Energy Storage Systems Market Revenue to Cross USD 73.8 Bn by 2031, Registering at a CAGR of 5.6% Says, Transparency Market Research

Wilmington, Delaware, United States, July 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global energy storage system market is projected to flourish at a CAGR of 5.6% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 73.8 billion is anticipated for the market in 2031. The market for energy storage was valued at US$ 40.5 billion in 2020.

The demand for energy storage systems is mainly driven by the rapid growth of electric vehicles (EVs) as these systems are essential for charging infrastructure, enabling the efficient and reliable charging of EVs. The increasing penetration of renewable energy sources, such as solar and wind, is a significant driver for the energy storage system market.

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Market Snapshot:

Increased grid modernization activities and replacement of aging grid infrastructure, increasing demand for electricity, and the need for grid stability and resilience drive the demand for energy storage systems.

Supportive government policies and incentives play a crucial role in driving the energy storage system market as many countries have introduced regulations, mandates, and financial incentives to promote the deployment of energy storage systems.

The increasing focus on resilience and the development of microgrids are driving the demand for energy storage systems as it provide reliable power backup, enhance grid stability, and support critical infrastructure in case of grid outages or emergencies.

Competitive Landscape

Transparency Market Research has profiled the following players in its global energy storage system market report:

ABB Ltd., BYD Company Limited, EOS Energy Storage, Evapco, Inc., Maxwell Technologies, Inc., General Electric Company, Hitachi, Ltd., LG Chem, Ltd., NEC Corporation, Panasonic Corporation, Schneider Electric SE, Siemens AG, and Tesla.

The market players are focusing on new technology as well as innovations and investing in research & development, mergers, and acquisitions to expand their market presence.

• LG Chem is a leading manufacturer of lithium-ion batteries for energy storage systems and also focuses on developing high-capacity batteries with improved performance and longer lifespan. LG Chem energy storage systems are used in various applications such as residential, commercial, and grid-scale energy storage.
• Tesla is a prominent player in the energy storage system market, known for its Powerwall and Powerpack energy storage solutions. They have been continuously improving their battery technology, increasing energy density, and reducing costs. Tesla has also expanded its presence in utility-scale energy storage projects, such as the Hornsdale Power Reserve in Australia, one of the largest lithium-ion battery installations in the world.

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Key Takeaways from the Market Report

• As of 2023, the energy storage system market is forecast to reach US$ 47.7 billion
• By technology, the electrochemical storage technology segment is rising significantly due to the increasing demand
• Based on application, the grid storage segment is expected to account for a significant market share
• By end-user, the automotive segment is expected to generate high revenue during the forecast period.

Bitumen Market: Prominent Drivers and Trends

• Increased demand for energy-efficient energy storage and increased demand for clean and renewable energy creating opportunities for bitumen market growth.
• Increased government regulation and rapid urbanization and industrialization demand for energy storage systems increases.
• Manufacturers are focusing on developing technology and innovative products to cater to different customer requirements.
  

Energy Storage Systems Market - Regional Analysis

• North America, particularly the United States, is a significant market for energy storage systems. The supportive government policies, grid modernization initiatives, and the integration of renewable energy drive the market demand in the region. The United States has seen significant growth in utility-scale energy storage deployments, while Canada is focusing on energy storage for remote and off-grid applications.
• The Asia Pacific region is witnessing rapid growth in the energy storage system market with countries such as China, Japan, South Korea, and Australia are key players in the region. China has the largest installed capacity of energy storage systems globally, driven by government policies promoting renewable energy integration and grid modernization. Japan has a mature energy storage market, with a focus on residential and commercial applications. South Korea and Australia are experiencing significant growth in utility-scale energy storage deployments.

Energy Storage Systems Market- Segmentation
By Technology

• Electro Chemical
  • Lithium-Ion Battery
  • Lead Acid Battery
  • Sodium Sulfur (NAS) Battery
  • Flow Battery
  • Others
• Thermal Storage
• Mechanical Energy Storage
  • Pumped Hydro Energy Storage
  • Flywheel Energy Storage
  • Compressed Air & Liquid Air Energy Storage
• Other Storage Technologies

By Application

• Transportation
• Grid Storage
• By End-user
• Residential
• Non-residential
• Utilities
• Automotive
  

Region

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

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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