PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1544783
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1544783
Energy Storage Systems Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Energy storage systems market size is set to record a 15.2% CAGR from 2024 to 2032 led by the rising adoption of renewable energy sources and the quest for grid stability.
With the increasing rollout of solar and wind energy projects, there is an escalating demand for energy storage solutions to counteract the intermittent nature of these resources. For example, in June 2024, BSES initiated the development of India's inaugural large-scale standalone Battery Energy Storage System.
Advancements in battery technology, particularly in lithium-ion and solid-state variants, have bolstered performance, energy density, and lifespan, rendering storage systems more economically feasible. Coupled with declining manufacturing costs and the heightened scalability of storage solutions, these factors are propelling market growth.
The overall industry is segmented into technology, application, and region.
Based on technology, the energy storage systems market size from the pumped hydro segment will record a decent growth rate between 2024 and 2032 due to its established reliability for large-scale energy storage. Pumped hydro systems, which utilize surplus electricity to elevate water and subsequently release it for electricity generation during peak demand, boast advantages in capacity, efficiency, and longevity.
Energy storage systems market from the electric supply capacity application segment is anticipated to witness significant growth during 2024-2032. This surge is attributed to the escalating capacity demands for advanced storage solutions that manage and optimize energy consumption. As electrical grids expand and face heightened demand, energy storage systems play a pivotal role in ensuring a stable and reliable supply.
North America energy storage systems industry size will record substantial growth through 2032 attributed to the increasing focus on grid modernization and energy resilience. With a growing emphasis on integrating diverse renewable energy sources and transitioning away from fossil fuels, there is a heightened need for advanced storage solutions to support grid stability and reliability across the region.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market definitions
- 1.2 Base estimates and calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid
- 1.4.2.2 Public
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Vendor matrix
- 3.2 Regulatory landscape
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
- 3.4 Growth potential analysis
- 3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL analysis
Chapter 4 Competitive landscape, 2023
- 4.1 Strategic dashboard
- 4.2 Innovation and sustainability landscape
Chapter 5 Market Size and Forecast, By Technology, 2021 - 2032 (MW and USD Million)
- 5.1 Key trends
- 5.2 Pumped hydro
- 5.3 Electro-chemical
- 5.3.1 Lithium-ion
- 5.3.2 Sodium sulphur
- 5.3.3 Lead acid
- 5.3.4 Flow battery
- 5.3.5 Others
- 5.4 Electro-mechanical
- 5.4.1 Flywheel
- 5.4.2 CAES
- 5.5 Thermal
- 5.5.1 Water
- 5.5.2 Molten salt
- 5.5.3 PCM
- 5.5.4 Others
Chapter 6 Market Size and Forecast, By Application, 2021 - 2032 (MW and USD Million)
- 6.1 Key trends
- 6.2 Electric time energy shift
- 6.3 Electric supply capacity
- 6.4 Black start
- 6.5 Renewable capacity firming
- 6.6 Frequency regulation
- 6.7 Others
Chapter 7 Market Size and Forecast, By Region, 2021 - 2032 (MW and USD Million)
- 7.1 Key trends
- 7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 France
- 7.3.4 Italy
- 7.3.5 Spain
- 7.3.6 Russia
- 7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 Japan
- 7.4.3 India
- 7.4.4 South Korea
- 7.4.5 Australia
- 7.5 Middle East and Africa
- 7.5.1 Saudi Arabia
- 7.5.2 UAE
- 7.5.3 South Africa
- 7.6 Latin America
- 7.6.1 Brazil
- 7.6.2 Argentina
Chapter 8 Company Profiles
- 8.1 ABB
- 8.2 Abengoa S.A.
- 8.3 Burns and McDonnell
- 8.4 BYD Company Ltd.
- 8.5 CALMAC
- 8.6 Durapower Group
- 8.7 Exide Technologies
- 8.8 General Electric
- 8.9 Hitachi Energy Ltd.
- 8.10 Johnson Controls
- 8.11 LG Energy Solution
- 8.12 McDermott
- 8.13 Narada Power Source Co. Ltd
- 8.14 Panasonic Corporation
- 8.15 Samsung SDI Co., Ltd
- 8.16 SCHMID Group
- 8.17 Siemens
- 8.18 Sinohydro Corporation
- 8.19 Toshiba Corporation
- 8.20 Voith GmbH and Co. KGaA
