) August 4, 2022 -- This new Fact.MR research report on the energy storage systems market predicts the industry to evolve at a CAGR of 5.6% from 2022 to 2031. At present, the energy storage systems market accounts for a net worth of USD 45.1 billion.
Energy storage technologies have seen rapid advancements in the past few years owing to increasing investments in research & development to create more efficient energy storage systems. This is projected to majorly guide energy storage systems market potential. Rising use of energy storage systems in the automotive industry owing to increasing sales and popularity of electric vehicles will also positively influence energy storage system consumption. However, high costs of installation are expected to hinder the adoption of energy storage systems to a certain extent.
Energy storage system vendors are adopting new strategies to maximize their sales and revenue potential across the world, and are also focusing on collaborations to strengthen their market presence.
· In June 2020, Siemens Energy AG, an energy company of Siemens Group, announced a collaboration with Norway-based EnergyNest. This will be a long-term commitment aimed at offering standardized modular thermal energy storage systems for their industrial customers.
Report Attributes / Details
Energy Storage Systems Market Size (2022) / USD 45.1 Billion
Projected Year Value (2031F) / USD 73.8 Billion
Global Market Growth Rate (2022-2031) / 5.6% CAGR
Asia Pacific Market Value (2031) / USD 16.5 Billion
Why is the consumption of energy storage systems increasing in Asia Pacific?
On a worldwide basis, East Asia and South Asia are predicted to be the most profitable areas. Rising urbanisation and the popularity of electric vehicles are anticipated to be key developments propelling the Asian region's ESS market potential. Energy storage technology is expected to be in great demand in China and India.
The market for energy storage systems in the Asian region is anticipated to have a dominant perspective throughout the course of the forecast period and be worth USD16.5 billion by 2031.
Key Takeaways from Market Study
· Currently, the energy storage systems market stands at USD 45.1 billion.
· From 2022 to 2031, the energy storage systems market is expected to expand at a CAGR of 5.6%.
· By 2031, the energy storage systems market is projected to attain a valuation of USD 73.8 billion.
· Increasing use of renewable energy, rising demand for electric vehicles, and supportive government initiatives majorly drive demand for energy storage systems.
· High cost of installation is predicted to hamper industry growth a bit.
· Lithium-ion batteries to see hike in demand as sales of electric vehicles increase across the world.
· The energy storage systems market in Asia Pacific is projected to hold a dominant stance over the forecast period and expand at a CAGR of 6% through 2031.
“Increasing focus on sustainability and rising popularity of electric vehicles anticipated to provide a lucrative setting for energy storage systems market growth,” says a Fact.MR analyst
Key Segments Covered in Energy Storage Systems Industry Research
· Energy Storage Systems Market by Technology :
a) Lithium-Ion Batteries
b) Lead Acid Batteries
c) Sodium Sulfur (NAS) Batteries
d) Flow Batteries
-Mechanical Energy Storage
a) Pumped Hydro Energy Storage
b) Flywheel Energy Storage
c) Compressed Air & Liquid Air Energy Storage
-Other Storage Technologies
· Energy Storage Systems Market by Application :
· Energy Storage Systems Market by End User :
Energy storage system manufacturers are adopting organic and inorganic growth strategies to maximize their business scope on a global level. Increasing demand for advanced and next-generation energy storage systems will favor market potential over the coming years.
Supportive government initiatives and subsidies are also expected to favor energy storage system sales going forward.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global energy storage systems market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2031.
The study divulges essential insights on the market on the basis of technology (electro chemicals, thermal storage, mechanical energy storage, other storage technologies), application (transportation, grid storage), and end user (residential, non-residential, utilities, automotive), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Questions Covered in the Energy Storage Systems Market Report
· What is the global energy storage systems market scenario?
· What is the demand outlook for energy storage systems market during the forecast period?
· What was the last 5-year CAGR for the energy storage systems market?
· Who are the prominent players in the global energy storage systems market?
· Which is the most leading region in the energy storage systems market?