New York, March 27, 2023 (GLOBE NEWSWIRE) -- The global energy storage market size reached US$ 14.9 billion in 2022. Over the next decade (2023 to 2033), global energy storage demand is set to rise at 15.8% CAGR. The worldwide Energy Storage Market size will expand from US$ 17.7 billion in 2023 to US$ 77 billion by 2033.
By application, commercial & industrial segment will continue to dominate the market. This is due to rising adoption of energy storage systems in various industrial and commercial applications. The target segment will expand at 15.6% CAGR from 2023 to 2033.
Rapid shift towards renewable energy sources will drive the global market. Further, rising demand for batteries to power electric vehicles will boost sales.
Energy storage systems are pieces of equipment that can store energy which can then be used as needed. Energy storage systems are widely used as a backup power source in the commercial, industrial, and residential sectors.
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The market for energy storage systems will rise due to increasing energy demand across economies. In 2018, global electricity production was around 26,677 terawatt-hours. In 2021, it increased to about 28,466 Terawatt-hours.
Rapid industrialization and rising global energy demand are likely to boost the global energy storage market. Growing popularity of electric vehicles will further elevate energy storage demand.
Governments all over the world are offering various incentives, such as subsidies, to encourage automobile manufacturers to increase the production of electric vehicles. This is because these electric vehicles emit less pollution than traditional combustion vehicles.
Electric vehicles also require energy storage units in the form of batteries to power them. With rising demand for alternative energy and high adoption of electric vehicles, the market for energy storage is set to expand at a robust pace through 2033.
Key Takeaways from Energy Storage Market Report:
- Global demand for energy storage will rise at 15.8% CAGR between 2023 and 2033.
- By type, batteries segment will thrive at 15.7% CAGR over the next ten years.
- Based on application, commercial & industrial segment will exhibit a 15.6% CAGR.
- The United States energy storage market size is forecast to reach US$ 13.1 billion by 2033.
- Energy storage demand in China is likely to surge at 17.4% CAGR through 2033.
- Sales in Korea energy storage market are set to increase at 16.3% CAGR.
- The United Kingdom energy storage will expand at 14.1% CAGR through 2033.
- Japan market is set to hit a valuation of US$ 12.5 billion by 2033.
“Rising popularity of electric vehicles is likely to boost the global energy storage market. Besides this, transition towards renewable energy sources will elevate demand through 2033.” Says a Persistence Market Research analyst.
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Who is Winning?
GS Yuasa Corporation, Voith GmbH, BYD Co. Ltd, Tesla Inc., UniEnergy Technologies, LLC, Clarios, Contemporary Amperex Technology Co. Limited, AES Corporation, General Electric Company, and Sulzer Ltd. are leading companies operating in the energy storage market.
New product launches and investments in research and development remain the key strategies of companies. Further, various companies are also adopting strategies such as partnerships, collaborations, mergers, and acquisitions to solidify their position.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the energy storage market presenting historical market data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in the energy storage market based on
- Type (batteries, pumped-storage hydroelectricity, thermal energy storage, and flywheel energy storage)
- Application (residential and commercial & industrial)
- Across several regions ( North America, Latin America, Europe, Asia Pacific, Middle East and Africa)
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