The Global Energy Storage Technology Market was valued at USD 12.38 billion in 2021, and it is expected to reach USD 57.07 billion by 2027, registering a CAGR of 22.9% during the forecast period of 2022-2027.Increased worldwidecall for energy has led to substantial market expansion.
The rapid development of low-carbon energy technologies will lead to an increase in market call for energy storage technologies during the outlook period. The worldwide call for energy storage technologies is predicted to experience tremendous expansion during the foreseen period. Converting energy from conventional sources into some form that can be stored and then returned to its original state, when needed, is the very latest in energy storage technology. It helps to store energy that can be employed in situations of low energy call, low production cost, or random energy storage to use during high energy call or production cost. The ability of energy storage technology to provide better electricity and heating networks contributes to the decarbonization of the energy sector, which will increase the expansion of this sector. Furthermore, these technologies increase access to energy and the efficiency of energy resources. As a result, it will contribute to the achievement of a safe and sustainable energy system on a worldwide scale.
Pumped hydropower, compressed air energy storage, flow batteries, flywheels, solid state batteries, and thermal energy storage technology are some of the commonly employed techniques that are commercially viable. Few of the most commonly employed technologies in the energy storage technology market are some battery technologies, compressed air energy storage, and pumped storage hydroelectricity. The growing trend of power generation from renewable sources, along with the growing need for decentralized power generation, is supposed to drive market expansion during the conjecture period. Energy storage technologies allow electricity providers to save excess electricity for later use, thus improving the reliability and flexibility of the grid with respect to electricity generation, transmission and distribution.
Energy storage technologies can alter energy call and supply in the short term, preventing blackouts and brownouts, and in turn, improving load imbalances. This technology also includes large centralized systems as well as off-grid units. In addition to the growing worldwidecall for energy and the growing need for low-carbon technologies, the overall call for energy storage technologies is predicted to be significantly higher during the outlook period. They have the ability to reduce imbalances in energy call and supply, as well as to optimize different parts of the world's energy storage systems. Energy storage technologies are employed in a variety of applications including power grids, dedicated heating and cooling networks, and off-grid applications. The rising need for uninterrupted and reliable power supply from end-use sectors, such as medical, industrial, marine, telecommunications and data centers, is expected to drive the call for energy storage technologies in the world during the foreseen period.
The higher investment costs involved in energy storage technologies can limit progress in the worldwide market. Research and development, combined with increased investments, have the potential to improve performance, product life, and lower overall costs. This factor is foreseen to play a crucial role in the expansion of the energy storage technologies market over the next seven years.
Research and development in the energy storage technology industry will provide a wide range of possibilities to stimulate expansion. Continued call for electricity is likely to grow exponentially in the coming years due to rapid industrialization, infrastructure development, and continued population expansion in the coming years. This trend is estimated to positively influence the outlook for the energy storage technology industry. Growing consumer awareness of energy efficiency in commercial and residential buildings is predicted to further drive market expansion. Technological advances in energy storage technologies, such as the development of advanced batteries that offer fast charging and a wide range of applications, are predicted to improve the penetration rate of these storage technologies. Thermal energy storage, being the leading renewable option for power generation, held a significant market share in 2019. The heat stored by short-term and seasonal thermal energy storage systems helps balance changes in production and distribution of renewable electricity profitably. Furthermore, it does not cause any negative environmental impact and is a sustainable energy source.
The market can face strict government regulatory policies that can hamper long-term expansion. The COVID-19 pandemic has severely affected the market supply chain, hampering the overall expansion of the industry.
Market Size Available
2021 – 2027
2022 - 2027
By Technology, Storage Type, Application, and Region.
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Convergent Energy + Power Hawaiian Electric Company, Inc. Alstom, ABB Ltd., General Electric, AES Corporation, Eos Energy Storage, S&C Electric Company, and SEEO, Inc. Few other competitors include Aquion Energy, Green Charge Networks, LG chem., Princeton Power, NEC Corporation, and NRG Energy and Others.
The melting of the electrical grid with an increased need for renewable energy sources has led to a growing call for energy storage technologies in the world. North America is foreseen to take the lead with increased storage capacity in the near future. Asia-Pacific and Europe should follow suit in the worldwide market for energy storage technology. Growing consumer awareness of technologies and their long-term benefits is predicted to drive the expansion of the global energy storage technologies market. However, the presence of strict regulations in North America and Europe is supposed to limit expansion in these regions during the foreseen period. Besides, the low adoption rate among consumers in emerging Asia-Pacific and Latin America economies is expected to hamper expansion during the conjecture period.
Asia-Pacific held the dominant share in the worldwide market in 2019 with almost 47% in revenue share and is supposed to maintain its lead in the projection period. Risingcall for reliable electricity due to population expansion and industrial advances in major economies such as China and India is predicted to drive the regional market. The Chinese government is investing heavily in large-scale battery energy storage systems, which provide electricity to commercial facilities during peak periods, thereby reducing the cost of electricity for those facilities. Europe held a significant market share in 2019 due to the rising penetration of renewable energy technologies in the area. The government of Europe has developed a model that stores and distributes energy according to population density in a specific locale. The German federal government is investing significantly in advanced research for the field of electrical energy storage, regarding the use of the storage field in solar panels employed for residential purposes.
The global economy is facing unprecedented challenges in the wake of the coronavirus crisis, and millions are experiencing health, family and financial impacts. In addition to the human cost of the pandemic, companies are also facing big problems and the energy storage technology industry is no exception.
Market Key Players:
The Global Energy Storage Technologies Market include are
Market Recent Developments:
UK launched a roadmap for the future deployment of energy storage technology. The role of energy storage and the role it will play in helping the UK meet its net zero targets by 2050 has been set out in a roadmap.
The Indian Department of Science and Technology has introduced an innovation challenge to create economically friendly energy storage solutions that can be integrated with suitable renewable energy sources to offer uninterrupted power to homes and businesses in rural places.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Energy Storage Technology Market, By Technology
6.1.3 Electro Chemicals
6.1.4 Market Size Estimations & Forecasts (2022 - 2027)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Energy Storage Technology Market, By Application
6.2.3 Compressed Air Storage
6.2.4 Pumped Hydropower
6.2.5 Market Size Estimations & Forecasts (2022 - 2027)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Energy Storage Technology Market, By Storage Type
6.3.2 Grid Storage
6.3.3 Market Size Estimations & Forecasts (2022 - 2027)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Technology
7.2.3 By Application
7.2.4 By Storage Type
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Technology
7.3.3 By Application
7.3.4 By Storage Type
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Technology
7.4.3 By Application
7.4.4 By Storage Type
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Technology
7.5.3 By Application
7.5.4 By Storage Type
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Technology
7.6.3 By Application
7.6.4 By Storage Type
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 ABB Ltd
8.3 General Electric
8.4 ES Corporation
8.5 Eos Energy Storage
8.6 S&C Electric Company
8.7 SEEO, Inc
8.8 Convergent Energy + Power Hawaiian Electric Company, Inc
8.9 Aquion Energy
8.10 LG chem
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
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