Dublin, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The "Energy Storage Systems Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global energy storage systems market reached a value of nearly $234.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.54% since 2018. The market is expected to grow from $234.3 billion in 2023 to $350.4 billion in 2028 at a rate of 8.39%. The market is then expected to grow at a CAGR of 8.89% from 2028 and reach $536.4 billion in 2033.
Growth in the historic period resulted from surge in electricity demand and consumption, expanded reach of off-grid and distributed energy resources and need for reliable backup power against grid outages Factors that negatively affected growth in the historic period were cybersecurity risks.
Going forward, renewable energy expansion, energy transition policies and investments, rise in electric vehicle adoption and rise in digitalization will drive the growth. Factor that could hinder the growth of the energy storage systems market in the future include impact of limited cycle life on energy storage and negative impact of economic instabilities.
The energy storage systems market is segmented by technology into pumped hydro storage, battery energy storage, compressed air energy storage and flywheel energy storage. The pumped hydro storage market was the largest segment of the energy storage systems market segmented by technology, accounting for 94.1% or $220.4. billion of the total in 2023. Going forward, the battery energy storage segment is expected to be the fastest growing segment in the energy storage systems market segmented by technology, at a CAGR of 14.8% during 2023-2028.
The energy storage systems market is segmented by application into stationery and transportation. The stationery market was the largest segment of the energy storage systems market segmented by application, accounting for 82.3% or $192.9 billion of the total in 2023. Going forward, the transportation segment is expected to be the fastest growing segment in the energy storage systems market segmented by application, at a CAGR of 10.29% during 2023-2028.
The energy storage systems market is segmented by end user into residential, non-residential and utilities. The utilities market was the largest segment of the energy storage systems market segmented by end user, accounting for 77.5% or $181.5 billion of the total in 2023. Going forward, the non-residential segment is expected to be the fastest growing segment in energy storage systems market segmented by end user, at a CAGR of 9.26% during 2023-2028.
Asia-Pacific was the largest region in the energy storage systems market, accounting for 40% or $93.8 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the energy storage systems market will be Africa and South America where growth will be at CAGRs of 10.65% and 10.45% respectively. These will be followed by Middle East and Asia-Pacific where the markets are expected to grow at CAGRs of 10.03% and 9.47% respectively.
The top opportunities in the energy storage systems market segmented by technology will arise in the pumped hydro storage segment, which will gain $102.9 billion of global annual sales by 2028. The top opportunities in the energy storage systems market segmented by application will arise in the stationery segment, which will gain $90.1 billion of global annual sales by 2028. The top opportunities in the energy storage systems market segmented by end user will arise in the utilities segment, which will gain $87.1 billion of global annual sales by 2028. The energy storage systems market size will gain the most in China at $23.9 billion.
Market-trend-based strategies for the energy storage systems market include EV battery technology in residential energy storage, advanced safety features and increased energy density in energy storage systems, monitoring and managing energy usage with AI in energy storage systems, investments in large-scale battery storage facilities, collaborative initiatives to overcome energy storage challenges, and grid-scale battery storage as a cornerstone of sustainable energy transition.
Player-adopted strategies in the energy storage systems market include focus on focus on expanding business through new product developments, its business through strategic partnerships, launching its products in different geographic areas and launching new products to expand its business.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider energy storage systems market; and compares it with other markets.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 311 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $234.3 Billion |
| Forecasted Market Value (USD) by 2033 | $536.4 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Executive Summary
1.1 Energy Storage Systems - Market Attractiveness and Macro Economic Landscape
2 Table of Contents
3 List of Tables
4 List of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Energy Storage Systems Market Definition and Segmentations
6.4 Market Segmentation by Technology
6.4.1 Pumped Hydro Storage
6.4.2 Battery Energy Storage
6.4.3 Other Technologies
6.5 Market Segmentation by Application
6.5.1 Stationary
6.5.2 Transportation
6.6 Market Segmentation by End User
6.6.1 Residential
6.6.2 Non-Residential
6.6.3 Utilities
7 Energy Storage Systems Market - Macro Economic Scenario
8 Major Market Trends
8.1 EV Battery Technology in Residential Energy Storage
8.2 Advanced Safety Features and Increased Energy Density in Energy Storage Systems
8.3 Monitoring and Managing Energy Usage with Ai in Energy Storage Systems
8.4 Investments in Large-Scale Battery Storage Facilities
8.5 Collaborative Initiatives to Overcome Energy Storage Challenges
8.6 Grid-Scale Battery Storage as a Cornerstone of Sustainable Energy Transition
9 Global Market Size and Growth
9.1 Market Size
9.2 Historic Market Growth, 2018-2023, Value ($ Million)
9.3 Forecast Market Growth, 2023-2028, 2033F Value ($ Million)
10 Global Energy Storage Systems Market Segmentation
10.1 Global Energy Storage Systems Market, Segmentation by Technology
10.2 Global Energy Storage Systems Market, Segmentation by Application
10.3 Global Energy Storage Systems Market, Segmentation by End User
11 Energy Storage Systems Market, Regional and Country Analysis
11.1 Global Energy Storage Systems Market, by Region, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
11.2 Global Energy Storage Systems Market, by Country, Historic and Forecast, 2018-2023, 2028F, 2033F, Value ($ Million)
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
- Beacon Power
- LG Chem
- General Electric Company
- Schneider Electric SE
- Hitachi Ltd
20 Competitive Benchmarking
21 Competitive Dashboard
22 Key Mergers and Acquisitions
- Exide Technologies Acquired BE-Power GmbH
- Paragon Capital Pvt Ltd. Acquired Hamriyah Terminal from Global Energy Storage (GES)
- TRIG Acquired Fig Power
- TotalEnergies' SE Acquired Kyon Energy Solutions GmbH
- Myers EPS Acquired Storage Power Solutions
- Hitachi Energy Acquired Eks Energy
- Engie SA Acquired Broad Reach Power
- Pramac GmbH Acquired REFU Storage Systems
- CCI Acquired Controlling Interest in S4 Energy
- Castleton Commodities International LLC Acquired S4 Energy B.V.
- KORE Power Inc. Acquired Northern Reliability Inc.
- LG Energy Solution Acquired NEC Energy Solutions
- Eolian Acquired Able Grid Energy Solutions
- Shell New Energies LLC Acquired Savion LLC
- Pramac GmbH Acquired Off Grid Energy Ltd
- Renera LLC Acquired Enertech International
23 Opportunities and Strategies
23.1 Global Energy Storage Systems Market in 2028 - Segments Offering Most New Opportunities
23.2 Global Energy Storage Systems Market in 2028 - Growth Strategies
24 Energy Storage Systems Market, Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/hu7xlz
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