New York, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Energy Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Energy Storage Market Information Report By Type (Mechanical, Thermal, Electro-Chemical and Chemical), By End-User (Utility, Commercial & Industrial and Residential) - Global Forecast to 2030”
Competitive Analysis
Eminent industry players profiled in the global energy storage market report include
- Tesla Inc. (US)
- General Electric Company (US)
- AES Corporation (US)
- Sulzer Ltd. (Switzerland)
- Hydrostor Inc. (Canada)
- Voith GmbH (Germany)
- Linde AG (Germany)
- Hydrogenics Corporation (Canada)
- Highview Power Storage (UK),
- SolarReserve LLC. (US)
- Among others.
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The energy storage market appears fragmented and highly competitive due to the presence of players. The market witnesses strategic initiatives, such as collaborations, expansions, mergers & acquisitions, and product launches. Manufacturers are also seen making strategic investments in research and development activities and fostering their expansion plans.
The energy storage market is primarily a B2B market. Thus, the suppliers are highly dependent on the manufacturer, which reduces the profit margin of the manufacturers. Many manufacturers are following backward integration and are acquiring suppliers.
For instance, recently, on Nov.24, 2021, Contemporary Amperex Technology Co. Ltd. (CATL), a leading supplier of lithium-ion batteries, announced signing a strategic cooperation framework agreement with the Canadian Solar subsidiary CSI Solar. CATL will focus on energy storage and renewable energy technology.
The agreement would enable partner companies to collaborate on battery energy storage system (BESS) solutions, operation & maintenance (O&M) services of battery storage projects, the supply of lithium-ion battery modules, and innovative renewable energy technology.
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Rapid Industrialization Worldwide Bolsters the Market Growth
The global energy storage market is garnering significant traction, witnessing growing application areas. Continually rising global energy demand, primarily due to the expanding industrialization worldwide, drives the market growth. Renewable energy generation capacities have been growing rapidly over recent years. Besides, government initiatives to promote renewable energy allow the market to garner sizable gains.
Energy storage demand is vast in the residential solar market. The ever-expanding population worldwide and the escalating urbanization rate across emerging regions boost the market size, escalating energy demand exponentially. Simultaneously, rapid industrialization worldwide creates substantial market demand.
Especially, metro cities with expanding industrial infrastructures are witnessing huge demand for energy storage systems. Growing ecological concerns globally promote the need for renewable/clean energy generation to reduce pollution levels. Additionally, the rising nuclear and renewable energy generation boosts the energy storage market size.
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On the other hand, high initial investment requirements and prohibitive costs of installation and maintenance of energy storage are key factors impeding market growth. Also, the indistinct supervisory framework for energy storage systems poses challenges for market growth. Nevertheless, increasing efforts of manufacturers to reduce the overall manufacturing cost of the energy storage systems would support the market growth during the assessment period.
Conventional energy generation sources, such as coal, fossil fuels, and natural gas contribute substantially to carbon emissions. Therefore, power generation industries worldwide seek to reduce carbon footprint, focusing on raising renewable energy output. Increasing renewable energy generation capacities led by environmental safety awareness fosters the energy storage market share.
COVID-19 Impacts
The recent COVID-19 outbreak affected the energy storage industry negligibly. Increased global demand for energy reassured a robust rise in the renewable energy market and, therefore, the energy storage market. Besides, the increased energy demand from the industrial sectors allowed the market to grow continually throughout 2020.
Despite the pandemic disruptions, the cost of renewables continued to fall in 2020. Also, utility-scale energy storage equipments costs were declined by 16% during 2020. The energy storage market is likely to grow exponentially further in 2021 and beyond.
Segmentation
The report segments market dynamics into types, end-users, and regions. The type segment is bifurcated into thermal, mechanical, electro-chemical, chemical, and others. The end-user segment is bifurcated into commercial, industrial, residential, and utility. By regions, the market is bifurcated into the Americas, Asia-Pacific, Middle East & Africa, Europe, and the rest of the world.
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Regional Analysis
Europe dominates the global energy storage market. Factors such as the rapid growth in the utility-scale energy storage technology and technological upgrades by key manufacturers in Germany and the UK drive the market growth.
Besides, the large presence of innovative vendors and project developers, alongside the increasing consumer purchasing power and regulatory change in the region, substantiate the market size. Increased solar and other renewable energy generation increase the region's markets share. Moreover, the spurring rise in industrial, commercial, and utility sectors and government initiatives to promote renewable energy boost the market value in this region.
Segmentation of Market covered in the research:
Energy Storage Market Information Report By Type (Mechanical, Thermal, Electro-Chemical and Chemical), By End-User (Utility, Commercial & Industrial and Residential) - Global Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
