Energy Storage Market Size, Share & Growth | Forecast [2031]

Segments - Energy Storage Market by Types (Batteries, Pumped Storage Hydroelectricity, Flywheel Energy Storage, Thermal Energy Storage, and Others), Applications (Residential and Commercial & Industrial), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

The global energy storage market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the factors such as growth of the renewable energy sector, energy storage system policies, government support plans, and the improvement of the energy storage economy.

Energy storage is the storage of energy generated at a time so that it can be used later to reduce the imbalance between energy demand and energy production. Energy storage devices are often referred to as rechargeable batteries. Energy takes many forms, including electric potential, radiation, electricity, latent heat, high temperature, gravitational potential, and kinetic heat. Energy storage is the conversion of energy that is difficult to store into a more convenient or economical form of storage. Some technologies provide short-term energy storage, while others can last long.

The Covid-19 pandemic affected the demand and supply of global energy storage market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

Increasing adoption of renewable power generation technologies and rising demand for electrical energy is expected to boost the market during the forecast period.
Rapid growth of the automotive industry owing to demand of electric vehicles is major factors fueling the market.
Growing demand for uninterrupted power supply by residential sector and rising adoption of rooftops solar systems is anticipated to drive the market during forecast period.
High installation cost and maintenance cost of energy storage is projected to restrict the market growth.
Lack of awareness about the benefits of energy storage systems and ongoing disruption in energy generation industry act as major challenges that can hamper the market growth during the forecast period.
R&D investment and development of energy storage systems for continuous power supply to data centers is projected to offer significant opportunities for the market players.

Scope of the Report

The report on the global energy systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Energy Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	Types (Batteries, Pumped Storage Hydroelectricity, Flywheel Energy Storage, Thermal Energy Storage, and Others), and Applications (Residential and Commercial & Industrial)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Johnson Controls International PLC; UNIENERGY Technologies; GS Yuasa Corp.; BYD Co. Ltd.; and Contemporary Amperex Technology Co. Ltd.

Market Segment Insights

The pumped storage hydroelectricity segment is projected to hold a major market share

Based on types, the energy storage market is divided into batteries, pumped storage hydroelectricity, flywheel energy storage, thermal energy storage, and others. The pumped storage hydroelectricity segment is expected to represent a key share of the market during the forecast period. This process uses the excess energy available during off-peak hours to pump water from the mountain to the upper reservoir, where it can be added to the regular flow during off-peak hour’s maximum demand. Energy storage is one of the most effective methods, but the disadvantage is that it cannot be used immediately. Pumped storage systems are used for medium and long-term storage, and the charging time ranges from a few hours to a few days. Its average life span is more than 50 years, and the battery life span is 815 years, but it needs to be overhauled from time to time. In India, PHS technology is expected to play an important role in the spread of renewable energy. The US department of energy proposed to amend electricity regulations to stimulate electricity supply during periods of high demand, which greatly promoted the growth of PHS pumping stations. Therefore, it is expected that new initiatives and projects will contribute to the development of the pumped storage market.

The residential segment is expected to expand at a significant pace

In terms of applications, the energy storage market is bifurcated into residential and commercial & industrial. The residential segment is expected to represent a key share of the market during the forecast period owing to the use of energy storage systems in residential buildings is becoming important to compensate for the ever-increasing demand for power failures due to the increasing energy demands of the existing power infrastructure. Several countries, including Brazil, Saudi Arabia, Thailand, and Bangladesh, have introduced clean metering plans or made certain changes to the plans to encourage the use of solar energy. Photovoltaic systems in residential areas have opened up huge opportunities for the residential building energy storage market and household energy storage system. Business models in most markets are still in the early stages of development. However, household consumers are expected to actively participate in adjusting their energy bills by tracking their actual consumption in real time. In addition, due to the government's favorable policies for energy storage in residential buildings and the increasing residential solar ceiling installation expenditures, North America is projected to experience significant growth during the forecast period. The rise of rooftop solar systems and the rapid decline in energy storage costs in recent years are expected to promote the development of the residential energy storage market during the forecast period.

Asia Pacific is anticipated to dominate the market

On the basis of regions, the energy storage market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. There are highly developed countries such as Japan, South Korea, New Zealand, and Australia, but there are also other large cities with extensive networks, reliable operation, and advanced technology. In addition some countries are still under the process of developing critical infrastructure systems, with restricted or unpredictable power grids, and developing regions are also experiencing rapid population growth and urbanization, which is expected to upsurge the demand for electricity.

Segments

The global energy storage market has been segmented on the basis of

Types

Batteries
Pumped Storage Hydroelectricity
Flywheel Energy Storage
Thermal Energy Storage
Others

Applications

Residential
Commercial & Industrial

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Johnson Controls International PLC
UNIENERGY Technologies
GS Yuasa Corp.
BYD Co. Ltd.
Contemporary Amperex Technology Co. Ltd.

Competitive Landscape

Key players competing in the energy storage market include Johnson Controls International PLC; UNIENERGY Technologies; GS Yuasa Corp.; BYD Co. Ltd.; and Contemporary Amperex Technology Co. Ltd.

Some of these players are using several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

Energy Storage Market by key players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Energy Storage Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Energy Storage Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Energy Storage Market - Supply Chain
  4.5. Global Energy Storage Market Forecast
     4.5.1. Energy Storage Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Energy Storage Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Energy Storage Market Absolute $ Opportunity
5. Global Energy Storage Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Energy Storage Market Size and Volume Forecast by Types
     5.3.1. Batteries
     5.3.2. Pumped Storage Hydroelectricity
     5.3.3. Flywheel Energy Storage
     5.3.4. Thermal Energy Storage
     5.3.5. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Energy Storage Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Energy Storage Market Size and Volume Forecast by Applications
     6.3.1. Residential
     6.3.2. Commercial & Industrial
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Energy Storage Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Energy Storage Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Energy Storage Demand Share Forecast, 2019-2026
8. North America Energy Storage Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Energy Storage Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Energy Storage Market Size and Volume Forecast by Types
     8.4.1. Batteries
     8.4.2. Pumped Storage Hydroelectricity
     8.4.3. Flywheel Energy Storage
     8.4.4. Thermal Energy Storage
     8.4.5. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Energy Storage Market Size and Volume Forecast by Applications
     8.7.1. Residential
     8.7.2. Commercial & Industrial
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Energy Storage Demand Share Forecast, 2019-2026
9. Latin America Energy Storage Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Energy Storage Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Energy Storage Market Size and Volume Forecast by Types
     9.4.1. Batteries
     9.4.2. Pumped Storage Hydroelectricity
     9.4.3. Flywheel Energy Storage
     9.4.4. Thermal Energy Storage
     9.4.5. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Energy Storage Market Size and Volume Forecast by Applications
     9.7.1. Residential
     9.7.2. Commercial & Industrial
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Energy Storage Demand Share Forecast, 2019-2026
10. Europe Energy Storage Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Energy Storage Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Energy Storage Market Size and Volume Forecast by Types
     10.4.1. Batteries
     10.4.2. Pumped Storage Hydroelectricity
     10.4.3. Flywheel Energy Storage
     10.4.4. Thermal Energy Storage
     10.4.5. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Energy Storage Market Size and Volume Forecast by Applications
     10.7.1. Residential
     10.7.2. Commercial & Industrial
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Energy Storage Demand Share Forecast, 2019-2026
11. Asia Pacific Energy Storage Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Energy Storage Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Energy Storage Market Size and Volume Forecast by Types
     11.4.1. Batteries
     11.4.2. Pumped Storage Hydroelectricity
     11.4.3. Flywheel Energy Storage
     11.4.4. Thermal Energy Storage
     11.4.5. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Energy Storage Market Size and Volume Forecast by Applications
     11.7.1. Residential
     11.7.2. Commercial & Industrial
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Energy Storage Demand Share Forecast, 2019-2026
12. Middle East & Africa Energy Storage Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Energy Storage Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Energy Storage Market Size and Volume Forecast by Types
     12.4.1. Batteries
     12.4.2. Pumped Storage Hydroelectricity
     12.4.3. Flywheel Energy Storage
     12.4.4. Thermal Energy Storage
     12.4.5. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Energy Storage Market Size and Volume Forecast by Applications
     12.7.1. Residential
     12.7.2. Commercial & Industrial
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Energy Storage Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Energy Storage Market: Market Share Analysis
  13.2. Energy Storage Distributors and Customers
  13.3. Energy Storage Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Johnson Controls International PLC
     13.4.2. UNIENERGY Technologies
     13.4.3. GS Yuasa Corp.
     13.4.4. BYD Co. Ltd.
     13.4.5. Contemporary Amperex Technology Co. Ltd.