New York, US, May 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Energy Storage System Market Information by Type, End-User, and Region - Forecast till 2030", According to projections by Market Research Future (MRFR), the Energy Storage System Market would increase from USD 2.26 billion in 2022 to USD 5.41 billion by 2030. This growth will be evident at a stupendous rate of 13.24% over the course of the forecast period (which is from 2022 to 2030).
Energy Storage System Market Overview
Energy storage is the process of storing energy produced at one moment for use at a later period in order to balance out the imbalance between energy production and demand. An accumulator or battery is a term used to describe a device that stores energy.
A crucial piece of technology in the shift to a sustainable energy system is battery energy storage. Systems for storing energy in batteries control voltage and frequency, lower peak demand costs, include renewable energy sources and offer a backup power source. Energy storage systems depend heavily on batteries, which account for around 60% of the system's overall cost. Nonetheless, it is anticipated that the overall installed storage capacity would not include many batteries.
Market Competitive Landscape:
The affluent firms in the energy storage industry are
- Tesla Inc. (US)
- AES Corporation (US)
- General Electric Company (US)
- Sulzer Ltd. (Switzerland)
- Voith GmbH (Germany)
- Hydrostor Inc. (Canada)
- Linde AG (Germany)
- Highview Power Storage (UK)
- Hydrogenics Corporation (Canada)
- SolarReserve LLC. (US)
- Among others.
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COVID 19 Analysis
The pandemic outbreak has affected the economies and companies of many different nations as a result of lockdowns, corporate closures, and travel restrictions. One of the major industries experiencing severe upheavals is the global construction sector. These interruptions include of supply chain breakdowns, lower production and personnel numbers, terminations of technology events, product distribution, and advertising, office closures due to curfews and lockdowns, and a fall in product sales.
With its prevalence and significant raw material suppliers, China is one of the world's leading industrial centers. The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide market. The most recent pandemic outbreak began in Wuhan (a Chinese province) in the year 2019, and it quickly spread around the world. These elements disrupt the global market trend and growth of the energy storage industry.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 5.41 billion |
| CAGR during 2022-2030 | 13.24% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-User, and Region |
| Key Market Opportunities | Rise in awareness about using renewable energy sources for power generation |
| Key Market Dynamics | Rising prevalence of cervical spondylosis in corporate professionals Growing cases of cervical injuries in automobile crashes |
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Market USP Covered:
Market Drivers:
Electric cars are becoming increasingly popular and widely used across the world, which has a huge impact on the worldwide market. The increase in demand for energy storage devices can be attributed to growing worries about environmental pollution brought on by vehicles. Systems for storing various forms of energy storage are tools that may be used as necessary. Energy storage systems are required by the commercial, industrial, and residential sectors. The market for energy storage systems is growing as a result of growing knowledge about the development of renewable energy sources due to increased energy demands. In emerging nations, rapid industrialization and urbanization have boosted the demand for energy storage devices.
The negative effects of CO2 emissions and other greenhouse gases on the environment are also becoming more widely known. This has led to a rise in interest in renewable energy sources relative to traditional coal or fossil fuel sources. In the years to come, it is anticipated that this trend would boost demand for energy storage systems globally. Using energy storage solutions to support renewable energy sources is more cost-effective and environmentally friendly than using conventional storage systems. Since they produce less pollution than cars fueled by petroleum, governments' strict environmental rules have boosted the development of electric vehicles. Energy storage systems are necessary for electric cars. The expansion of the Energy Storage System Market's revenue has been aided by all of these factors.
Market Restraints:
Throughout the projection period, the market expansion is anticipated to be constrained by the mismatch between supply and demand for raw materials including cobalt, lithium, and graphite.
Market Segmentation
By Type
Mechanical, thermal, electro-chemical, and chemical are the many types of energy storage systems available in the market. In terms of revenue, the electro-chemical market category accounted for the majority in 2021. The main cause of this is the rising need for liquid electronic materials for cleaning and polishing electronic device internals. Nevertheless, because to the rising demand for electricity, smart grids, international transmission, and international measures to use non-conventional and renewable sources, mechanical is expected to develop at the quickest rate throughout the projected period.
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By End-User Insights
Utility, business & industrial, and residential end-user segments were used to segment the Energy Storage System Market data. Throughout the projection period, 2022–2030, the utility category, which led the market in 2021, is expected to increase at a quicker rate. This is explained by an increase in funding for the construction of utility-scale power facilities. Commercial & Industrial, however, is expected to rise at the quickest rate throughout the projected period as a result of an increase in construction projects including decentralized renewable power plants, rural electrification initiatives, and office buildings.
Regional Insights
In 2021, the Asia-Pacific market for energy storage had a value of USD 0.88 billion, and throughout the research period, it is anticipated to increase at a high CAGR. The major factors driving the growth of the energy storage systems market in the region are the increasing government investments in the adoption of sustainable energy sources, increased government initiatives to incentivize the corporate sector to adopt renewable energy sources, and increased government investments in electrifying rural areas. In addition, the Asia-Pacific region's Energy Storage System Market in China had the biggest market share, while the market in India had the quickest rate of expansion.
Due to the surging number of measures to reduce carbon footprint, rising awareness of the advantages of renewable energy sources, and rising demand for reliable and efficient power supply, the North American Energy Storage System Market has the second-largest market share. These factors are anticipated to fuel market growth in this region. Moreover, the North American Energy Storage System Market in North America was dominated by the US, which also had the greatest market share.
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As per MRFR’s predictions, the Energy Storage System Market in Europe can expand at the greatest CAGR between 2022 and 2030. This is because electric vehicles are now more widely used in the UK, and the existence of EV producers has helped the industry expand there. Moreover, the UK Energy Storage System Market had the quickest rate of growth in the entire of Europe, while the German Energy Storage System Market had the greatest market share.
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