IMARC Group’s latest research report, titled “Energy Storage Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the energy storage systems market report . The report also includes competitor and regional analysis, and contemporary advancements in the market. The global energy storage systems market size reached 217.5 GW in 2022. Looking forward, IMARC Group expects the market to reach 372.9 GW by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028.
An energy storage system (ESS) is specifically designed to store energy, such as radiation, chemical, gravitational, potential, electrical, latent heat, kinetic, etc., that can be utilized later to carry out useful operations. It offers several technological solutions for regulating power supply, building more resilient energy infrastructures, saving costs for utilities, etc. In addition to this, an energy storage system improves the efficiency and capacities of the electric grid while minimizing greenhouse gas (GHG) emissions. Consequently, it finds extensive applications in various sectors, including residential, commercial, transportation, etc.
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Energy Storage Systems Market Trends:
The widespread adoption of clean and renewable energy to minimize considerable reliance on fossil fuels and inflating levels of air pollution is primarily driving the energy storage systems market. Additionally, the increasing need for efficient grid management, constant load management, and continuous power supply among organizations is further catalyzing the market growth. Besides this, the launch of numerous favorable policies by government bodies across the countries to promote the utilization of electric vehicles (EVs) is acting as another significant growth-inducing factor. Moreover, the growing investments in renewable energy technologies (RET) and the rising demand for lithium-ion batteries, owing to their high efficiency, better temperature performance, low self-discharge over time, etc., are also positively influencing the global market. Apart from this, the elevating number of transmission and distribution stations is anticipated to fuel the energy storage systems market over the forecasted period.
Key Players Included in Global Energy Storage Systems Market Research Report:
- Altair Nanotechnologies Inc.
- Eguana Technologies
- Electrovaya Inc.
- Exide Industries Limited
- Furukawa Electric Co. Ltd.
- General Electric Company
- Kokam Ltd.
- LG Chem Ltd.
- Saft (TotalEnergies SE)
- Samsung SDI Co. Ltd.
- Schneider Electric SE
- Showa Denko K. K.
- Tata Power Company Limited
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Key Market Segmentation:
Breakup by Technology:
- Pumped Hydro
- Electrochemical Storage
- Electromechanical Storage
- Thermal Storage
Breakup by Application:
- Stationary
- Transportation
Breakup by End User:
- Residential
- Non-Residential
- Utilities
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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