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In 2021, the size of the energy storage market was estimated at USD 2 billion. During the projection period (2023 - 2030), the energy storage industry is anticipated to increase from USD 2.26 billion in 2022 to USD 5.41 billion, at a compound annual growth rate (CAGR) of 14.24%. The primary market factors accelerating market expansion are the rising tendency towards constant energy supply and the rising acceptance of renewable energy storage sources.
Electric vehicles are becoming increasingly popular and widely used around the world, which has a huge impact on the global market. The increase in demand for energy storage devices can be attributed to growing worries about environmental pollution brought on by automobiles. Systems for storing various forms of energy storage are tools that can be used as necessary. Energy storage systems are required by the commercial, industrial, and residential sectors. The market for energy storage systems is growing as a result of growing knowledge about the development of renewable energy sources due to increased energy demands. In developing economies, rapid industrialization and urbanisation have boosted the demand for energy storage devices.
Additionally, people all over the world are becoming more and more conscious of how destructive CO2 emissions and greenhouse gases are for the environment. In contrast to conventional coal or fossil fuel sources, this has led to a growing interest in renewable energy sources. In the next years, it is anticipated that this tendency would propel the market for energy storage systems globally. Energy storage applications used in conjunction with renewable energy sources are more cost-effective and environmentally beneficial than conventional storage systems. Government-imposed strict environmental restrictions have boosted the development of electric automobiles since they emit less pollution than vehicles that run on fuel. Vehicles that run on electricity require energy storage systems. All of these elements have aided in the revenue expansion of the energy storage industry.
Additionally, over the course of the projection period, the demand for renewable energy has grown significantly. Because people are becoming more aware of green energy storage, the demand for renewable energies has been steadily rising. The market for alternative energy sources like tide, solar, wind, and biomass has enormous potential in the years to come. Energy storage market CAGR is estimated to have increased globally in recent years because to the increasing demand for alternative energy in the residential sector.
However, it is anticipated that the business will increase as a result of rising consumer awareness of effective energy use and the desire for smart homes with operational load management. Over the projected period, the growth of the energy storage business may be fueled by rising utility demand for distributed energy integration with the main grid.
Mechanical, thermal, electro-chemical, and chemical categories are included in the segmentation of the energy storage market based on type. The majority of the revenue from the energy storage market in 2021 was accounted for by the electro-chemical category. This is mainly because there is a growing need for liquid electronic materials to clean and polish electronic device internals. However, because to the escalating need for power, smart grids, cross-border transmission, and international measures to use non-conventional and renewable sources, mechanical will experience the quickest growth over the course of the forecast period.
Report Coverage
Global Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Energy Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Tesla Inc. (US), AES Corporation (US), General Electric Company (US), Sulzer Ltd. (Switzerland), Voith GmbH (Germany), Hydrostor Inc. (Canada), Linde AG (Germany), Highview Power Storage (UK), Hydrogenics Corporation (Canada), and SolarReserve LLC. (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Energy Storage market based on the below-mentioned segments:
Global Energy Storage Market, By Type
Mechanical
Thermal
Electro-Chemical
Chemical
Global Energy Storage Market, By End User
Utility
Commercial & Industrial
Residential
Global Energy Storage market, Regional Analysis
Electric vehicles are becoming increasingly popular and widely used around the world, which has a huge impact on the global market. The increase in demand for energy storage devices can be attributed to growing worries about environmental pollution brought on by automobiles. Systems for storing various forms of energy storage are tools that can be used as necessary. Energy storage systems are required by the commercial, industrial, and residential sectors. The market for energy storage systems is growing as a result of growing knowledge about the development of renewable energy sources due to increased energy demands. In developing economies, rapid industrialization and urbanisation have boosted the demand for energy storage devices.
Additionally, people all over the world are becoming more and more conscious of how destructive CO2 emissions and greenhouse gases are for the environment. In contrast to conventional coal or fossil fuel sources, this has led to a growing interest in renewable energy sources. In the next years, it is anticipated that this tendency would propel the market for energy storage systems globally. Energy storage applications used in conjunction with renewable energy sources are more cost-effective and environmentally beneficial than conventional storage systems. Government-imposed strict environmental restrictions have boosted the development of electric automobiles since they emit less pollution than vehicles that run on fuel. Vehicles that run on electricity require energy storage systems. All of these elements have aided in the revenue expansion of the energy storage industry.
Additionally, over the course of the projection period, the demand for renewable energy has grown significantly. Because people are becoming more aware of green energy storage, the demand for renewable energies has been steadily rising. The market for alternative energy sources like tide, solar, wind, and biomass has enormous potential in the years to come. Energy storage market CAGR is estimated to have increased globally in recent years because to the increasing demand for alternative energy in the residential sector.
However, it is anticipated that the business will increase as a result of rising consumer awareness of effective energy use and the desire for smart homes with operational load management. Over the projected period, the growth of the energy storage business may be fueled by rising utility demand for distributed energy integration with the main grid.
Mechanical, thermal, electro-chemical, and chemical categories are included in the segmentation of the energy storage market based on type. The majority of the revenue from the energy storage market in 2021 was accounted for by the electro-chemical category. This is mainly because there is a growing need for liquid electronic materials to clean and polish electronic device internals. However, because to the escalating need for power, smart grids, cross-border transmission, and international measures to use non-conventional and renewable sources, mechanical will experience the quickest growth over the course of the forecast period.
Report Coverage
Global Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Energy Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Tesla Inc. (US), AES Corporation (US), General Electric Company (US), Sulzer Ltd. (Switzerland), Voith GmbH (Germany), Hydrostor Inc. (Canada), Linde AG (Germany), Highview Power Storage (UK), Hydrogenics Corporation (Canada), and SolarReserve LLC. (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Energy Storage Market from 2021 to 2030.
- Market Forecast for Energy Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Energy Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Energy Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Tesla Inc. (US), AES Corporation (US), General Electric Company (US), Sulzer Ltd. (Switzerland), Voith GmbH (Germany), Hydrostor Inc. (Canada), Linde AG (Germany), Highview Power Storage (UK), Hydrogenics Corporation (Canada), and SolarReserve LLC. (US)
Primary Target Market
- Market Players of Energy Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Energy Storage market based on the below-mentioned segments:
Global Energy Storage Market, By Type
Mechanical
Thermal
Electro-Chemical
Chemical
Global Energy Storage Market, By End User
Utility
Commercial & Industrial
Residential
Global Energy Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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