Glorious Years Ahead for the Global Energy Storage System Market—Projected to Reach worth USD 205,304.91 Million in 2027
Published | 10 November 2021
The global energy storage system market is anticipated to grow due to the rising adoption of energy storage systems by automotive manufactures for manufacturing EVs…
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global energy storage system market was worth USD 54,537.80 million in 2020 and is further projected to reach USD 205,304.91 million by 2027, at a CAGR of 22.3% during the forecast period (2021-2027). With the growing applications in transportation applications such as battery storage, hydrogen storage, SLI-starting, lighting, and ignition, utilities applications such as energy shifting, transmission, distribution, grid applications, and industrial applications including military applications, the global market for energy storage systems is increasing. Chargers for electric vehicles, uninterruptible power sources (UPS) and data centers, hydrogen refueling stations, and forklifts have also benefited from the use of energy storage systems in recent years.
Rising Number of Investments for Energy Storage Systems Favoring Market Growth
Fossil fuels have been the conventional sources of energy for combustible engines, which have also been a significant contributor to carbon emissions. According to the United States Environmental Protection Agency, the primary sources of greenhouse gas emissions have been the transportation sector contributing to almost 19% of greenhouse gas emissions in 2019. The third major contributor to greenhouse gas emissions has been industrial production which burns fossil fuels to generate enough energy to produce raw materials. In contrast, Energy Storage Systems are considered one of the safest and cleanest elements, emitting little to no emissions and thereby reducing the carbon footprint of the energy used in the production of electric vehicles, power plants, and other applications. Furthermore, the increased focus on climate change and greenhouse gas emissions has prompted many of the world's biggest organizations to band together in the battle against climate change, bringing their goals to the forefront to demonstrate their countries' carbon-neutral potential.
Growth of The Electric Vehicle Industry Propelling the Market Forward
The growing shortage of fossil fuels accompanied by the rising concerns toward the environment, and government initiatives have been the key factors contributing to the growth of electric vehicle consumption over the past few years. According to the Global EV Outlook Report of 2021, 2020 has been a fruitful year for EV sales even amid the COVID-19 pandemic, registering a staggering 43% increase reaching 10 million in EV sales as against 2019. The facts demonstrate that the growth of the EV sector is expected to grow even further in the coming years, which has showcased a growth in the EV led energy storage systems. It is thus registering growth in the demand for the global energy storage systems market.
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Utilities Segment Holds the Largest Share in by Application Segment
Based on applications, the global energy storage system market is categorized into Residential & Commercial, industrial, utilities, and transportation segments. Among these, the utilities segment held the largest market share of 88.19% in the global energy storage system market. According to the U.S. Department of Energy (DOE), utilities, Residential & Commercial & commercial, & industrial sectors are expected to witness significant growth by 2030 with North America being the largest market followed by China, and Europe. DOE further states that Europe is expected to cross the 1 million EV sales in 2021 across light-duty, medium-duty, and heavy-duty classes.
Impact of COVID-19 on the Global Energy Storage System Market
COVID-19 impacted almost all industries around the world, with the energy & power industry being one of the few industries that had to endure the most impacts from the COVID-19 outbreak. The decreasing number of investments and revenue resulted in a reduction in the number of advancements made by the company to improve the market. All of these factors, coupled with increasing delays, growing uncertainties, and reduced availability of critical raw materials, have had a significant impact on the global energy storage system market's growth. However, the growing vaccination rates around the world are bringing a chance for recovery for the electricity market even though the initial impact of the pandemic caused the shutdown of operations across several industries.
Global Energy Storage System Market: Regional Insights
Based on regions, the global energy storage system market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region accounted for the largest share in the global energy storage system in 2020. Power and energy generation are becoming increasingly in demand from countries such as India, Japan, and China, where energy generation and consumption are increasing. According to the International Energy Agency, China's electricity demand increased by 4.7% in 2019 and India's by 0.5%. Asia-Pacific countries invest in renewable energy storage by shifting away from fossil fuels and toward variable energy sources, such as wind and solar energy.
Global Energy Storage System Market: Competitive Landscape
Over the past few years, the global energy storage system market has seen a rise in competition due to rising adoption of the Internet of Things (IoT) along with renewable energy sources. This has strongly influenced the growth of the market. The key players in the market are General Electric Company, NextEra Energy, Inc., BYD Co. Ltd., Johnson Controls International plc, Panasonic Corporation, DTurkeye Energy Corporation, Toshiba Corporation, Siemens AG, Samsung SDI Co., Ltd., Tesla, Inc., The AES Corporation, Voith GmbH & Co. KGaA, LG Energy Solution Ltd., Hitachi Power ABB Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), Eaton Corporation Plc, Melrose Industries plc, Black & Veatch Holding Company, and other prominent players.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global energy storage system market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the energy storage system market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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