Global Energy Storage Systems Market Analysis Report 2022: Demand is expected to reach 512.41 GW by 2030 – ResearchAndMarkets.com | Company

0

DUBLIN–(BUSINESS WIRE)–October 10, 2022–

The “Energy Storage Systems Market Size, Share and Trend Analysis Report by Technology (Hydraulic Pumping, Electrochemical Storage, Electromechanical Storage, Thermal Storage), By Region and Segment Forecast, 2022-2030 “ report has been added to ResearchAndMarkets.comoffer.

The global energy storage systems market demand is expected to reach 512.41 GW by 2030 and is projected to grow at a CAGR of 11.0% from 2022 to 2030.

Growing demand for efficient and competitive energy resources is expected to propel the growth of the market over the coming years. Clean, renewable energy is an affordable alternative to fossil fuel-based electricity. Its use can help reduce overreliance on fossil fuels, reduce greenhouse gas emissions and therefore air pollution, and diversify the energy supply.

Pumped storage segment led the market in 2021. Pumped hydro technology segment led the market and accounted for more than 95.0% of the total market share, in terms of storage volume in 2021. The market is expected to be driven by ongoing spending in Asia-Pacific and North America to upgrade energy infrastructure and increase grid capacity. Long-term demand for pumped hydro storage (PHS) is expected to be driven by favorable compliance regulations and rising electricity consumption in China and the United States.

Over the projection period, the electrochemical storage segment is expected to grow at a CAGR of over 14.0%. Countries like UK, USA and India are expected to drive the demand for electrochemical storage. Countries in the Middle East & Africa and Central & South America are expected to drive the market growth in the long term.

Thermal energy storage (TES) systems gather and store excess thermal energy generated by various technologies for later use. Latent, sensitive, and thermochemical TES systems are examples of several types of TES systems. Bricks, sand, water, rock layers, air, and concrete are some of the storage media used in sensible heat storage.

Asia-Pacific was the largest segment in 2021 and accounted for more than 46.0% of the overall market share, owing to the presence of fast-growing economies such as China and India. Energy storage devices are essential in applications such as UPS and data centers, as this region is prone to frequent power outages. The market in this region has been driven by the advantages of modern energy storage systems, such as cost effectiveness, environmental friendliness and reliability.

Energy Storage Systems Market Report Highlights

  • In terms of volume, the pumped storage segment accounted for a major share of the market in 2021 and is further expected to witness steady growth over the forecast period.
  • In 2021, Asia-Pacific accounted for more than 46.0% volume share in the overall market. Brazil, Argentina, Peru, Colombia and Chile are all important countries in the region. Argentina is expected to experience a significant slowdown in energy investments as the country emerges from its current recession in the coming years. Countries in the Asia-Pacific region are largely developing countries that are experiencing rapid industrialization.
  • Various strategic initiatives have been recorded over the past few years to drive the growth of the market. For example, in December 2020, The Raymond Corporation announced that it had entered into a strategic supply agreement with Electrovaya Inc. to supply battery systems for Raymond’s Energy Essentials battery line. These battery systems will be used to power Raymond forklifts and will also use the latest Electrovaya NMC Ceramic lithium-ion battery technologies.

Main topics covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

2.1 Market Overview

Chapter 3 Energy Storage System Market Variables, Trends and Scope

3.1 Market Segmentation

3.2 Market Size and Growth Prospects

3.3 Energy Storage Systems Market – Value Chain Analysis

3.4 Commodity Trends

3.4.1 Steel

3.4.2 Carbon fiber

3.5 Regulatory scenario

3.6 Energy Storage Systems Market Dynamics

3.6.1 Market Driver Analysis

3.6.1.1 Growing demand for efficient and competitive energy resources

3.6.1.2 Growing development of variable energies

3.6.1.3 Increased Battery Demand

3.6.2 Market Restraint Analysis

3.6.2.1 Lack of long-term energy storage

3.7 Energy Storage Systems Market – Porter’s Five Forces Analysis

3.8 Energy Storage Systems-PESTEL Market Analysis

Chapter 4 Energy Storage Systems Market: Technology Estimates and Trend Analysis

4.1 Energy Storage Systems Market: Technology Movement Analysis, 2021 & 2030

4.2 Pumped hydraulics

4.3 Electrochemical storage

4.4 Electromechanical storage

4.5 Thermal storage

Chapter 5 Energy Storage Systems Market: Regional Estimates and Trend Analysis

5.1 Regional Movement Analysis and Market Share, 2021 & 2030

Chapter 6 Competitive Analysis

6.1 Vendor Landscape

6.2 List of end users

6.3 Competitive environment

6.4 Strategic framework

6.4.1 Product strategy

6.4.2 Operational strategy

6.4.3 Extension strategy

Chapter 7 Company Profiles

7.1 Presentation of the company

7.2 Financial performance

7.3 Product Benchmarking

7.4 Strategic Initiatives

  • GENERAL ELECTRIC
  • LG Chemistry
  • Langley Holdings Plc
  • Altairnano
  • Electrovaya
  • Showa Denko Materials Co. Ltd.
  • Maxwell Technologies, Inc.
  • Saft
  • THE FURUKAWA BATTERY CO. LTD.
  • Ecoult
  • Kokam
  • Fluency
  • Samsung SDI Co.Ltd.

For more information on this report, visit https://www.researchandmarkets.com/r/iyxj7x

Show source version on businesswire.com:https://www.businesswire.com/news/home/20221010005663/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Officer

[email protected] EST business hours, call 1-917-300-0470

For the United States and Canada, call toll-free 1-800-526-8630

For GMT office hours call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: ENERGY OTHER ENERGY SERVICES

SOURCE: Research and Markets

Copyright BusinessWire 2022.

PUB: 10/10/2022 12:23 PM/DISC: 10/10/2022 12:23 PM

http://www.businesswire.com/news/home/20221010005663/en

Share.

About Author

Comments are closed.