Energy Storage Systems Market Capacity 402.0 GW by 2028: Grand View Research, Inc.

SAN FRANCISCO, February 16, 2022 /PRNewswire/ — The World energy storage systems market demand is expected to reach 402.0 GW by 2028, according to a new report from Grand View Research, Inc. The market is expected to grow at a CAGR of 9.6% from 2021 to 2028. Growing demand for efficient energy resources and competitiveness, increasing development for variable power sources and growing demand for batteries are factors that are expected to fuel the demand for energy storage systems.

Main information and conclusions of the report:

  • In terms of technology, the pumped hydropower segment accounted for a major share of the market in 2020 and is further expected to witness significant growth over the forecast period.
  • From 2020, Asia Pacific accounted for over 45.0% market share. Growing demand for reliable electricity due to population growth and industrial advancements in major economies, such as China and Indiashould stimulate the regional market.
  • Rising consumer awareness about energy efficiency in commercial and residential buildings is expected to further drive the market growth. The growing trend towards power generation from renewable sources, along with the growing need for distributed power generation, is expected to propel the market growth over the forecast period.
  • Energy storage technologies allow electricity providers to save excess electricity for later use, improving grid reliability and flexibility in power generation, transmission and distribution. The heat stored by short-term and seasonal thermal energy storage systems helps balance variations in renewable electricity generation and distribution in a cost-effective manner.
  • Furthermore, the continuous demand for electricity is expected to reach exponential growth in the coming years due to rapid industrialization, infrastructure development and continued population growth over the next few years. This trend is expected to positively influence the landscape of the energy storage industry.

Read the 66-page market research report, “Energy Storage Systems Market Size, Share and Trend Analysis Report by Technology (Hydraulic Pumping, Electrochemical Storage, Electromechanical Storage, Thermal Storage), by Region and Segment Forecast, 2021-2028“, published by Grand View Research.

Energy Storage Systems Market Growth and Trends

The growing acceptance of electric and hybrid vehicles, coupled with government incentives offered to promote electric vehicle technology, is expected to drive the growth of electric cars as well as battery industries. While battery service networks have yet to improve and overtake gasoline refueling infrastructure, gasoline price volatility is expected to positively influence the demand for electric vehicles over the forecast period.

The electrochemical storage segment is expected to witness the fastest growth over the next few years. This growth can be attributed to the beneficial characteristics of the batteries, including fast charging, lower prices and long life. Flow batteries are expected to see increased demand due to their lower safety risks, improved capacity and cost effectiveness.

Battery energy storage systems (BESS) are gaining popularity due to the growing emphasis on reducing reliance on fossil fuels and increasing the share of clean energy in the energy mix. Rising demand for improved power quality, better grid utilization and backup power is expected to propel the demand for BESS during the forecast period.

With increasing requirements for efficient network management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period. The main manufacturers of thermal energy storage systems are Abengoa Solar, Evapco, Caldwell Energy and Burns & McDonnell. The main TES companies are integrated downstream and offer energy solutions such as microgrids, cogeneration, cogeneration, district heating and cooling.

Segmentation of the energy storage systems market

Grand View Research has segmented the global energy storage systems market based on technology and region:

Energy Storage Systems Technology Outlook (Capacity, MW, 2017 – 2028)

  • Pumped hydraulics
  • Electrochemical storage
  • Electromechanical storage
  • Thermal storage

Energy Storage Systems Regional Outlook (Capacity, MW, 2017 – 2028)

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

List of Energy Storage Systems Market Key Players

  • GENERAL ELECTRIC
  • LG Chemistry
  • Langley Holdings Plc
  • Altairnano
  • Electrovaya
  • Showa Denko Materials Co., Ltd.
  • Maxell Technologies, Inc.
  • Saft
  • FURUKAWA BATTERY CO., LTD.
  • Ecoult
  • Kokam
  • Fluency
  • Samsung SDI Co., Ltd.

Discover other studies published by Grand View Research:

  • fuel cell marketThe global fuel cell market size is expected to reach $33.09 billion by 2027, showing a CAGR of 15.5% over the forecast period, according to a new report published by Grand View Research, Inc. Rising demand for unconventional energy sources is a key driver of the growth.
  • Solid State Battery Market – The global solid-state battery market size is expected to reach $87.5 billion by 2027, rising at a CAGR of 13% over the forecast period, according to a new report from Grand View Research, Inc. to drive market growth over the forecast period.
  • Battery Energy Storage System Market – Global Battery Energy Storage Systems market size has been valued at $3.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 27.2% over the forecast period. Growing demand for reliable and continuous power supply from end-use sectors such as industrial, telecommunications, data center, marine and medical is expected to bolster the market over the forecast period.

Browse Grand View Research results Energy Generation and Storage Industry Research reports.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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SOURCEGrand View Research, Inc.

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