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Pulished Date April, 2021
ID: 10695
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Energy Storage Technology Market Segmentation By Technology (Mechanical, Thermal, Electro Chemical), Storage Type (Batteries, Flywheels, Compressed Air Storage, Pumped Hydropower), Application (Transportation and Grid Storage) and By Region - Industry Forecast of 2021 to 2026

Pulished: April, 2021
ID: 10695
Pages: 175

Energy Storage Technology Market Value and Growth Analysis (2021-2026):

The global energy storage technology market is estimated to develop with a notable compound annual growth rate in the foreseen period of 2021 to 2026. 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.

Impact of COVID-19 on Energy Storage Technology Market:

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.

Energy Storage Technology Market Trends:

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.

Recent Developments in the Energy Storage Technology Market:

  • 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.

Energy Storage Technology Market Drivers:

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.

Energy Storage Technology Market Restraints:

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.

Opportunities in the Energy Storage Technology Market:

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.

Challenges in the Energy Storage Technology Market:

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.

Energy Storage Technology Market Segmentation:

By technology:

  • Mechanical
  • Thermal
  • Electro Chemicals
  • Others

By storage type:

  • Batteries
  • Flywheels
  • Compressed Air Storage
  • Pumped Hydropower
  • Others

By application:

  • Transportation
  • Grid Storage
  • Others

Energy Storage Technology Regional Analysis:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

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.

Energy Storage Technology Market Key Players:

Prominent players in the global energy storage technologies market include 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. 

 

1. Introduction                                 

                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                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                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        

                                5.1.2 Products/Service  

                                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                 

                                6.1.1 Mechanical             

                                6.1.2 Thermal    

                                6.1.3 Electro Chemicals 

                                6.1.4 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.5 Y-o-Y Growth Rate Analysis             

                                6.1.6 Market Attractiveness Index          

                6.2 Energy Storage Technology Market, By Application                  

                                6.2.1 Batteries  

                                6.2.2 Flywheels

                                6.2.3 Compressed Air Storage   

                                6.2.4 Pumped Hydropower        

                                6.2.5 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.6 Y-o-Y Growth Rate Analysis             

                                6.2.7 Market Attractiveness Index          

                6.3 Energy Storage Technology Market, By Storage Type                              

                                6.3.1 Transportation      

                                6.3.2 Grid Storage           

                                6.3.3 Market Size Estimations & Forecasts (2021-2026)   

                                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              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Technology       

                                7.2.3 By Application        

                                7.2.4 By Storage Type    

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 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              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 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              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 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              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Technology       

                                7.6.3 By Application        

                                7.6.4 By Storage Type    

8. Key Player Analysis                                    

                8.1 Alstom                          

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                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                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  • Global Energy Storage Technology Market By Region, From 2021-2026 ( USD Billion )

  • Global Energy Storage Technology Market By Technology, From 2021-2026 ( USD Billion )

  • Global Mechanical Market By Region, From 2021-2026 ( USD Billion )

  • Global Thermal Market By Region, From 2021-2026 ( USD Billion )

  • Global Electro Chemicals Market By Region, From 2021-2026 ( USD Billion )

  • Global Energy Storage Technology Market By Application, From 2021-2026 ( USD Billion )

  • Global Batteries Market By Region, From 2021-2026 ( USD Billion )

  • Global Flywheels Market By Region, From 2021-2026 ( USD Billion )

  • Global Compressed Air Storage Market By Region, From 2021-2026 ( USD Billion )

  • Global Pumped Hydropower Market By Region, From 2021-2026 ( USD Billion )

  • Global Energy Storage Technology Market By Storage Type, From 2021-2026 ( USD Billion )

  • Global Transportation Market By Region, From 2021-2026 ( USD Billion )

  • Global Grid Storage Market By Region, From 2021-2026 ( USD Billion )

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