Energy Storage Systems Market Size Worth USD 210.92 Billion by 2028 Growing at a CAGR of 8.4%

Global energy storage systems market was valued at $188.5 million in 2020. It is expected to grow at 8.3% CAGR between 2021 and 2030. An energy storage system is a device that allows storage of different forms of energy, such as electrochemical or mechanical. These can then be used as and when needed.

Covid-19’s economic downturn caused by financial uncertainty for customers prevented residential energy storage deployment. However, the commercial and industrial segment saw a decrease in investment as they avoided making non-essential capital expenditures. The market’s major drivers in the future are likely to come from factors such as the growing renewable energy sector, government policies that support energy storage systems (ESS), or improving energy storage economics. Market growth will be slowed by mismatches in supply and demand for raw materials like Cobalt, graphite, and lithium over the forecast period.

Driving Factors

Grids are used to store solar and wind energy. These are the most popular alternative energy sources. These renewable energy sources are highly sought-after because of fluctuations in wind currents and insufficient sunlight availability at times. Flexible grid storage is highly desirable. Grid modernization is driving an increase in demand for energy storage systems. There are many opportunities in the Energy Storage Market due to the widespread adoption of energy storage systems.

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Restraining Factors

The high cost and difficulty of installing these systems in remote locations is a major constraint on the Energy Storage Market.

Due to their high energy density and superior performance, battery energy storage technologies such as flow batteries and lithium-ion batteries require higher installation investments. Because they have high energy density and low self-discharge rates, lithium-ion batteries can be expensive. They also require less maintenance. The cost of lithium-ion battery is expected to decrease in the future. Because they are light and compact, but have a large storage capacity, these batteries can be used in electric cars (EVs). The market’s growth can be impeded by the high initial investment costs for manufacturing flow batteries.

Market Key Trends

The Market to Rule by the Batteries Segment

The transition to sustainable energy systems will require battery energy storage. The battery energy storage systems control voltage and frequency, lower peak demand charges and integrate renewable sources. They also provide backup power. The energy storage system’s cost is approximately 60% due to batteries. But, only a fraction of total storage capacity is expected to be stored in batteries.

There are many types of batteries that can be used to store energy, including flow batteries, lead-acid and nickel-metal-hydride (NiMH), NiCD (nickel-cadmium), and nickel-cadmium [NiCD], among others.

Due to falling prices, lithium-ion batteries have been in high demand. The United States Department of Energy (DOE), has set an interim price target of USD125/kWh for 2020. By 2030, lithium-ion battery costs are expected to drop to USD 73/kWh. Lithium-ion batteries will be the market leader in battery storage because they are lightweight, require minimal maintenance, and have high energy density relative to volume, charge/discharge efficiency, and low energy density.

While most energy storage batteries are made of lead-acid, there are other battery chemistries like lithium-ion (Lii-ion), potassium, and flow that are expected to offer additional benefits. These include increased durability, higher energy capacities, or longer-term storage, or for specific applications.

The battery energy storage systems also use utility grids to provide electricity to customers, which reduces energy costs. The battery energy storage systems are an economical alternative to traditional infrastructure. They can be used to help substations and transmission, distribution (T&D), lines meet increasing demand. These are the factors that have contributed to the market growth for battery energy storage systems.

The largest segment of the market for battery energy storage is still utilities. The forecast period will see more utilities including storage in solicitations for solar projects. This will increase the potential for battery energy storage systems.

Key Market Players:

Altair Nanotechnologies Inc.
Electrovaya Inc.
Ecoult
Langley Holdings PLC
Samsung SDI Co.
Eos Energy Storage
Saft
General Electric
AES Corporation
ABB Ltd.
Panasonic Corporation
Siemens Energy
Exide Industries Ltd.
Tesla Inc.
Maxwell Technologies Inc.
LG Chem Ltd.
Other Key Players

By Technology

Pumped Hydro
Electrochemical
Thermal
Electromechanical

By Application

Residential
Industrial

Recent development

  • Greenko Energies Pvt Ltd. and NTPC Limited signed an MOU for several renewable energy projects in August 2020. Greenko will set up 40 GWh in hydro-storage projects across six Indian States.
  • In October 2021, India’s Government had already invited expressions of interest to install a 1000 MWh Energy Storage Systems.
  • Oak Ridge National Laboratory, January 2020, announced that they had developed a framework for conducting and storing energy.
  • Greenko Energies Pvt Ltd. (“Greenko”) and NTPC Vidyut Vyapar Nigam Ltd. (“NVVN”), a wholly-owned subsidiary to NTPC Limited – India’s largest power generator with a fleet exceeding 60 GW, entered into an Memorandum of Understanding (MOU) in August 2020. The MOU aims to explore the possibility that a Renewable Energy (RE-based RTC)-based flexible, dispatchable power supply option. RE sources and pumping storage projects. Greenko is currently developing and building more than 40 GWh in pumped hydro storage projects in six states of India.
  • Siemens Energy and Norwegian technology company EnergyNest entered into a long-term partnership on June 2020. The start up is a supplier for thermal energy storage system. The goal of the partnership will be to offer standardized, modularized thermal energy storage systems to industrial customers.

Frequently Asked Question (FAQ)

  • What is the size of the energy storage market in US dollars around the world?
  • Which market players are active in the global Energy storage sector?
  • What segment of global energy storage will see the most growth?
  • What vertical segment of global energy storage will see the most growth?
  • What are the differences between energy storage types?


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