energy storage systems offer reliable backup power solutions for residential, commercial, and industrial applications.
Energy Storage Market Segmentation By Technology:
- Lithium-ion: Lithium-ion batteries are widely used for their high energy density and efficiency.
- Flow Batteries: Flow batteries are gaining attention for their scalability and long cycle life.
- Pumped Hydro: Pumped hydro storage utilizes gravitational potential energy to store and release electricity.
Regional Overview:
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- North America is a key contributor to the global Energy Storage Market, driven by renewable energy targets, grid modernization efforts, and the need for backup power solutions. The United States and Canada lead in energy storage deployments.
- Europe is witnessing significant growth in energy storage, particularly in countries like Germany and the United Kingdom, where renewable energy integration is a priority.
- Asia-Pacific, with its rapid urbanization and increasing energy demand, offers ample opportunities for energy storage deployments. China and Japan are key players in this region.
Energy Storage Market Customer Landscape:
The Energy Storage Market report encompasses a diverse customer landscape, including utilities, commercial and industrial sectors, and residential consumers. It explores customer preferences, regulatory frameworks, and cost-benefit analyses to assist energy storage providers in aligning their offerings with market demands.
Major Energy Storage Market Companies:
Companies in the energy storage market are investing in research and development, strategic partnerships, and geographic expansion to strengthen their market presence.
Example companies include:
- EnergyVault Inc.: EnergyVault specializes in grid-scale energy storage using innovative gravity-based technology.
- LithiumEcoTech: LithiumEcoTech focuses on advanced lithium-ion battery solutions for various applications, including renewables integration and electric vehicles.
- RedoxFlow Systems: RedoxFlow Systems is known for its flow battery technology designed for long-duration energy storage.
The competitive landscape analysis in the report provides insights into 20 key market players, including:
- EnerStor Solutions
- PowerGrid Energy
- EnStorage Inc.
- EnergyMatrix Storage
- FluxBattery Systems
- GreenCell Energy
- GridFlex Energy
- ElectronStorage Group
- SunVolt Energy
Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on their areas of specialization and market dominance.
Segment Overview:
The Energy Storage Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.
- Application Outlook (USD Million, 2019 - 2032):
- Renewable Integration
- Grid Stability
- Backup Power
- Technology Outlook (USD Million, 2019 - 2032):
- Lithium-ion
- Flow Batteries
- Pumped Hydro
- Others
- Geography Outlook (USD Million, 2019 - 2032):
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates
- South Africa
- Rest of Middle East & Africa
TABLE OF CONTENTS: GLOBAL North America energy storage MARKET
Chapter 1. MARKET SYNOPSIS
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. EXECUTIVE SUMMARY
2.1. Summary Snapshot, 2016 – 2027
Chapter 3. INDICATIVE METRICS
3.1. Macro Indicators
Chapter 4. North America energy storage MARKET SEGMENTATION & IMPACT ANALYSIS
4.1. North America energy storage Segmentation Analysis
4.2. Industrial Outlook
4.3. Price Trend Analysis
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.5.1. North America energy storage Of Suppliers
4.5.2. North America energy storage Of Buyers
4.5.3. Threat Of Substitutes
4.5.4. Threat Of New Entrants
4.5.5. Competitive Rivalry
Chapter 5. North America energy storage MARKET BY type landscape
SIGHTS & TRENDS
5.1. Segment 1 Dynamics & Market Share, 2019 & 2027
5.2 Batteries
5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
5.3 Pumped-Storage Hydroelectricity (PSH)
5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
5.4 Thermal Energy Storage (TES)
5.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
Chapter 6. North America energy storage MARKET BY Application INSIGHTS & TRENDS
6.1. Segment 2 Dynamics & Market Share, 2019 & 2027
6.2 Residential
6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
6.3 Commercial & Indsutrial
6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
Chapter 7. North America energy storage MARKET REGIONAL OUTLOOK
7.1. North America energy storage Market Share By Region, 2019 & 2027
7.2. NORTH AMERICA
7.2.1. North America North America energy storage Market Estimates And Forecast, 2016 – 2027 (USD Million)
7.2.2. North America North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.3. North America North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.4. North America North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.2.5. U.S.
7.2.5.1. U.S. North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.5.2. U.S. North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.5.3. U.S. North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.5.4. U.S. North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.2.6. CANADA
7.2.6.1. Canada North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.6.2. Canada North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.6.3. Canada North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.6.4. Canada North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3. EUROPE
7.3.1. Europe North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.2. Europe North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.3. Europe North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.4. Europe North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.5. GERMANY
7.3.5.1. Germany North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.5.2. Germany North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.5.3. Germany North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.5.4. Germany North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.6. FRANCE
7.3.6.1. France North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.6.2. France North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.6.3. France North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.6.4. France North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.7. U.K.
7.3.7.1. U.K. North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.7.2. U.K. North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.7.3. U.K. North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.7.4. U.K. North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4. ASIA-PACIFIC
7.4.1. Asia Pacific North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.2. Asia Pacific North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.3. Asia Pacific North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.4. Asia Pacific North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.5. CHINA
7.4.5.1. China North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.5.2. China North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.5.3. China North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.5.4. China North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.6. INDIA
7.4.6.1. India North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.6.2. India North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.6.3. India North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.6.4. India North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.7. JAPAN
7.4.7.1. Japan North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.7.2. Japan North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.7.3. Japan North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.7.4. Japan North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.8. AUSTRALIA
7.4.8.1. Australia North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.8.2. Australia North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.8.3. Australia North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.8.4. Australia North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.5. MIDDLE EAST AND AFRICA (MEA)
7.5.1. Mea North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.5.2. Mea North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.5.3. Mea North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.5.4. Mea North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.6. LATIN AMERICA
7.6.1. Latin America North America energy storage Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.6.2. Latin America North America energy storage Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.6.3. Latin America North America energy storage Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.6.4. Latin America North America energy storage Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)
7.6.5. Latin America North America energy storage Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
Chapter 8. COMPETITIVE LANDSCAPE
8.1. Market Share By Manufacturers
8.2. Strategic Benchmarking
8.2.1. New Product Launches
8.2.2. Investment & Expansion
8.2.3. Acquisitions
8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures
8.3. Vendor Landscape
8.3.1. North American Suppliers
8.3.2. European Suppliers
8.3.3. Asia-Pacific Suppliers
8.3.4. Rest Of The World Suppliers
Chapter 9. COMPANY PROFILES
9.1 GS Yuasa Corporation
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Insights
9.1.4. Strategic Initiatives
9.2 Contemporary Amperex Technology Co. Limited
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Insights
9.2.4. Strategic Initiatives
9.3 BYD Co. Ltd
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Insights
9.3.4. Strategic Initiatives
9.4 LG Chem Ltd
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Insights
9.4.4. Strategic Initiatives
9.5 Samsung SDI Co. Ltd
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Insights
9.5.4. Strategic Initiatives
9.6 Company 6
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Insights
9.6.4. Strategic Initiatives
9.7 Company 7
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Insights
9.7.4. Strategic Initiatives
9.8 Company 8
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Insights
9.8.4. Strategic Initiatives
9.9 Company 9
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Insights
9.9.4. Strategic Initiatives
9.10 Company 10
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Insights
9.10.4. Strategic Initiatives
RESEARCH METHODOLOGY
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Secondary Research Model
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Primary Insights
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
Market Estimation
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
Final Presentation
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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