DUBLIN, Aug. 2, 2023 /PRNewswire/ — The “Global Energy Storage System Market: Analysis By Technology, By End User, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
In 2022, the global energy storage system market was valued at US$219.90 billion, and is probable to reach US$355.40 billion by 2028. The global energy storage system market value is projected to grow at a CAGR of 8.33%, during the forecast period of 2023-2028.
ESS is critical to the effective and dependable control of energy in a variety of applications, ranging from small-scale home installations to large-scale grid systems. Energy storage systems are becoming increasingly important as renewable energy sources such as solar and wind power are integrated into the grid.
The market’s expansion may be ascribed to rising demand for energy storage and transportation, which is being fueled by the global adoption of renewable energy, and soaring expenditures in grids are expected to drive market growth in the coming years.
Furthermore, the rapidly expanding demand for energy around the world is expected to drive further expansion in the global energy storage system market in the future.
Global Energy Storage System Market Dynamics:
Growth Drivers:
With reference to renewable energy sources, energy storage systems are complementary to solar and wind energy production as they help address the issue of weather intermittency, which is a major problem in renewables at both the local and grid levels. Therefore, an increase in demand for sustainable energy sources would probably trigger higher demand for energy storage system.
Further, the market is expected to increase due to rising demand for electric vehicles, upsurge in investments in renewable energy, mounting home improvement, higher energy costs, surge in the demand for batteries, etc.
Challenges:
The supply chain for energy storage systems involves various components, raw materials, manufacturing processes, and global logistics. Energy relies on a large number of outsourced components which allows it to focus more on the value-added activities such as design and engineering. The other challenge that energy storage system market faces is safety risks associated with lack of proper infrastructure, etc.
Trends:
A major trend gaining pace in energy storage system market is Thermal Energy Storage (TES). Thermal energy storage entails storing and releasing thermal energy for later use, allowing energy consumption to be shifted to more efficient or cost-effective time periods. TES systems are critical in the integration of renewable energy sources into the grid.
Because renewable energy generation, such as solar and wind, is intermittent and weather dependent, TES assists in overcoming the fluctuation and mismatch between energy supply and demand. More trends in the market are believed to augment the growth of energy storage system market during the forecasted period include, government initiatives, technology advancements, sustainability, etc.
Competitive Landscape and Recent Developments:
Global energy storage system market is fragmented, with just a few players of varying sizes depending on their positioning along the value chain. Tesla, Pylon and BYD are among the top three residential ESS solution suppliers globally.
The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market.
Key players of global energy storage system market are:
- Toshiba Corporation
- ABB Group
- Siemens AG
- SolarEdge Technologies, Inc.
- Hitachi, Ltd.
- Electrovaya Inc.
- NextEra Energy, Inc.
- The AES Corporation
- Vistra Corp.
- BYD Co. Ltd.
- Alpha ESS
- Sungrow Power Supply Co., Ltd.
- Convergent Energy and Power Inc
Global Market Analysis
Global Energy Storage System Market: An Analysis
- Global Energy Storage System Market: An Overview
- Global Energy Storage System Market by Value
- Global Energy Storage System Market by Technology (Pumped Hydro, Electrochemical Storage, Thermal Storage and Electromechanical Storage)
- Global Energy Storage System Market by End User (Utilities, Non Residential and Residential)
Global Cumulative Energy Storage System Market: Installation Analysis
- Global Cumulative Energy Storage System Market by Installations: An Overview
- Global Cumulative Energy Storage System Market by Installations
Global Energy Storage System Market: Technology Analysis
- Global Energy Storage System Market by Technology: An Overview
- Global Pumped Hydro Energy Storage System Market by Value
- Global Electrochemical Energy Storage System Market by Value
- Global Thermal Energy Storage System Market by Value
- Global Electromechanical Energy Storage System Market by Value
Global Energy Storage System Market: End User Analysis
- Global Energy Storage System Market by End User: An Overview
- Global Utilities Energy Storage System Market by Value
- Global Non-Residential Energy Storage System Market by Value
- Global Residential Energy Storage System Market by Value
Market Dynamics
Growth Drivers
- Growing Demand for Renewable Energy
- Rising Demand for Electric Vehicles
- Upsurge in Investments in Energy Sector
- Mounting Home Improvement
- Higher Energy Costs
Challenges
- Potential Disruptions in the Supply Chain
- Lack of Proper Infrastructure
- Entry Barrier
Market Trends
- Thermal Energy Storage (TES)
- Government Initiatives
- Technology Advancements
- Sustainability
Competitive Landscape
- Global Energy Storage System Market Players: Vertical Integration Comparison
- Global Residential ESS Shipments Players by Market Share
- Global Energy Storage Market Players: Battery Delivery Comparison
- Global Energy Storage System Market Players: Product Offerings
- Global ESS and PCS Market Players: Supplier Comparison
For more information about this report visit https://www.researchandmarkets.com/r/tbxvqt
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