Home > Pressrelease > Energy Storage Systems Market size to exceed $500bn by 2025

Energy Storage Systems Market size to exceed $500bn by 2025

  • Published Date: August 5, 2019

Energy Storage Systems Market size will exceed USD 500 billion by 2025, as reported in the latest study by Global Market Insights Inc.

Rising consumer awareness toward energy efficiency coupled with shifting trends toward renewable energy utilization will drive the energy storage systems market size. For instance, as per the International Energy Agency, share of renewables in electricity generation is anticipated to reach 40% by 2040. In addition, increasing demand for continuous power supply and effective load management will positively influence the product demand.

Electro-chemical energy storage systems market is set to witness strong growth on account of their ability to offer high energy density and temperature stability during operation. Lithium Ion, Lead Acid, Flow batteries and Sodium Sulphur are some of the most prominent electro-chemical technologies deployed for stationary storage. Cost effectiveness, high power conversion and safe operation are some of the eminent features favoring the product deployment. In addition, technological advancement in system design to enhance the battery performance will further boost the product demand over the forecast timeline.

Browse key industry insights spread across 490 pages with 674 market data tables & 59 figures & charts from the report, “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 {Flywheel, Compressed Air Energy Storage}, Thermal {Water, Molten Salt, Phase Change Material, Others}), By Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewables Capacity Firming, Frequency Regulation, Other), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Mexico) Application Potential, Competitive Market Share & Forecast, 2019 - 2025in detail along with the table of contents:

Germany ESS market is anticipated to witness growth over 3% by 2025. Increasing dependency on renewable energy sources in line with the introduction of RE targets will drive the business growth. For instance, Government of Germany has set the goal to meet 65% of its electricity consumption from renewable energy by 2030.

ESS market from renewable capacity firming application will grow over 10% by 2025. Control of the ramp rate, maintenance of the variable intermittent power output of renewable technologies and output smoothening are some of the key features which will positively influencing the demand for energy storage systems over the forecast timeframe.

Japan energy storage systems market is set to exceed USD 65 billion by 2025. Widespread implementation of smart grid technologies along with the decentralization of the grid at local and regional level will drive the business growth. Surging demand for integration of solar PV plants with ESS to reduce the electricity bills and minimize the carbon emission will further enhance the business landscape.

Key participants operating across the global ESS market include Beacon Power, Axoim Energy, Finetex EnE, Inc, FAFCO, Sunwell Technologies, Steffes Corporation, Cryogel, Brightsource Energy, Inc, J-Power, Solar Reserve , LLC, DN tanks, Inc, RusHydro, Northland Power, Voith, Genex Power Limited, Toshiba, Panasonic, Schluchseewerk AG, Samsung SDI, and Alstom, amongst others.

Energy Storage Systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2014 to 2025, for the following segments:

Energy Storage Systems Market, By Technology

  • Pumped Hydro
  • Electro-Chemical
    • Lithium Ion Battery
    • Sodium Sulfur Battery
    • Lead Acid Battery
    • Flow Battery
    • Others
  • Electro-Mechanical
    • Flywheel
    • Compressed Air Energy Storage
  • Thermal
    • Water
    • Molten Salt
    • Phase Change Material
    • Others

Energy Storage Systems Market, By Application

  • Electric Energy Time Shift
  • Electric Supply Capacity
  • Black Start
  • Renewables Capacity Firming
  • Frequency Regulation
  • Others

The above information is provided on a regional & country basis for the following:

  • 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
    • Mexico
Authors: Ankit Gupta, Nikhil Paranjape