United Kingdom Energy Storage Market Size , Share & Growth

United Kingdom Energy Storage Market Size , Share & Growth

Segments - United Kingdom Energy Storage Market by Types (Pumped-storage, Batteries, Hydroelectricity (PSH), and Others), Applications (Commercial, Residential, and Industrial (C&I)), Country (United Kingdom) - United Kingdom Energy Storage Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-3735 | 4.2 Rating | 82 Reviews | 176 Pages | Format : PDF Excel PPT

Report Description


United Kingdom Energy Storage Market outlook 2031

The United Kingdom energy storage market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 21.34% during the forecast period, 2023–2031. The growth of the market is attributed to favorable government policies, improving energy storage economics, increasing demand in renewable energy sector and regulations for energy storage system (ESS).

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.

United Kingdom Energy Storage Market Outlook

The UK has the major offshore wind installed globally since wind and its speed is uncertain in nature sometimes energy is produced in abundance and then lost. To maintain the constant supply of the renewable energy batteries and other energy storage methods are also used which has adverse effect for hours, days or sometimes weeks.

Supple technologies such as batteries are estimated to be the part of UK’s smart electricity grid and supporting the amalgamation of heat and transport technologies and low carbon power which can be anticipated to conserve UK’s energy system up to USD 60 billion by 2050.

Past year witnessed a drastic increase in demand for battery storage co-located with solar and wind and now the condition is applications are been submitted for the planning procedure of these projects.

The Covid-19 pandemic affected the demand and supply of the United Kingdom energy storage market size. 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.

  • 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 rising 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 United Kingdom Energy Storage Market Report

The report on the united kingdom energy storage 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 – UK Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (Pumped-storage Hydroelectricity (PSH), Batteries, and Others), Applications (Commercial, Residential, and Industrial (C&I))

Country

The United Kingdom

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Tesla Inc; Siemens Gamesa Renewable Energy SA; General Electric Company; Contemporary Amperex Technology Co. Ltd; Voith Gmbh & Co KGaA.

United Kingdom Energy Storage Market Segment Insights

The batteries segment is anticipated to exhibit a high CAGR

On the basis of types, the market is categorized into pumped-storage, batteries, hydroelectricity (PSH), and others. The batteries segment is anticipated to exhibit a high CAGR during the forecast period due to irregularity of renewable energy in nature such as wind, solar, hydro, and improving energy storage economics are some of the factors that drive the market.

However hydroelectricity pumped storage (PSH) segment is expected to grow at a steady rate owing to continuous and increasing demand of energy.

United Kingdom Energy Storage Market Types

The residential segment is expected to account for a key share of the market

In the terms of application, the market is fragmented into commercial, residential, and industrial (C&I). The residential segment is expected to account for a key share of the market in the coming years owing to increasing disposable income and housing segment, increasing purchasing power of the population escalated thus desires for better lifestyle.

On the other hand the commercial segment is expected to grow at a rapid pace due to increasing adoption of energy storage system (ESS) for the constant supply of energy for effective production yield.

United Kingdom Energy Storage Market Application

Segments

The United Kingdom energy storage market has been bifurcated on the basis of

Types

  • Pumped-storage Hydroelectricity (PSH)
  • Batteries
  • Others

Applications

  • Commercial
  • Residential
  • Industrial (C&I)

Country

  • The United Kingdom

Key Players

Competitive Landscape

Key players competing in the UK Energy Storage Market include Tesla Inc.; Siemens Gamesa Renewable Energy SA; General Electric Company; Contemporary Amperex Technology Co. Ltd; Voith Gmbh & Co KGaA. Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance, 

  • In September 2021, Siemens Gamesa Renewable Energy SA launched world’s first recyclable wind turbine blade for commercial use offshore.
  • In July 2021, Contemporary Amperex Technology Co. Ltd unveiled the company’s first sodium-ion batteries, together with AB battery pack solution which will be able to generate sodium and lithium ion cell in one pack.

United Kingdom Energy Storage Market Key Players

Frequently Asked Questions

The batteries segment is anticipated to exhibit a high CAGR during the forecast period due to irregularity of renewable energy in nature such as wind, solar, hydro, and improving energy storage economics are some of the factors that drive the market.

Key players competing in the energy storage market include Tesla Inc.; Siemens Gamesa Renewable Energy SA; General Electric Company; Contemporary Amperex Technology Co. Ltd; Voith Gmbh & Co KGaA.

United Kingdom Energy Storage Market is growing at a CAGR of 21.34% in forecast period.

The United Kingdom Energy Storage Market is studied from 2023 - 2031.

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 (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. Pumped-storage Hydroelectricity (PSH)
     5.3.2. Batteries
     5.3.3. 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 Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Energy Storage Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Energy Storage Demand Share Forecast, 2019-2026
7. North America Energy Storage Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Energy Storage Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Energy Storage Market Size and Volume Forecast by Types
     7.4.1. Pumped-storage Hydroelectricity (PSH)
     7.4.2. Batteries
     7.4.3. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Energy Storage Demand Share Forecast, 2019-2026
8. Latin 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
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Energy Storage Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Energy Storage Market Size and Volume Forecast by Types
     8.4.1. Pumped-storage Hydroelectricity (PSH)
     8.4.2. Batteries
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Energy Storage Demand Share Forecast, 2019-2026
9. Europe 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. Europe Average Pricing Analysis
  9.2. Europe Energy Storage Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Energy Storage Market Size and Volume Forecast by Types
     9.4.1. Pumped-storage Hydroelectricity (PSH)
     9.4.2. Batteries
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Energy Storage Demand Share Forecast, 2019-2026
10. Asia Pacific 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. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Energy Storage Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Energy Storage Market Size and Volume Forecast by Types
     10.4.1. Pumped-storage Hydroelectricity (PSH)
     10.4.2. Batteries
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Energy Storage Demand Share Forecast, 2019-2026
11. Middle East & Africa 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. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Energy Storage Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Energy Storage Market Size and Volume Forecast by Types
     11.4.1. Pumped-storage Hydroelectricity (PSH)
     11.4.2. Batteries
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Energy Storage Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Energy Storage Market: Market Share Analysis
  12.2. Energy Storage Distributors and Customers
  12.3. Energy Storage Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Tesla Inc.
     12.4.2. Siemens Gamesa Renewable Energy SA
     12.4.3. General Electric Company
     12.4.4. Contemporary Amperex Technology Co. Ltd
     12.4.5. Voith Gmbh & Co KGaA

Methodology

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