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.
A focused analysis of the use of these technologies for applications such as grid storage and transportation explain the current and future scenario of the energy storage systems market. The report for energy storage systems market exclusively focuses on current energy storage systems market trends and future growth opportunities for commercially available technologies for energy storage systems such as pumped hydro storage, compressed air, sodium sulfur, lithium ion, lead acid, and others.
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Based on technology, the pumped hydro storage segment accounted for the highest market share in 2020, contributed to more than 95% of the global energy storage systems market, and is projected to continue its lead position in terms of revenue throughout the forecast period. This is due to rise in demand for power generation based on pumped hydro storage and supportive government initiatives toward renewable energy generation. However, the battery energy storage segment is projected to witness the largest CAGR of 20.1% from 2021 to 2030, owing to increase in demand for batteries from different energy storage applications such as grid energy storage and automotive applications along with the growth of the renewable energy sector.
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 end user, the utilities segment contributed to the highest market share in 2020, accounting for nearly 90% of the global energy storage systems market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in the demand for electricity and related products and the growth of electric vehicle sector. However, the non-residential segment is projected to manifest the fastest CAGR of 8.5% from 2021 to 2030. This is attributed to rapid expansion of heavy industries such as paper mills, sugar mills, chemical plants, automobile plants, and others along with increase in demand for sustainable power for various applications in commercial & industrial sectors.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2020, and anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base, rapid expansion of the renewable energy sector, rise in investment towards energy storage systems, and the existence of key players in the region. Moreover, presence of the countries such as China, Japan, India, Australia, and South Korea is anticipated to contribute toward the growth of the market in Asia-Pacific.
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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.
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