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Rapid investment in the renewable energy sector in Europe and Asia-Pacific fuels the growth of the energy storage systems market.

PORTLAND, OREGON, UNITED STATES, July 21, 2022 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Energy Storage Systems Market by Technology, End User, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global energy storage systems industry generated $188.5 billion in 2020, and is estimated to reach $435.4 billion by 2030, witnessing a CAGR of 8.3% from 2021 to 2030.

Increase in demand for transport applications and the growth of renewable energy industry drive the growth of the global energy storage systems market. However, high costs associated with battery energy storage systems restrain the market growth. On the other hand, rise in investments in power infrastructure network and the growth of the electric vehicle sector create new opportunities in the coming years.

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Depending on the technology, the pumped hydro storage segment garnered the highest energy storage systems market share of about 95.8% in 2020, and is expected to maintain its dominance during the energy storage systems market forecast period. This is attributed to rise in demand for pumped hydro storage power generation across the globe. In addition, government initiatives toward renewable energy generation are expected to drive the growth of the market during the analyzed time frame. Moreover, surge in power consumption across the globe is projected to fuel energy storage systems market growth in the coming years.

On the basis of end user, the utilities segment acquired the largest share in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to increase in investment towards building of utility scale power plants. In addition, increase in construction projects such as decentralized renewable power plants, rural electrification projects and commercial buildings drive the growth of the market for the utilities segment across the globe.
On the basis of application, stationary segment held the largest share in 2020, and is expected to maintain its dominance during the forecast period. This growth is attributed to rapid expansion of heavy industries & projects such as dams, power plants, power grids, refineries, and mills. In addition, rise in the number of hydropower projects across the globe act as the key driving force of the stationary energy storage systems market.

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Based on region, Asia-Pacific, followed by Europe and North America, accounted for the highest market share in terms of revenue in 2020, contributing to more than two-fifths of the global energy storage systems market, and is expected to maintain its dominance by 2030. Moreover, this segment is projected to register the fastest CAGR of 8.5% during the forecast period. This is attributed to presence of huge consumer base, rapid expansion of the renewable energy sector, increase in investment towards energy storage systems, and the presence of key players in the region.

The global energy storage systems market analysis covers in-depth information of the major energy storage systems industry participants. The key players operating and profiled in the report include ABB, Ltd., BYD Company Limited, Delta Electronics, Inc., Electrovaya, EOS Energy Enterprises, General Electric, Langley Holdings Plc, Saft, Samsung SDI Co., Ltd., and the AES Corporation.

Other players operating in the energy storage systems market are Enerdel, Exergonix, Johnson Controls, East Penn Manufacturing Company, Langley Holdings Plc., and Kokam.

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COVID-19 impact on the market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for energy storage systems from these consumers. In addition, halt in building & construction of new electric utility infrastructures, renewable power plants, grid network, and other power plants, owing to unavailability of workers and increase in demand–supply gap are projected to hamper the market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the energy storage systems market is expected to recover by the first quarter of 2021, as COVID-19 vaccination has begun in various economies across the globe, which is expected to improve the global economy.

David Correa
Allied Analytics LLP
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