The global market for energy storage systems is experiencing growth due to factors such as expansion of renewable energy sector and rise in demand for transport applications.
Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Energy Storage Systems Market by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage), End User (Residential, Non-residential, and Utilities), and Application (Stationary and Transportation): Global Opportunity Analysis and Industry Forecast, 2021–2030.” The report indicates that the industry is expected to gather $435.4 billion by the year 2030, having generated a revenue of $188.5 billion in 2020, with a CAGR of 8.3% throughout the forecast timeframe of 2021 to 2030.
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Factors influencing the growth of the energy storage system market:
The market is mainly propelled by an expansion of the renewable energy sector and a rise in demand for transport applications. But the market is experiencing a downturn due to the high costs of battery energy storage systems. On the contrary, the growth of the EV industry and surge in investments in power infrastructure network is estimated to offer remunerative growth opportunities in the future.
The pumped hydro storage segment to retain its dominant status
In terms of technology, the pumped hydro storage segment contributed to the highest share of more than 95% of the global energy storage systems market in 2020 and is estimated to lead the trail from 2021 to 2030. Supportive government policies and robust demand for pumped hydro storage-based power generation drive the growth of the segment. The battery energy segment, on the other hand, would cite the fastest growth with 20.1% CAGR during the forecast period. The growth is attributed to automotive applications, expansion of renewable energy domain, and rise in demand for batteries from several energy storage applications like grid energy storage.
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The utilities segment to grab the lion’s share by 2030
Under the end user category, the utilities segment held the highest share of nearly 90% of the global energy storage systems market revenue in 2020 and is projected to rule the roost from 2021 to 2030. The growth of the segment is driven by factors such as expansion of the EV industry and rise in demand for electricity-based products. Furthermore, the non-residential segment is estimated to display a notable growth with 8.5% CAGR throughout the forecast timeframe. The rise in demand for sustainable energy for numerous applications in industrial and commercial sectors and expansion of heavy industries like automobile plants, chemical plants, sugar and paper mills drive the growth of the segment.
APAC, projected to sustain its dominance by 2030
On the basis of regional analysis, the Asia-Pacific region garnered the largest market share of more than two-fifths of the overall market revenue in 2020 and is projected to sustain its supremacy throughout the forecast timeframe. The same segment is also projected to showcase a noteworthy growth with 8.5% CAGR from 2021 to 2030. The market across the region is experiencing growth due to the presence of key players and huge consumer base, surge in investment towards energy storage systems, and rapid expansion of the renewable energy domain.
Top market players:
- Tata Power
- Ionotec Ltd.
- Imergy Power Systems
- Eguana Technologies
- Enerbrax Acumuladores Ltda
- Autobat SACI
- SK Holdings.
- Exide Industries Ltd
- SMA Solar Technology AG
Trending Reports in Energy Storage Systems Industry:
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