Caleb Andrew's blog : Energy Storage Systems Market Research Report Size, Growth & Forecast – 2022-2029
The Energy Storage Systems Market is expected to grow at a higher CAGR of 10.5% over the forecast period (2022-2029).
The factors driving growth of the Energy Storage Systems Market includes growing consumption of energy around the world, Government initiatives promoting the use of clean sources of energy, rise in the number of data storage centers, expansion of new power system networks and improvements in the living standards. Moreover, rising focus on upgrading the current distribution infrastructure, growing demand for electric vehicles across the globe, technological advancements in energy storage systems and increase in the launch of new products, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing to the Energy Storage Systems Market size.
However, growth of the Energy Storage Systems Market is hindered due to high capital cost required for developing energy storage systems.
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The leading players operating in the Energy Storage Systems Market are Convergent Energy and Power Inc., Greensmith Energy Management Systems, Eos Energy Storage, LG Chem., ABB Ltd., AES Energy Storage, LLC, S&C Electric Company, Beacon Power, LLC, BYD Company Limited and Seeo, Inc., among others.
Based on Technology, the Pumped Hydro Storage segment is predicted to grow at a significant CAGR during the forecast period
Pumped hydro storage systems fluctuate the baseload of power plants along with Government initiatives promoting the adoption of hydro systems, are some of the factors pushing growth of the segment.
Based on End-User, the Residential segment is projected to expand at a remarkable CAGR over the forecast period
Increasing deployment of energy storage systems at residential areas owing to rising number of power outages, is propelling segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to grow at a robust CAGR during the forecast period
Rising focus on reducing greenhouse gas emissions, Government policies promoting the production of electric vehicles, rapid urbanization, technological innovations in energy storage systems, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Development
- In 2021, ABB Ltd. decided to supply energy storage systems to Stadler a rail manufacturer, which has helped in the expansion of the market.
Market Segmentation
Segmentation by Technology
- Pumped Hydro Storage
- Compressed Air Energy Storage (CAES)
- Sodium Sulfur
- Lithium Ion
- Lead Acid
- Nickel Cadmium
- Flywheel
- Redox-flow
Segmentation by End-User
- Residential
- Non-Residential
- Utility
Segmentation by Application
- Grid Storage
- Transportation
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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