Market Overview:
The global energy storage systems market reached a volume of 196.14 GW in 2021. Looking forward, IMARC Group expects the market to reach a volume of 344.46 GW by 2027, exhibiting a CAGR of 9.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
An energy storage system (ESS) is designed to store energy, such as radiation, chemical, gravitational, potential, electrical, latent heat, and kinetic, which can be used later to carry out useful operations. It offers various technological solutions for regulating power supply, building more resilient energy infrastructure, and saving costs for utilities and customers. In addition, it improves the efficiency and capacities of the electric grid while minimizing greenhouse gas (GHG) emissions. As a result, it finds extensive applications in the residential, commercial, utilities, and transportation sectors across the globe.
Energy Storage Systems Market Trends:
At present, there is a rise in the utilization of clean and renewable energy around the world to reduce global warming, air pollution, and considerable reliance on fossil fuels. This, along with the growing requirements of efficient grid management, constant load management, and continuous power supply among various organizations, represents one of the key factors driving the market. Moreover, governments of several countries are extensively investing in renewable energy technologies (RET). This, coupled with increasing government incentives to promote the adoption of electric vehicles (EVs) across the globe, is propelling the growth of the market. Additionally, the growing employment of lithium-ion batteries due to their high efficiency, better temperature performance, and low self-discharge over time is positively influencing the market. Besides this, the rising installation of thermal energy storage (TES) systems in buildings as advanced energy storage systems is offering lucrative growth opportunities to end-users and industry investors. Apart from this, the increasing electrification, in confluence with the growing number of transmission and distribution stations worldwide, is projected to catalyze the demand for energy storage systems globally in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global energy storage systems market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, application and end user.
Breakup by Technology:
- Pumped Hydro
- Electrochemical Storage
- Electromechanical Storage
- Thermal Storage
Breakup by Application:
- Stationary
- Transportation
Breakup by End User:
- Residential
- Non-Residential
- Utilities
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Altair Nanotechnologies Inc., Eguana Technologies, Electrovaya Inc., Exide Industries Limited, Furukawa Electric Co. Ltd., General Electric Company, Kokam Ltd., LG Chem Ltd., Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Schneider Electric SE, Showa Denko K. K. and Tata Power Company Limited.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
Billion US$, GW |
| Segment Coverage |
Technology, Application, End User, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Altair Nanotechnologies Inc., Eguana Technologies, Electrovaya Inc., Exide Industries Limited, Furukawa Electric Co. Ltd., General Electric Company, Kokam Ltd., LG Chem Ltd., Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Schneider Electric SE, Showa Denko K. K. and Tata Power Company Limited. |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global energy storage systems market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global energy storage systems market?
- What are the key regional markets?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global energy storage systems market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Energy Storage Systems Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
6.1 Pumped Hydro
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Electrochemical Storage
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Electromechanical Storage
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Thermal Storage
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Application
7.1 Stationary
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Transportation
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by End User
8.1 Residential
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Non-Residential
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Utilities
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Altair Nanotechnologies Inc.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Eguana Technologies
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Electrovaya Inc.
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Exide Industries Limited
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.5 Furukawa Electric Co. Ltd.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 General Electric Company
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Kokam Ltd.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 LG Chem Ltd.
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Saft (TotalEnergies SE)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Samsung SDI Co. Ltd.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Schneider Electric SE
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 Showa Denko K. K.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Tata Power Company Limited
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
List of Figures
Figure 1: Global: Energy Storage Systems Market: Major Drivers and Challenges
Figure 2: Global: Energy Storage Systems Market: Volume Trends (in GW), 2016-2021
Figure 3: Global: Energy Storage Systems Market Forecast: Volume Trends (in GW), 2022-2027
Figure 4: Global: Energy Storage Systems Market: Value Trends (in Billion US$), 2016-2021
Figure 5: Global: Energy Storage Systems Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 6: Global: Energy Storage Systems Market: Breakup by Technology (in %), 2021
Figure 7: Global: Energy Storage Systems Market: Breakup by Application (in %), 2021
Figure 8: Global: Energy Storage Systems Market: Breakup by End User (in %), 2021
Figure 9: Global: Energy Storage Systems Market: Breakup by Region (in %), 2021
Figure 10: Global: Energy Storage Systems (Pumped Hydro) Market: Value Trends (in Million US$), 2016 & 2021
Figure 11: Global: Energy Storage Systems (Pumped Hydro) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 12: Global: Energy Storage Systems (Electrochemical Storage) Market: Value Trends (in Million US$), 2016 & 2021
Figure 13: Global: Energy Storage Systems (Electrochemical Storage) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 14: Global: Energy Storage Systems (Electromechanical Storage) Market: Value Trends (in Million US$), 2016 & 2021
Figure 15: Global: Energy Storage Systems (Electromechanical Storage) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 16: Global: Energy Storage Systems (Thermal Storage) Market: Value Trends (in Million US$), 2016 & 2021
Figure 17: Global: Energy Storage Systems (Thermal Storage) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 18: Global: Energy Storage Systems (Stationary) Market: Value Trends (in Million US$), 2016 & 2021
Figure 19: Global: Energy Storage Systems (Stationary) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 20: Global: Energy Storage Systems (Transportation) Market: Value Trends (in Million US$), 2016 & 2021
Figure 21: Global: Energy Storage Systems (Transportation) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 22: Global: Energy Storage Systems (Residential) Market: Value Trends (in Million US$), 2016 & 2021
Figure 23: Global: Energy Storage Systems (Residential) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 24: Global: Energy Storage Systems (Non-Residential) Market: Value Trends (in Million US$), 2016 & 2021
Figure 25: Global: Energy Storage Systems (Non-Residential) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 26: Global: Energy Storage Systems (Utilities) Market: Value Trends (in Million US$), 2016 & 2021
Figure 27: Global: Energy Storage Systems (Utilities) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 28: North America: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 29: North America: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 30: United States: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 31: United States: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 32: Canada: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 33: Canada: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 34: Asia-Pacific: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 35: Asia-Pacific: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 36: China: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 37: China: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 38: Japan: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 39: Japan: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 40: India: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 41: India: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 42: South Korea: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 43: South Korea: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 44: Australia: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 45: Australia: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 46: Indonesia: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 47: Indonesia: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 48: Others: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 49: Others: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 50: Europe: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 51: Europe: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 52: Germany: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 53: Germany: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 54: France: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 55: France: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 56: United Kingdom: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 58: Italy: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 59: Italy: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 60: Spain: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 61: Spain: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 62: Russia: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 63: Russia: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 64: Others: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 65: Others: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 66: Latin America: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 67: Latin America: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 68: Brazil: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 69: Brazil: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 70: Mexico: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 71: Mexico: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 72: Others: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 73: Others: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Energy Storage Systems Market: Value Trends (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Energy Storage Systems Market: Breakup by Country (in %), 2021
Figure 76: Middle East and Africa: Energy Storage Systems Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 77: Global: Energy Storage Systems Industry: SWOT Analysis
Figure 78: Global: Energy Storage Systems Industry: Value Chain Analysis
Figure 79: Global: Energy Storage Systems Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Energy Storage Systems Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Energy Storage Systems Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 3: Global: Energy Storage Systems Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Energy Storage Systems Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 5: Global: Energy Storage Systems Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Energy Storage Systems Market: Competitive Structure
Table 7: Global: Energy Storage Systems Market: Key Players