Global Energy Storage Systems market share 2024, Forecast To 2033
4 Mar, 2024
The energy storage systems market size has experienced robust growth in recent years, witnessing an increase from$234.26 billion in 2023 to$255.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to grid flexibility and demand response, increased demand for remote power solutions, expansion of microgrids, cost reduction, and economies of scale, efficiency improvements. Anticipated strong growth in the next few years is projected, reaching$357.44 billion in 2028 at a CAGR of 8.8%. The growth in the forecast period can be attributed to market expansion and global demand, increasing demand response and energy management, circular economy and sustainability, hybrid energy systems. Major trends in the forecast period include renewable energy integration, advancements in battery technologies, grid modernization initiatives, electrification of transportation, and decentralized energy systems.
Global Energy Storage Systems Market Key Driver
The energy storage systems market is witnessing significant growth, driven by the increasing adoption of electric vehicles globally. With the projected rise of 200 million electric cars and 10 million electric buses and light-duty vehicles by 2030, as reported by the International Renewable Energy Agency, the demand for energy storage systems is on the rise. Electric vehicles rely on renewable energy sources, necessitating efficient energy storage solutions to manage power requirements and enhance grid reliability. As the demand for electric vehicles surges, the energy storage systems market is expected to witness substantial growth in 2023, 2024, and 2028.
Get A Free Sample Of The Global Energy Storage Systems Market ReportGlobal Energy Storage Systems Market Segments
The global energy storage systems market covered in this report is segmented –
1) By Technology: Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage
2) By Application: Stationary, Transportation
3) By End User: Residential, Non-Residential, Utilities
By Geography: The regions covered in the energy storage systems market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the energy storage systems market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the energy storage systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Energy Storage Systems Industry Players
Schneider Electric SE, SMA Solar Technology AG, Exide Industries Limited, SK energy Co. Ltd., Autobat SACI, Enerbrax Acumuladores Ltd., Eguana Technologies, Ionotec Ltd., Tata Power Company Limited, BYD Company Ltd., ABB Limited, Beacon Power LLC, Convergent Energy + Power, S&C Electric Company, General Electric Company, LG Chem Ltd., Samsung Electronics Co. Ltd., Panasonic Corporation, Tesla Inc., Hitachi Chemical, GS Yuasa Corporation, Japan Power Engineering & Consulting Inc., Toshiba Corporation, Sinohydro Corporation Limited, Voith GmbH, Genex Power Limited, Alstom SA, Schluchseewerk AG, East Penn Manufacturing Inc., Showa Denko Materials Co. Ltd.
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Energy Storage Systems Market Overview
Energy Storage System (ESS) refers to a device or collection of equipment created to convert electrical energy from power systems and store energy. An ESS also aids in managing and using electrical energy efficiently. The energy storage systems store energy from renewables and release energy when customers need power.
Energy Storage Systems Global Market Report 2023 provides data on the global energy storage systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The energy storage systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.