Energy Storage Systems Market Size, Share & Trends Analysis Report By Technology (Electrochemical, Electromechanical, Thermal, Pumped Hydro), By Region, And Segment Forecasts, 2020 - 2027

Published: Sep, 2020 | Pages: 100 | Publisher: Grand View Research
Industry: Energy | Report Format: Electronic (PDF)

The global energy storage systems market demand is expected to reach 356,071.3 MW by 2027, expanding at a CAGR of 7.9% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing demand for uninterrupted power supply from the end-use sectors, along with favorable government policies regarding the usage of energy-efficient systems, is likely to drive the market over the forecast period.

The market is primarily driven by rising demand for energy storage systems across several end-use sectors, including the industrial, commercial, and residential segments. In addition, the integration of battery energy storage systems with renewable power sources is expected to enhance the grid reliability and result in electricity bill savings during peak demand hours. This trend is anticipated to positively influence industry growth.

Energy storage system service providers and equipment manufacturers are adopting several strategies, such as new product development, joint ventures, collaborations, partnerships, and agreements. These strategic initiatives enable the industry participants to penetrate the market and cater to the changing technological requirements of different end-users in the region.

For instance, in July 2020, Tesla and PG&E (Pacific Gas and Electric Company) started constructing a 182.5 MW lithium-ion battery energy storage system at the PG&E substation in California. The utility-scale battery energy storage system is integrated with renewable resources to reduce dependence on fossil fuels and enhance overall grid reliability and efficiency.

Energy Storage Systems Market Report Highlights

• By technology, the pumped hydro segment accounted for the largest market share in 2019 owing to its use in balancing the fluctuating output of intermittent renewable sources and baseload power plants

• Thermal energy storage occupied a significant market share in 2019 owing to rising demand for thermal energy storage (TES) systems for balancing the variations in renewable electricity production

• The electrochemical segment is anticipated to register the fastest CAGR over the forecast period owing to the growing penetration of battery energy storage in the electric vehicles and renewable power generation segment

• Asia Pacific dominated the market in 2019. Growing reliable power demand due to rising population and industrial advancements in major economies, such as China and India, are expected to fuel the regional market growth

• Europe occupied a significant market share in 2019 owing to the growing penetration of renewable energy technologies across the region, along with increasing government spending on R&D activities targeting the development of advanced energy storage technologies.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumption
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Energy Storage Systems Market Variables, Trends & Scope
3.1. Market Segmentation & Scope
3.2. Market Lineage Outlook
3.3. Penetration and Growth Prospect Mapping
3.4. Industry Value Chain Analysis
3.5. Technology Overview
3.6. Regulatory Framework
3.7. Market Dynamics
3.7.1. Market Driver Analysis
3.7.1.1. Growing renewable energy sector
3.7.1.2. Favorable government policies
3.7.2. Market Restraint Analysis
3.7.2.1. High cost associated with storage technology
3.7.3. Industry Challenges
3.8. Business Environment Analysis: Energy storage systems market
3.8.1. Industry Analysis - Porter’s
3.8.1.1. Supplier Power
3.8.1.2. Buyer power
3.8.1.3. Threat of substitutes
3.8.1.4. Threat of new entrants
3.8.1.5. Competitive rivalry
3.8.2. PESTEL Analysis
3.8.2.1. Political Landscape
3.8.2.2. Economic Landscape
3.8.2.3. Social Landscape
3.8.2.4. Technological Landscape
3.8.2.5. Environmental Landscape
3.8.2.6. Legal Landscape
Chapter 4. Energy Storage Systems Market Technology Outlook
4.1. Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2027 (Capacity, MW)
4.2. Pumped Hydro
4.2.1. Market estimates and forecasts by region, 2016 - 2027 (Capacity, MW)
4.2. Electrochemical Storage
4.2.1. Market estimates and forecasts by region, 2016 - 2027 (Capacity, MW)
4.3. Electromechanical Storage
4.3.1. Market estimates and forecasts by region, 2016 - 2027 (Capacity, MW)
4.4. Thermal Storage
4.4.1. Market estimates and forecasts by region, 2016 - 2027 (Capacity, MW)
Chapter 5. Energy Storage Systems Market Regional Outlook
5.1. Energy storage systems market, By Region, 2019 & 2027
5.2. North America
5.2.1. Market estimates and forecasts by technology, 2016 - 2027 (Capacity, MW)
5.2.2. The U.S.
5.2.2.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.2.3. Canada
5.2.3.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.2.4. Mexico
5.2.4.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.3. Europe
5.3.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.3.2. France
5.3.2.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.3.3. Germany
5.3.3.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.3.4. The U.K.
5.3.4.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.4. Asia Pacific
5.4.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.4.2. China
5.4.2.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.4.3. India
5.4.3.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.4.4. Japan
5.4.4.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.5. Central and South America
5.5.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.5.2. Argentina
5.5.2.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.6. MEA
5.6.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
5.6.2. South Africa
5.6.2.1. Market estimates and forecasts by product, 2016 - 2027 (Capacity, MW)
Chapter 6. Competitive Analysis
6.1. Key Global Players & Recent Developments & Their Impact On The Industry
6.2. Vendor Landscape
6.3. Company Market Position Analysis
Chapter 7. Company Profiles
7.1. General Electric Company
7.1.1. Company Overview
7.1.2. Financial performance
7.1.3. Flywheel Type benchmarking
7.1.4. Strategic Initiatives
7.2. LG Chem
7.2.1. Company Overview
7.2.2. Financial Performance
7.2.3. Product Benchmarking
7.2.4. Strategic Initiatives
7.3. EnSync, Inc.
7.3.1. Company Overview
7.3.2. Financial Performance
7.3.3. Product Benchmarking
7.3.4. Strategic Initiatives
7.4. Active Power
7.4.1. Company Overview
7.4.2. Financial Performance
7.4.3. Product Benchmarking
7.4.4. Strategic Initiatives
7.5. Altairnano
7.5.1. Company Overview
7.5.2. Financial Performance
7.5.3. Product Benchmarking
7.5.4. Strategic Initiatives
7.6. Samsung SDI Co., Ltd.
7.6.1. Company Overview
7.6.2. Financial Performance
7.6.3. Product Benchmarking
7.6.4. Strategic Initiatives
7.7. Hitachi Chemical Co., Ltd.
7.7.1. Company Overview
7.7.2. Financial Performance
7.7.3. Product Benchmarking
7.7.4. Strategic Initiatives
7.8. NEC Energy Solutions
7.8.1. Company Overview
7.8.2. Financial Performance
7.8.3. Product Benchmarking
7.8.4. Strategic Initiatives
7.9. Maxwell Technologies, Inc.
7.9.1. Company Overview
7.9.2. Financial Performance
7.9.3. Product Benchmarking
7.9.4. Strategic Initiatives
7.10. Saft
7.10.1. Company Overview
7.10.2. Financial Performance
7.10.3. Product Benchmarking
7.10.4. Strategic Initiatives

List of Tables

1. Global Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
2. Global Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
3. North America Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
4. North America Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
5. U.S. Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
6. U.S. Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
7. Canada Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
8. Canada Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
9. Mexico Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
10. Mexico Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
11. Europe Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
12. Europe Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
13. France Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
14. France Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
15. Germany Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
16. Germany Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
17. U.K. Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
18. U.K. Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
19. Asia Pacific Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
20. Asia Pacific Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
21. China Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
22. China Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
23. India Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
24. India Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
25. Japan Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
26. Japan Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
27. Central & South America Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
28. Central & South America Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
29. Argentina Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
30. Argentina Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
31. Colombia Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
32. Colombia Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
33. Paraguay Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
34. Paraguay Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
35. Middle East & Africa Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
36. Middle East & Africa Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)
37. South Africa Energy storage systems market estimates and forecast, 2016 - 2027 (MW)
38. South Africa Energy storage systems market estimates and forecast, by Technology, 2016 - 2027 (MW)

List of Figures

1. Market segmentation & scope
2. Market growth prospect mapping
3. Energy storage value chain analysis
4. Energy storage systems market dynamics
5. Marker driver impact analysis
6. Market restraint impact analysis
7. PORTER’S analysis: Energy storage systems market
8. PESTEL Analysis: Energy storage systems market
9. Energy storage systems market: Technology movement analysis, 2019 & 2027
10. Energy storage systems market: Regional movement analysis, 2019 & 2027
11. Energy storage systems market: Company market share analysis, 2019
12. Energy storage systems market: Strategic framework