Energy Storage Systems Market Size, Share & Trends Analysis Report By Technology (Pumped Storage, Electrochemical Storage, Electromechanical Storage, Thermal Storage), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the energy storage systems market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for energy storage systems market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of energy storage systems market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Energy Storage Systems Market Categorization:

The energy storage systems market was categorized into four segments, namely technology (Pumped Storage, Electrochemical Storage, Electromechanical Storage, Thermal Storage), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The energy storage systems market was segmented into technology, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The energy storage systems market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; Mexico; Germany; UK.; France; China; India; Japan; Argentina; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Energy storage systems market companies & financials:

The energy storage systems market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• GENERAL ELECTRIC is a multinational conglomerate that operates as a digital industrial company globally. It operates through numerous business segments, including aviation, power, healthcare, additive manufacturing, renewable energy, digital, venture capital & finance, transportation, lighting, and oil & gas. The company offers energy-related technological solutions and services such as energy production, including engines, gas & steam turbines, generators, power generation services, high voltage equipment, and digital solutions through its power business segment. The renewable energy segment of the company provides hardware & software solutions, wind turbine platforms, offshore wind turbines, various products & services to the hydropower industry, and a few other services. The company offers various solutions via different operating segments. It provides energy storage systems through its renewable hybrid power solutions. Its renewable energy hybrid solutions can comprise one or multiple renewable generation assets with the integration of storage (pumped/battery).

• LG Chem The company caters to numerous industries, such as basic materials & chemicals, energy solutions, IT, and electronic materials. LG Energy Solution is a subsidiary of LG Chem which develops the worldwide network for manufacturing, marketing, and R&D in all the main bases globally with products such as ABS, EV battery cells, and polarizers, enhancing its position worldwide as a material supplier. With its worldwide production capacity, LG Chem's lithium-ion battery technology supplies battery systems for commercial, household, electrical grid, and uninterruptible power supply (UPS) applications. LG Energy Solution is a subsidiary of LG Chem. It has a prominent presence worldwide mainly in Asia, North America, and Europe.

• Langley Holdings Plc Piller Power Systems, a subsidiary company of Langley Holdings plc, is involved in developing, designing, and manufacturing electrical coupled UPS, containerized UPS, stabilizers, static transfer switches, kinetic energy storage, aircraft ground power systems, frequency converters, and naval power supplies. Active Power, founded in 1992, is a division of Piller Power Systems, Inc. and is headquartered in Texas, U.S. Active Power Inc. is one of the leading manufacturers of modular infrastructure solutions (MIS) and kinetic energy storage products. It caters its products and services to customers from the healthcare, data centers, and industrial & manufacturing sectors. The company is known for offering products and solutions that reduce environmental impact and lower the total cost of ownership.

• Altairnano The company is headquartered in Nevada, U.S. It designs, manufactures, and markets batteries, nano lithium titanate materials, and energy storage systems, mainly in the U.S. The company delivers solutions to numerous applications, including the electric grid, smart grid, renewable integration, remote UPS, transportation, and industrial. Its primary product offerings include application kits, power racks, battery modules, cells, and turn-key energy storage systems. Altairnano entered the battery industry 10 years ago and used nano-scale technologies to produce lithium titanate oxide (LTO) materials. Later, the company commercialized the Nano lithium titanate (nLTO) battery cell, a large-format, unique, with significantly numerous benefits over other technologies such as lithium-ion battery (LiB) LTO materials.

• Electrovaya The company is engaged in designing, manufacturing, and selling lithium-ion-based battery products. The company’s latest focus includes battery solutions for heavy-duty applications with superior cycle life and performance requirements. It manufactures lithium-ion battery systems for transportation, residential, and industrial sectors for sophisticated power solutions, energy storage, such as electrodes, building systems for third parties, and separators for use in lithium-ion batteries. The company’s product portfolio also includes cells, modules, electrodes, and battery systems for the electric materials handling electronic transportation applications, vehicles, stationary electric storage, and other battery markets.

• SHOWA DENKO K.K. Hitachi Chemical Co., Ltd. was acquired by HC Holdings K.K. in April 2020 and became a consolidated subsidiary of Showa Denko K.K. The company offers a wide range of electronic materials, inorganic materials, polymer science materials, printed wiring board wiring materials, automotive products, energy storage devices & systems, and electronic components. The company has manufacturing facilities in the U.S., Mexico, Germany, Italy, China, Japan, Hong Kong, Taiwan, Korea, Indonesia, Malaysia, Singapore, Thailand, Vietnam, and India.

• Maxwell Technologies The company designs, manufactures, and sells energy storage systems and power delivery solutions for heavy transportation, automotive, backup power, renewable energy, industrial & consumer electronics applications, and wireless communications. The company’s primary product offerings include multi-cell packs, ultracapacitor cells, and modules. Its products are designed to provide failure-free performance in the most critical applications. The company offers high-voltage capacitors, such as grading & coupling capacitors, metering products, and electric voltage transformers. Such capacitors guarantee the reliability and safety of electric utility infrastructure and the measurement of high-voltage electrical energy. The company has operations globally and markets its products through direct and indirect sales channels. It has a technological center in California and the rest of its operations in Europe, the Middle East & Africa, and the Asia Pacific.

• Saft It designs, manufactures, and markets rechargeable and non-rechargeable batteries used for stationary backup power in industrial infrastructures. The company operates through four segments: transportation, industrial standby; telecom & grid; civil electronics; and space & defense. The company serves original equipment manufacturers, distributors, and end-users in the defense, aviation, energy storage & renewables, marine, and industrial standby. Medical, motive power & vehicles, professional electronics, oil and gas, railways, telecom, space, and utility metering are a few other markets that use the company’s products & services. It was the first company to start with the production of lithium-ion and nickel batteries in France. It has 31 sales offices and 16 manufacturing sites with a global network in over 19 countries.

• THE FURUKAWA BATTERY CO., LTD. The company’s primary product segments include lead-acid storage batteries, alkaline storage batteries, power supply systems, and other product segments such as automatic charge control systems, converters, discharge devices, and battery testers. It also produces alkaline storage batteries for fire alarms, space satellites, measurement instruments, and emergency broadcast systems. Batteries for aircraft, railway cars, cordless-type electric appliances, and stationary-type battery products are a few more products offered by the company. The company manufactures numerous products through its business segments such as lead-acid storage batteries for motorcycles, automobiles, stationary use, aircraft, electric-powered vehicles, trains, ships, solar power generation systems, telephone switchboards, emergency lighting, and information devices, and uninterruptible power supplies (UPS).

• S&C Electric Company The company is engaged in the protection, switching, and control of electric power systems. It specializes in smart grid solutions, renewable energy integration, high and medium voltage switching and protection, services for electric power systems, energy storage solutions, advanced power quality systems, smart grid communication systems, and distribution automation. The company has manufacturing facilities and offices across Chicago, Illinois, Alameda, California, Franklin, Wisconsin, Orlando, Florida, and Duvall, Washington. Its subsidiary operates across Wales, the UK; Toronto, Canada; Suzhou, China; Melbourne, Australia, Aguascalientes, Mexico; and Curitiba, Brazil.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Energy Storage Systems Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Energy Storage Systems Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.