Energy Storage Solutions (ESS) Market, by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage), End User (Residential, Non-residential, and Utilities), Application (Stationery and Transportation), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Energy Storage Solutions (ESS) Market Overview
The global Energy Storage Solutions (ESS) market size was estimated at USD 46.4 billion in 2023 and is projected to reach USD 114.3 billion in 2030 at a CAGR of 13.75% during the forecast period 2023-2030.
Energy Storage Solutions (ESS) are solutions or equipment’s that store energy for later uses. The stored energy can be used to provide power to an electrical load, such as a motor or Electric Heater, or it can be discharged into the electrical grid. The importance of ESSs is twofold: they allow utilities to better manage their electricity grids and they provide opportunities for renewable energy sources, such as solar and wind power, to be more widely adopted. The technological advancements pertaining to the energy storage systems have significantly impacted the market growth in the recent years by ensuring the advantages of continuous energy supply.
The growing demand for efficient and competitive energy resources is likely to fuel the market growth in the coming years. Clean and renewable energy is an affordable alternative to fossil fuel-based electricity. Its use can help curb excessive dependence on fossil fuels, reduce greenhouse gases and thus air pollution, and diversify the electricity supply. Increasing number of data storage centers along with rapidly increasing competition in various sectors, including IT and finance, will drive demand during the forecast period. In addition, changes in consumer lifestyles and an increase in the number of power outages are expected to encourage the use of residential construction.
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Market participants such as components, contractors and utilities have been adversely affected by COVID-19. The slowdown in the industry has been due to project delays or cancellations, logistical challenges, difficulties in acquiring equipment and delays in obtaining necessary permits. These factors led to reduced turnover and layoffs. Due to consumer financial insecurity, the economic downturn caused by COVID-19 has made it difficult to deploy home electricity storage mechanisms. In contrast, Commercial and Industrial suffered a setback because companies avoided unnecessary capital investment. In the coming years, the market is primarily expected to be driven by a growing renewable energy sector, favorable government policies and programs on energy storage solutions (ESS), and an improving economy.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The technological development related to energy storage systems has significantly influenced the growth of the market in recent years, ensuring the benefits of continuous energy supply. The growing adoption of renewable energy sources is increasing the demand for renewable energy storage systems worldwide. The significant increase in energy demand worldwide has led to the growth of the energy storage market. Growing government and private investment in renewable energy generation is expected to boost the growth of the global energy storage systems market. These factors have led to the expansion of the market and increased demand for Energy Storage Solutions (ESS) solutions.
Key Findings
• The technology segment is further fragmented into Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage. The pumped hydro storage segment is expected to account for a larger market size during the forecast period due to the increase in demand for pumped water storage across the globe. Additionally, government initiatives in renewable energy generation are expected to stimulate market growth during the analyzed time period. Moreover, the explosive consumption of electricity across the world is expected to boost the growth of the market in the coming years.
• The end user segment is further bifurcated into Outdoor location and Indoor location. The utilities segment is the largest market during the forecast period due to increased investment in the construction of community power plants. In addition, the growth of construction projects such as renewable energy distributed power plants, rural power projects and commercial buildings is accelerating the growth of the power industry.
• The application segment is further bifurcated into Small and medium-sized enterprises and large enterprises. stationary segment to account for a larger market size during the forecast period. This is due to the rapid expansion of heavy industry and projects such as dams, power plants, power grids, refineries and factories. In addition, the increase in the number of hydropower projects around the world will be a major driver of the stationary energy storage market in the coming years.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. In Asia Pacific, growing electrification in emerging economies such as China, India.
Energy Storage Solutions (ESS) Market Regional Analysis
Asia Pacific to Dominate the Market
• Asia Pacific is estimated to account for the largest market share during the forecast period owing to the growing electrification in emerging economies such as China, India.
• Moreover, ongoing energy storage investments and government initiatives are driving demand for energy storage solutions.
Energy Storage Solutions (ESS) Market Competitive Landscape
• Scheider Electric
• General Electric
• GS Yuasa Corporation
• UniEnergy Technologies, LLC
• BYD Co. Ltd
• Tesla Inc.
• Langley Holdings plc
• LG Chem
• Maxwell Technologies, Inc.
• Saft
• Showa Denko Materials Co., Ltd.
• The Furukawa Battery Co., Ltd.
• Kokam
• Fluence
• Clarios
• Samsung SDI Co., Ltd.
• SMA Solar Technology AG
• Exide Industries Ltd
• SK Holdings
• Autobat SACI
• Enerbrax Acumuladores Ltda
• Eguana Technologies
• Imergy Power Systems
• Altairnano
• Ecoult
• Electrovaya
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Energy Storage Solutions (ESS) Market Recent Developments
• February 2022: The partnership between FIMER and Vega Solar supplied 14 PVS-100 inverters, a three-phase string solution, to Albania. The PVS-100/120-TL is a cloud-connected three-phase string inverter by FIMER designed for cost-effective decentralized solar systems on both ground and rooftops.
• May 2022: Salient Energy, a company developing proprietary zinc-ion batteries as an alternative to lithium-ion batteries in residential energy storage, announced that it had formalized a partnership with Horton World Solutions (HWS), a sustainable homebuilder whose proprietary composite framing system enables best-in-class energy efficiency and construction time.
Reasons to Acquire in the Energy Storage Solutions (ESS) Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Energy Storage Solutions (ESS) Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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