According to Market Research Future (MRFR), the global energy storage market size is expected to garner a CAGR of more than 20.18% from 2016 to 2023 (forecast period). The study gives a systematic and detailed analysis of the COVID-19 pandemic impact on the global energy storage market.
Energy storage market is a very diverse subject area, ranging from small to very large systems. Energy storage is widely categorized into mechanical energy storage, electrochemical energy storage, thermal storage, and chemical storage. Energy storage systems have dominated the market for renewable energy as well as the conventional market in recent years due to the ability to store energy in different forms and supply according to end-user needs.
Energy storage can be defined as a technology that gives preference to source power without falling back on traditional energy sources. These energy systems are highly efficient and act as a flexible generation when required. Energy storage systems will lead to the efficient use of generation and grid assets and help reduce emissions in a variety of economic sectors.
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Market Dynamics
Increasing focus and massive investment in renewable energy generation drive the global market for energy storage rigorously. Major economies worldwide are focusing mainly on developing renewable energy generation to reduce their reliance on traditional energy generation from fossil fuels. Renewable energy currently has a large share of overall global energy generation. In 2016, the World Energy Council estimated that hydropower accounted for about 30% of the total global installed power generation capacity and about 23% of the total global electricity produced.
The utility-scale energy storage industry has experienced rapid growth in both established early adopter markets and emerging markets where technology has just begun to make an impact. Europe & North America have made a significant contribution to the development of the utility-scale energy storage market, powered by regulations and innovative vendors and project developers. The complexity of energy storage, utilities around the world, is pursuing various approaches to working with related technologies. Primary factors such as buying power, brand recognition, and the ability to push regulatory change, utilities are one of the most significant drivers for enabling energy storage to scale worldwide.
The market is driven by numerous factors, such as the evolution of renewable energy generation, a steady decline in technology costs, and a rise in the use of energy storage in all end-user industries. This is primarily because energy storage systems are less polluting and produce less carbon emissions compared to conventional energy sources like coal, oil, and petroleum. Energy storage generation is helping to tackle climate change as well as serving as a source of power for remote and off-grid areas where millions of the world's populations still live.
There is currently a phenomenal rise in the energy storage market worldwide. The broad application of energy storage to all end users provides a strong market demand for energy storage. There are currently few options available for end-users in the energy storage market, which means that technology advances can provide wise alternatives for end-users. The current cost of technology is higher, and it is very expensive for the end-user to opt for this energy storage at all stages of operation. The upcoming advancement and government initiative will definitely improve the economic viability of energy storage.
Moreover, the global energy storage market has been motivated by a large rise in global energy consumption and volatility in global fuel prices. There is no question that these factors have produced an excellent opportunity for an energy storage industry around the world.
Market Segmentation
The global energy storage market has been segmented into type and end-user.
- Based on type, the global energy storage market has been segmented into mechanical energy storage, thermal energy storage, electrochemical energy storage, and chemical energy storage.
- Based on end-user, the global energy storage market has been segmented into utility, commercial & industrial, and residential.
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Regional Analysis
Regionally, the global energy storage market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The European region is the leading market for energy storage, followed by the Asia Pacific.
Key Players
The prominent players of global energy storage market are
- AES Corporation (U.S)
- Tesla Inc. (U.S)
- General Electric Company (U.S)
- Voith GmbH (Germany)
- Sulzer Ltd. (Switzerland)
- Hydrostor Inc. (Canada)
- Highview Power Storage (U.K)
- Linde AG (Germany)
- Hydrogenics Corporation (Canada) and SolarReserve
- LLC. (U.S).
Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Energy Storage Market, By Reactor Type
5 Global Energy Storage Market, By Strategy
6 Global Energy Storage Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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