Consumption of energy storage systems is predicted to increase at a CAGR of 5.6% from 2022 to 2031, . The global energy storage systems market stands at US$ 45.1 billion in 2022, and is projected to reach a valuation of US$ 73.8 billion by the end of 2031.
Increasing energy generation via renewable energy generation plants is expected to boost the adoption of energy storage systems over the coming years.
Rising popularity of electric vehicles will also positively boost demand for energy storage systems (ESS) along with electric car battery charger systems. The market for energy storage systems in the Asian region is anticipated to expand at a higher CAGR of 6% through 2031.
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Key Segments Covered in Energy Storage Systems Industry Research
Energy Storage Systems Market by Technology :
- Electro Chemicals
- Lithium-Ion Batteries
- Lead Acid Batteries
- Sodium Sulfur (NAS) Batteries
- Flow Batteries
- Thermal Storage
- Mechanical Energy Storage
- Pumped Hydro Energy Storage
- Flywheel Energy Storage
- Compressed Air & Liquid Air Energy Storage
- Other Storage Technologies
- Electro Chemicals
Energy Storage Systems Market by Application :
- Grid Storage
Energy Storage Systems Market by End User :
Energy Storage Systems Market by Region :
- North America Energy Storage Systems Market
- Latin America Energy Storage Systems Market
- Europe Energy Storage Systems Market
- East Asia Energy Storage Systems Market
- South Asia & Oceania Energy Storage Systems Market
- MEA Energy Storage Systems Market
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Energy storage system manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope and fast-track their production processes in order to gain a competitive edge in the global landscape.
- In December 2021, LG Energy Solution, a storage battery manufacturing organization, announced the signing of a MoU (Memorandum of Understanding) with Siemens AG. This collaboration will be aimed at the digitization of the battery manufacturing process.
What is Driving High Sales of Lithium-ion Batteries?
“Growing Sales of Electric Vehicles Augmenting Consumption of Lithium-ion Batteries”
As the focus on sustainability and environment conservation increases the demand for sustainable alternatives is also witnessing a subsequent rise. This is majorly driving the popularity of electric vehicles that are environment friendly and are in accordance with new norms set by multiple governments across the world to ensure the conservation of the environment and reduce pollution.
Lithium-ion batteries are used in electric vehicles due to their high energy density, low standby discharge, high efficiency, and longer life expectancy than most batteries out there on the market.
However, the high costs of lithium-ion batteries are expected to have a hindering effect on global energy storage systems market growth.
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Will the Battery Energy Storage System Market in India Be Beneficial for Manufacturers?
“Rapid Urbanization & Increasing Adoption of Electric Vehicles to Drive Industry Growth”
India is one of the prime markets in the Asian region owing to the massive population and the developing nature of its economy. Urbanization has picked up pace in the nation at a notable pace and is driving demand for energy by its massive population.
Carbon-free power is the main focus of government in India as the awareness of sustainable energy increases across the forecast period. Moreover, increasing sales of electric vehicles are also projected to boost sales of advanced energy storage systems over the years to come.