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

Market Segmentation

• Energy Storage Systems Technology Outlook (Revenue, USD Million, 2018 - 2030)
  • Pumped Storage
  • Electrochemical Storage
  • Electromechanical Storage
  • Thermal Storage
• Energy Storage Systems Region Outlook (Revenue, USD Million, 2018 - 2030)
  • North America
    • North America Energy Storage Systems Market, By Technology
      • Pumped Storage
      • Electrochemical Storage
      • Electromechanical Storage
      • Thermal Storage
    • U.S.
      • U.S. Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
    • Canada
    • Canada Energy Storage Systems Market, By Technology
      • Pumped Storage
      • Electrochemical Storage
      • Electromechanical Storage
      • Thermal Storage
    • Mexico
      • Mexico Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
  • Europe
    • Europe Energy Storage Systems Market, By Technology
      • Pumped Storage
      • Electrochemical Storage
      • Electromechanical Storage
      • Thermal Storage
    • Germany
      • Germany Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
    • U.K.
      • U.K. Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
    • France
      • France Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
  • Asia Pacific
    • Asia Pacific Energy Storage Systems Market, By Technology
      • Pumped Storage
      • Electrochemical Storage
      • Electromechanical Storage
      • Thermal Storage
    • China
      • China Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
    • India
      • India Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
    • Japan
      • Japan Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
  • Central & South America
    • Central & South America Energy Storage Systems Market, By Technology
      • Pumped Storage
      • Electrochemical Storage
      • Electromechanical Storage
      • Thermal Storage
    • Argentina
      • Argentina Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage
  • Middle East & Africa
    • Middle East & Africa Energy Storage Systems Market, By Technology
      • Pumped Storage
      • Electrochemical Storage
      • Electromechanical Storage
      • Thermal Storage
    • South Africa
      • South Africa Energy Storage Systems Market, By Technology
        • Pumped Storage
        • Electrochemical Storage
        • Electromechanical Storage
        • Thermal Storage

Energy Storage Systems Market Dynamics

Drivers: Growing Demand For Efficient And Competitive Energy Resources

Clean & renewable energy is an affordable alternative to fossil fuel-based electricity. Its use can help curb the overdependence on fossil fuels, reduce greenhouse gas emissions & subsequently air pollution, and diversify the power supply. Pollution is a rising concern for governments in various countries across the globe as it affects human beings as well as animals. The foremost country in this context was China since the air quality in the country has witnessed a drastic reduction. In Bangladesh, smoldering waste is dumped in the open, which causes the surrounding air to become toxic and harm human beings and animals. The city of New Delhi in India is regarded as one of the most polluted cities in the world. The government of India has also adopted initiatives for promoting incentives in the energy storage sector. The increasing number of data storage centers coupled with rapidly growing competition in numerous sectors including IT and finance is expected to augment the demand over the forecast period. In addition, changing consumer lifestyles and rising number of power outages are projected to propel utilization in the residential sector.

Increasing Development Of Variable Energy Sources

Governments across the globe are taking steps to invest actively in renewable energy technologies (RET). Efforts are being made to use thermal energy for transportation purposes. Companies including Tesla are manufacturing automobiles such as the Tesla Roadster, Model S, Model X, and Model 3 based on sustainable energy. These vehicles run on electricity generated using batteries and have been widely accepted across the globe. Variable energy fluctuates by nature due to frequent climate changes. Wind and solar power generation cannot be controlled like geothermal, biomass, and hydroelectricity. However, wind and solar are sources of clean energy and release no emissions into the atmosphere, as a result of which governments across North America, the European Union, and the Asia Pacific are taking initiatives to utilize them efficiently. Thermal energy storage has been the most prominent sector for government investments in the Americas. The rising need to curtail the exponentially growing pollution and provide citizens with a healthy living atmosphere, clean drinking water, green environment, and fresh air to achieve a sustainable future are likely to drive the market over the forecast period

Restraints: Lack Of Long-Term Energy Storage

Several energy technologies rely on the efficiency of thermal energy storage. Surplus electricity generated via solar, and wind needs to be stored using batteries. This stored energy is later used to meet the heating & cooling requirements of residential & commercial buildings and industrial processes. The primary flaw in renewable energy systems is the gap between the demand for resources and their availability. Thermal storage systems allow the bridging of this gap by stocking up energy. However, it cannot be stored for long owing to the inability of these systems to hold the energy for over a half-year cycle. The stored heat then gets dissipated due to the inefficiency of the technology. The stored energy in advanced energy storage systems reduces with time owing to heat loss as the systems used presently are still in their developing stage. Several emerging economies cannot afford compressed air energy storage (CAES) and thermal storage solutions as their installation and maintenance require extensive capital expenditure. Seasonal storage using CAES, and flywheel requires massive surface areas. If the stored heat is not utilized within a certain period, there are chances of it dispersing into the atmosphere. The lack of long-term storage options and the inefficiency of the current technology are factors projected to restrain the market growth.

What Does This Report Include?

This section will provide insights into the contents included in this energy storage systems market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Energy storage systems market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

Energy storage systems market quantitative analysis

• Market size, estimates, and forecast from 2018 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance