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
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
Segments Covered in the Report
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.
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 (000’ 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.
Segments Covered in the Report
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.
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.
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