Energy Storage Systems Market Size By Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical, Thermal), By Application & Forecast, 2023-2032

Energy Storage Systems Market Size

Energy Storage Systems Market size exceeded USD 429 billion in 2022 and is projected to expand at over 15% CAGR from 2023 to 2032. Rapid introduction of supportive government policies to promote clean energy adoption will spur the industry expansion.
 

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Energy storage has become an optimal solution for utilities looking to reduce transmission and capacity costs. Low carbon emissions and renewable energy integration are also major contributors to energy storage systems developments. In recent years, supportive government initiatives for sustainable technologies such as concentrated solar power have also been introduced. For instance, the Spanish Ministry of Ecological Transition reserved 220 MW of CSP for the renewable energy auction conducted in October 2022. Such factors are expected to assert a favorable influence on the industry outlook given the high reliance of CSP plants on efficient systems for thermal energy storage.
 

Despite steady growth, the rapid installation of capital-intensive pumped hydro storage solutions has created a hindrance to the deployment of energy storage systems. Furthermore, high initial investment costs may limit the construction of large-scale energy storage plants and subsequently hinder business expansion to a certain extent. However, rising investment from automotive battery manufacturers in lithium-ion battery packs is likely to create lucrative growth opportunities for energy storage system developers worldwide.
 

Energy Storage Systems Market Analysis

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Thermal energy storage systems market is set to exhibit nearly 7% growth rate through 2032, given the rising emphasis on grid infrastructure expansion. For instance, in November 2022, the U.S. Administration announced financing opportunities worth USD 13 billion to expand and modernize electric grids in the nation, escalating the use of thermal energy grid storage solutions. In addition, the commitment toward grid decarbonization and the application scope of molten sale thermal storage systems in CSP plants is poised to accelerate the installation of grid-scale thermal energy storage solutions.
 

Energy storage systems market value from the electric energy time shift (EETS) application segment crossed USD 290 billion in 2022. This growth is attributed to rising public awareness of the impact of time-of-use tariffs on energy consumption behavior. Based on Octopus Energy’s study, customers on the Agile price model shifted their electricity consumption out of peak periods by 28%, resulting in significant cost savings. Such factors will amplify the production of electrical energy storage systems for use in EETS applications since they lower power consumption during peak hours in response to ToU tariffs.
 

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Asia Pacific energy storage systems market value is anticipated to surpass USD 900 billion by 2032, owing to the escalating power consumption in the region. As per statistics from the IEA, in 2021, electricity demand was set to grow by 8% in the APAC region. This mounting energy use is attributed to the robust demand from industrial and manufacturing facilities in prominent Asian regions. Moreover, the introduction of strict emission standards will encourage the adoption of renewable energy technologies and consequently boost the acceptance of electric energy storage systems across the region.
 

Energy Storage Systems Market Share

Top companies operating in the global energy storage systems industry are

• Enel Spa
• Nevada Hydro Corporation
• Voith GmbH & Co. KGaA
• Burns & McDonnell
• CALMAC
• McDermott
• Hitachi Energy Ltd.
• A123 Systems, LLC
• Johnson Controls
• Furukawa Battery Co., Ltd.
• ABB
• Invinity Energy Systems
• SCHMID Group
• Jena Batteries GmbH
• Lockheed Martin Corporation
• Narada Power Source Co. Ltd.
• LG Energy Solutions
• Siemens
• Panasonic Corporation
• Exide Technologies
• Tesla

These firms are incorporating strategies such as product range expansions, mergers, and acquisitions to reinforce their presence in the global market.
 

For instance, in January 2022, Voith GmbH & Co, KGaA acquired a majority share in Green Highland Renewables. This deal was intended to expand Voith’s footprint in the field of maintenance, operation, and development of hydropower facilities, thereby enabling the company to establish a strong presence in the industry.
 

Impact of COVID-19 pandemic

Global shocks due to the coronavirus pandemic have reversed progress toward universal electricity access and vital energy efficiency improvements. However, the renewable energy sector has shown resilience even amid COVID-19-induced disruptions. Additionally, developments such as the UN Sustainable Development Goal 7, for example, are aimed at ensuring access to reliable, sustainable, and affordable energy by 2030. Such initiatives will encourage the deployment of clean energy technologies including solar energy storage systems and foster industry trends over the foreseeable future.
 

The energy storage systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

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Market Insights, By Technology

• Pumped Hydro
• Electro-Chemical
  • Lithium-Ion
  • Sodium Sulphur
  • Lead Acid
  • Flow Battery
  • Others
• Electro-Mechanical
  • Flywheel
  • CAES
• Thermal
  • Water
  • Molten Salt
  • PCM
  • Others

Market Insights, By Application

• Electric Energy Time Shift
• Electric Supply Capacity
• Black Start
• Renewable Capacity Firming
• Frequency Distribution
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina