Energy storage system consumption is expected to rise at a 5.6% CAGR between 2022 and 2031. The global energy storage systems market is valued at $45.1 billion in 2022 and is expected to reach $73.8 billion by the end of 2031.
Increased energy generation from renewable energy plants is expected to increase the use of energy storage systems in the coming years.
The growing popularity of electric vehicles will boost demand for energy storage systems (ESS) and electric car battery charger systems. The Asian market for energy storage systems is expected to grow at a faster CAGR of 6% through 2031.
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Key Segments Covered in Energy Storage Systems Industry Research
Energy Storage Systems Market by Technology :
- Electro Chemicals
- Lithium-Ion Batteries
- Lead Acid Batteries
- Sodium Sulfur (NAS) Batteries
- Flow Batteries
- Thermal Storage
- Mechanical Energy Storage
- Pumped Hydro Energy Storage
- Flywheel Energy Storage
- Compressed Air & Liquid Air Energy Storage
- Other Storage Technologies
- Electro Chemicals
Energy Storage Systems Market by Application :
- Grid Storage
Energy Storage Systems Market by End User :
Energy Storage Systems Market by Region :
- North America Energy Storage Systems Market
- Latin America Energy Storage Systems Market
- Europe Energy Storage Systems Market
- East Asia Energy Storage Systems Market
- South Asia & Oceania Energy Storage Systems Market
- MEA Energy Storage Systems Market
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To gain a competitive advantage in the global landscape, energy storage system manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to broaden their business scope and accelerate their production processes.
- In December 2021, LG Energy Solution, a storage battery manufacturing organization, announced the signing of a MoU (Memorandum of Understanding) with Siemens AG. This collaboration will be aimed at the digitization of the battery manufacturing process.
What is Driving High Sales of Lithium-ion Batteries?
“Growing Sales of Electric Vehicles Augmenting Consumption of Lithium-ion Batteries”
As the emphasis on sustainability and environmental conservation grows, so does the demand for sustainable alternatives. This is primarily driving the popularity of environmentally friendly electric vehicles that comply with new standards established by governments around the world to ensure environmental conservation and pollution reduction.
Because of their high energy density, low standby discharge, high efficiency, and longer life expectancy than most batteries on the market, lithium-ion batteries are used in electric vehicles.
However, the high cost of lithium-ion batteries is expected to stifle global energy storage system market growth.