Energy Storage System Market Size, Share and Global Trend By Type (Mechanical Storage System, Electrochemical Storage System, Fuel Cell Storage System, Thermal Storage System), By Application (Residential, Commercial, Industrial) and Geography Forecast till 2023-2030

The increasing demand of energy has gained the importance of energy storage. About one-third of the energy consumed around the world is based on fossil fuels which are a major contributor to GHG emission stressing global leaders to think for a clean and sustainable form of energy to mitigate serious environmental threats causing due to the burning of fossil fuel. Renewable energy sources are the most promising low carbon emission currently available to decarbonize the energy system, the variability and intermittency of their generation present a significant challenge. Storage will play an important role by increasing the overall efficiency of the system as it allows energy to be produced and stored for later use. Energy storage provides much-needed flexibility over traditional grid energy. Ongoing technological development in the field of the electric vehicle, electronics & electrical gadgets, aerospace & aviation, and defence, and much more requires a lot of energy storage of efficient operation. Thus, energy storage not only offers higher flexibility but also provide quality and reliable source of energy.

The energy storage system can be classified as Mechanical Storage System, Electrochemical Storage System, Fuel Cell Storage System, Thermal Storage System, and Others. The mechanical storage system is further sub-divided into pumped hydroelectric storage, compressed air, and flywheel. Pumped hydroelectric storage is primarily used in a small hydroelectric power plant to generate electricity. Flywheel offers continuous energy when the energy source is discontinuous by storing it in a mechanical rotating device. Secondary batteries and flow batteries fall under the category of electrochemical storage system. Secondary batteries are a rechargeable type of batteries broadly used in automobile, electronic gadgets whereas flow batteries are used to store a large amount of energy employed at telecommunication base plant. A fuel cell is a renewable type of energy in which hydrogen, ethanol, methanol, and various acids are used to convert chemical energy into electrical energy which finds its application in a computer system, manufacturing facilities, homes and utility substations.

To gain extensive insights into the market, Download for Customization

Energy storage not only offers higher flexibility and reliability but also curb carbon emission to enhances its overall growth. Recent development in the electric vehicle, technological revolution and higher consumption of tech gadgets stimulate the growth of the energy storage system. It can be easily coupled to renewable energy sources for generation of electricity and can be used in remote places where grid infrastructure is not available.

Batteries are primarily used for storing energy and their manufacturing cost is very high which hinder the growth of energy storage systems. Lithium battery possesses higher energy density but its manufacturing cost is high limiting its use in an energy storage system which restraint the overall growth of the energy storage system.

KEY PLAYERS COVERED

The top companies offering energy storage system are ABB, AES Corporation, East Penn manufacturing, LG Chemical, Robert Bosch, Tesla Inc., GS Yuasa Corporation, Samsung SDI Co., General Electric, Evapco Inc., Panasonic Corporation, Saft Groupe S.A., and Hitachi.

SEGMENTATION

REGIONAL ANALYSIS

The global energy storage system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is technologically advanced region especially in the field of telecommunication, defence, aerospace and aviation, electric vehicle, etc. The U.S., one of the largest consumer of energy in this region, is focussing on sustainable energy form in various end-use industries to mitigate rising carbon emission. Energy storage offers greater flexibility with negligible carbon emission which offers potential development opportunities.

Europe is more conscious of serious environmental threats and already tightened energy policies. The public transportation buses used in Europe are mostly electric buses and more projects are in pipeline to reduce the dependency on fossil fuel. Countries like Denmark, Latvia, Austria, Sweden, Finland, and Germany are concentrating on a renewable form of energy. They are also producing the largest share of their primary energy by using renewables. Therefore, energy storage is a prime factor and it finds higher growth potential in Europe. The Asia-Pacific is one of the fastest growing economies in the world and by 2030 it will be in the top five economies in the world. Ongoing mass development projects like metro, electric vehicle, defence artillery upgradation, infrastructure etc. paving a way for a sustainable form of energy.

China and India share the largest consumption of electrical and electronics equipment’s in the world. Japan is also focussing on alternate energy sources and pushing nuclear energy projects, solar and wind power projects. The overall development opportunities are higher for energy storage in the Asia Pacific. MEA offers a huge demand for hydrocarbons in the world and projecting an extensive investment in the field of oil and gas. Though the hydrocarbons reserves are higher in this region but due to their severe impact on environment made to think leaders for a sustainable form of energy to reduce carbon emission which leads to energy storage development.