Energy Storage System Market was valued at USD 161.82 billion in 2021 and projected to grow at a CAGR of 7.43% from 2022-2029 : GreyViews

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Pune India, Dec. 01, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the energy storage system market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the energy storage system market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

Global Energy Storage Systems Market Size by Technology [Thermal Energy Storage, Electro-Chemical Storage (Lead Acid Battery, Flow Battery, Lithium-Ion Battery, Sodium Sulfur Battery and Others), Mechanical Energy Storage (Flywheel Energy Storage, Compressed Air and Liquid Air Energy Storage and Pumped Hydro Energy Storage], Application (Transportation and Stationary Power), End-use (Residential, Utilities and Commercial), Sales Channel (Direct and Indirect), Regions, Segmentation, and forecast till 2029.

The significant players operating in the global energy storage system market are Ecoult, Altairnano, GENERAL ELECTRIC, Electrovaya, Langley Holdings Plc, Maxwell Technologies, Inc., LG Chem, Saft, Beacon Power, LLC, Convergent Energy and Power Inc., BYD Company Ltd., ABB Ltd., Greensmith Energy Management Systems, Seeo, Inc., S&C Electric Company, Schneider Electric, SMA Solar Technology AG, Eos Energy Storage, Exide Industries Ltd., Showa Denko Materials Co., Ltd., The Furukawa Battery Co., Ltd, Cummins Inc, PlugPower Inc. and others. To achieve a substantial market share in the worldwide energy storage system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Ecoult and GENERAL ELECTRIC are one of the most significant manufacturers and distributors present in the global energy storage system market.

Electric power sector is booming immensely from many years. The energy storage systems can be used in numerous fields including oil and gas, manufacturing, automotive, aerospace, BFSI, residential, etc. There are several components that works collectively for operation of energy storage systems. Some of these components include control systems, software, power electronics, capacitors, batteries, etc. Grid integration and stabilizing variable energy sources necessitates the use of energy storage systems. In the recent years, there have been extensive research and development in energy storage system technology. Power quality can be improved with the help of such systems and also end-users can rely on such systems. The use of energy storage systems acts as the key component in electric vehicles. Performance in most of the EVs is determined by energy storage system.

The increasing demand for utilization of energy and replacement of fossil fuels in applications such as automobile, industrial manufacturing, etc. is one of the most promising drivers of the energy storage system market. In automotive, the trend of using renewable energy source like wind and solar energy, is one of the most lucrative opportunities for the energy storage system market. The benefits of storing of wind and solar energy for later uses; is crucial factor supporting development of energy storage system technologies. The use of fuel has grown tremendously and conventional fuels are at the verge of exhaustion. Government policies are key deciding factor in determining the growth of energy storage system in each region.

The developing regions are adopting the energy storage system for use in different end-users. The industries, like chemical manufacturing, automotive, power generation emits tons of carbon on a daily basis which is leading to high pollution rate especially in industrial areas. The use of energy storage system has thus gained popularity among the countries present in both developed and developing regions as the use of storage systems helps to limit the pollution. However, the high installation cost of energy storage system is a major restraint to the market. Further, various issues regarding the imposition of the stringent regulations for product approval is a challenge for the market growth.

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Segmentation Analysis

The thermal energy storage segment led the energy storage systems market with a market share of around 41.08% in 2021.

The technology segment includes thermal energy storage, electro-chemical storage and mechanical energy storage. The thermal energy storage further includes lead acid battery, flow battery, lithium-ion battery, sodium sulfur battery and others. The mechanical energy storage further includes flywheel energy storage, compressed air and liquid air energy storage and pumped hydro energy storage. The thermal energy storage segment led the energy storage systems market with a market share of around 41.08% in 2021. Thermal energy is requiring in many applications and thus it’s storage has become necessary for future utilization. Different technologies are used for development of a thermal energy storage system. The components used in these systems are specialized.

The transportation segment led the energy storage systems market with a market share of around 65.11% in 2021.

The application segment includes transportation and stationary power. Among the two, the transportation segment led the energy storage systems market with a market share of around 65.11% in 2021. The new-edge vehicles with sustainable technologies are based on energy storage systems. These energy storage systems are required to be installed in transportation systems in order to operate them.

The commercial segment led the energy storage systems market with a market share of around 45.19% in 2021.

The end-users segment includes residential, utilities and commercial. Out of these, the commercial segment led the energy storage systems market with a market share of around 45.19% in 2021. Commercial applications in developed countries have extensive applications of energy storage system. Energy storage systems supports the requirement of manufacturing activities in commercial facilities. Storage of energy enables optimum utilization of resources in such facilities.

Indirect segment is ought to grow at the fastest CAGR during forecast period.

The sales channel segment includes direct and indirect. Indirect segment is ought to grow at the fastest CAGR during forecast period. Indirect channels have wide presence as compared to direct channels. The e-commerce platforms provide diversified options for the manufacturers present in key end-user’s industries.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the energy storage system include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Asia-Pacific region dominated the energy storage system market and held the 34.10% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology and constant demand for sustainable energy. The higher pace of industrialization and commercial applications has brought tremendous growth in the regional energy storage system market. However, Europe is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in industrial manufacturing industry along with technological developments in renewable energy sector is the significant factor behind the growing market.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for energy storage system has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of energy storage system were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for energy storage system significantly decreased.

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