Global Energy Storage Market Size, Share, Development, Growth and Demand Forecast to 2022

  • ID: 4340319
  • Report
  • Region: Global
  • 135 pages
  • P&S Market Research
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Market Overview

Energy storage can be described as a technology that provides an option to supply power as and when required without reverting to fossil energy sources. Additionally, technological advancements have resulted in the integration of higher shares of variable power in economic sectors that has in turn contributed to the development and decarbonization of the whole energy system. The energy storage market has witnessed considerable growth over the past few years on account of the volatile crude oil prices and increasing concerns towards the harmful effects of greenhouse gas emissions, which have arisen the need for shifting the focus from carbon-based non-renewable resources to carbon-neutral renewable sources of energy such as solar, hydroelectric, wind power and biofuels. Initiatives and developments are being carried out on a global front for exploring safe and cost-effective solutions for energy storage.

Market Dynamics

The global market for energy storage is expected to witness a CAGR of 46.3% during the forecast period due to the increasing number of energy storage projects and growing adoption of clean renewable sources of energy for power generation. Additionally, the growing adoption of energy storage in various end-user industries for grid and off-grid applications have led to the growth of global energy storage market. Based on type, mechanical is expected to be the largest segment in the global energy storage market during the forecast period. Ancillary services emanated the largest demand in the global energy storage market. Additionally, the segment is expected to witness the highest demand in the global market for energy storage during the forecast period. On the basis of installation, front-of-the-meter dominated the global energy storage market, while behind-the-meter is expected to witness fastest growth during the forecast period.

Trends

The key trend observed in the global energy storage market is the federal policy support for energy storage. Governments of various nations are focusing on implementing policies for supporting the growth in the energy storage market for exploiting its commercial potential. For instance, Australia executed the Smart Grid Smart City Project to demonstrate the benefits of different smart grid technologies while in California, the California Public Utilities Commission is setting up different targets for the procurement of energy storage systems under the California Law (AB 2514).

Another trend observed in the global energy storage market is augmenting the installation of behind-the-meter (BTM) energy storage systems. BTM energy storage systems are used by large businesses and industries that install battery storage systems on-site (behind-the-meter). Utilizing BTM energy storage installations could be an effective tool for industry users for reducing the overall costs of sourcing an electricity connection. The trend of BTM energy installations has gained significant interest among many industry players and is expected to witness rapid growth during the forecast period.

Growth Drivers

The factors driving the growth of energy storage market are progress in renewable energy power generation, rapidly increasing grid scale energy storage market, drop in prices of lithium-ion batteries and growing application of energy storage in various end-user industries. As of 2015, over 118 nations worldwide took the initiative of generating power through renewable energy sources and its storage in a cost-efficient manner. In terms of leveled cost basis, renewable energy sources such as solar and wind is expected to contribute significantly in the coming years in comparison to conventional energy sources such as coal, nuclear or gas. This trend is expected to continue in the long term as the cost for renewable energy sources would continue to fall.

Electrical energy storage (EES) helps in lowering the cost of a power system infrastructure such as transformers, distribution and transmission lines through load levelling during peak time. EES, being an essential component of a smart micro-grid, is a key driver for the growth of energy storage market and can also be used to enhance frequency control capability.

Growth Restraints

The major factor hindering the growth of the global energy storage market includes unclear regulatory framework. There is an unclear regulatory framework either at the EU level or at the UK level would hinder the development of energy storage. Though energy storage can create value in the short run, unclear regulatory framework limiting the full accessibility of energy storage and impacts the market moderately in short term.

Competitive Landscape

Some of the key players in the global energy storage market include Tesla Motors, Inc., AGL Energy Limited, ABB Ltd., General Electric Company, Johnson Controls International Plc, The AES Corporation, Robert Bosch GmbH, LG Chem, Ltd. and Maxwell Technologies, Inc.

Scope for Customization

Customization is offered as per specific business requirements of clients. Illustrative customization within the scope of this report includes:
  • Period of Analysis - Increase in the study period, including historic and forecast years
  • Geographical Analysis - Increase in country coverage
  • Company Profiles - Wider company coverage in terms of detailed analysis or additional company profiles
  • New custom report - A completely customized report can be provided on the market, specific to a region/ country/ segment
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1. Research Scope And Methodology
1.1 Market Definition
1.2 Research Scope
1.2.1 Market Segmentation By Type
1.2.2 Market Segmentation By Application
1.2.3 Market Segmentation By Installation
1.2.4 Market Segmentation By Region
1.3 Research Methodology And Sources

2. Executive Summary
2.1 Key Findings
2.2 Research Summary

3. Market Outlook
3.1 Introduction
3.2 Trends In The Global Energy Storage Market
3.2.1 Federal Policy Support For Energy Storage
3.2.2 Augmenting Btm Energy Storage Installation
3.3 Opportunities In The Global Energy Storage Market
3.3.1 Wide Scope Of Adoption In Residential, Commercial And Industrial Sectors And Electronics Applications
3.3.2 Integration Of Renewable Resources With Increased Penetration Of Variable Generation (Vg)
3.4 Factors Driving Growth Of The Market And Their Impact On Market Forecast
3.4.1 Growth In Renewable Energy Power Generation
3.4.2 Rapidly Increasing Grid Scale Energy Storage Market
3.4.3 Drop In Prices Of Lithium-Ion Batteries
3.4.4 Growing Application Of Energy Storage In Various End-User Industries
3.4.5 Impact Analysis Of Drivers On Market Forecast
3.5 Factors Restraining Growth Of The Market And Their Impact On Market Forecast
3.5.1 Unclear Regulatory Framework
3.5.2 Long Term Energy Storage And Limited Commercialization Of Product
3.5.3 Impact Analysis Of Restraints On Market Forecast

4. Global Energy Storage Market Size And Forecast (2012 - 2022)
4.1 Global Energy Storage Market, By Type
4.1.1 Mechanical
4.1.1.1 Pumped Hydro Storage
4.1.1.2 Compressed Air Energy Storage (Caes)
4.1.1.3 Liquid Air Energy Storage (Laes)
4.1.1.4 Others
4.1.2 Electrochemical
4.1.2.1 Lithium-Ion (Li-Ion) Battery
4.1.2.2 Sodium-Sulfur (Nas) Batteries
4.1.2.3 Others
4.1.3 Thermal
4.1.3.1 Pumped Heat Electrical Storage (Phes)
4.1.3.2 Concentrated Solar Power (Csp)
4.1.3.3 Others
4.1.4 Chemical
4.1.4.1 Hydrogen Energy Storage
4.1.4.2 Solar Power-To-Gas
4.2 Global Energy Storage Market, By Application
4.2.1 Ancillary Services
4.2.2 Back-Up Supply
4.2.3 Fuel Saving
4.2.4 Arbitrage
4.2.5 Others
4.3 Global Energy Storage Market, By Installation
4.3.1 Behind-The-Meter (Btm)
4.3.2 Front-Of-The-Meter
4.4 Global Energy Storage Market, By Region

5. Global Energy Storage Market, By Geography
5.1 Asia-Pacific Energy Storage Market
5.1.1 Asia-Pacific Energy Storage Market, By Type
5.1.1.1 Asia-Pacific Mechanical Energy Storage Market, By Type
5.1.1.2 Asia-Pacific Electrochemical Energy Storage Market, By Type
5.1.1.3 Asia-Pacific Thermal Energy Storage Market, By Type
5.1.1.4 Asia-Pacific Chemical Energy Storage Market, By Type
5.1.2 Asia-Pacific Energy Storage Market, By Application
5.1.3 Asia-Pacific Energy Storage Market, By Installation
5.2 Europe Energy Storage Market
5.2.1 Europe Energy Storage Market, By Type
5.2.1.1 Europe Mechanical Energy Storage Market, By Type
5.2.1.2 Europe Electrochemical Energy Storage Market, By Type
5.2.1.3 Europe Thermal Energy Storage Market, By Type
5.2.1.4 Europe Chemical Energy Storage Market, By Type
5.2.2 Europe Energy Storage Market, By Application
5.2.3 Europe Energy Storage Market, By Installation
5.3 North America Energy Storage Market
5.3.1 North America Energy Storage Market, By Type
5.3.1.1 North America Mechanical Energy Storage Market, By Type
5.3.1.2 North America Electrochemical Energy Storage Market, By Type
5.3.1.3 North America Thermal Energy Storage Market, By Type
5.3.1.4 North America Chemical Energy Storage Market, By Type
5.3.2 North America Energy Storage Market, By Application
5.3.3 North America Energy Storage Market, By Installation
5.4 Rest Of The World (Row) Energy Storage Market
5.4.1 Row Energy Storage Market, By Type
5.4.1.1 Row Mechanical Energy Storage Market, By Type
5.4.1.2 Row Electrochemical Energy Storage Market, By Type
5.4.1.3 Row Thermal Energy Storage Market, By Type
5.4.1.4 Row Chemical Energy Storage Market, By Type
5.4.2 Row Energy Storage Market, By Application
5.4.3 Row Energy Storage Market, By Installation

6. Competitive Analysis
6.1 Porter's Five Forces Of Competitive Position Analysis
6.1.1 Bargaining Power Of Buyers
6.1.2 Bargaining Power Of Suppliers
6.1.3 Threat Of New Entrants
6.1.4 Intensity Of Rivalry
6.1.5 Threat Of Substitutes
6.2 Competitive Positioning Of Global Energy Storage Market, By Application

7. Company Profiles And Strategic Developments
7.1 Key Company Profiles
7.1.1 Tesla Motors, Inc.
7.1.1.1 Business Overview
7.1.1.2 Product And Service Offerings
7.1.2 Agl Energy Limited
7.1.2.1 Business Overview
7.1.2.2 Product And Service Offerings
7.1.3 Abb Ltd.
7.1.3.1 Business Overview
7.1.3.2 Product And Service Offerings
7.1.4 General Electric Company
7.1.4.1 Business Overview
7.1.4.2 Product And Service Offerings
7.1.5 Johnson Controls International Plc
7.1.5.1 Business Overview
7.1.5.2 Product And Service Offerings
7.1.6 The Aes Corporation
7.1.6.1 Business Overview
7.1.6.2 Product And Service Offerings
7.1.7 Robert Bosch Gmbh
7.1.7.1 Business Overview
7.1.7.2 Product And Service Offerings
7.1.8 Lg Chem, Ltd.
7.1.8.1 Business Overview
7.1.8.2 Product And Service Offerings
7.1.9 Maxwell Technologies, Inc.
7.1.9.1 Business Overview
7.1.9.2 Product And Service Offerings
7.2 Strategic Developments In The Global Energy Storage Market

8. Appendix
8.1 List Of Abbreviations

List Of Tables
Table 1: Specific Primary And Secondary Sources Used For This Publication
Table 2: Global Energy Storage Market Snapshot
Table 3: Drivers For The Market: Impact Analysis
Table 4: Restraints For The Market: Impact Analysis
Table 5: Global Energy Storage Market, By Type, $M (2012 - 2015)
Table 6: Global Energy Storage Market, By Type, $M (2016 - 2022)
Table 7: Global Mechanical Energy Storage Market, By Type, $M (2012 - 2015)
Table 8: Global Mechanical Energy Storage Market, By Type (2016 - 2022)
Table 9: Global Electrochemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 10: Global Electrochemical Energy Storage Market, By Type (2016 - 2022)
Table 11: Global Thermal Energy Storage Market, By Type, $M (2012 - 2015)
Table 12: Global Thermal Energy Storage Market, By Type (2016 - 2022)
Table 13: Global Chemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 14: Global Thermal Energy Storage Market, By Type (2016 - 2022)
Table 15: Global Energy Storage Market, By Application, $M (2012 - 2015)
Table 16: Global Energy Storage Market, By Application, $M (2016 - 2022)
Table 17: Global Energy Storage Market, By Installation, $M (2012 - 2015)
Table 18: Global Energy Storage Market, By Installation, $M (2016 - 2022)
Table 19: Global Energy Storage Market, By Region, $M (2012 - 2015)
Table 20: Global Energy Storage Market, By Region, $M (2016 - 2022)
Table 21: Asia-Pacific Energy Storage Market, By Type, $M (2012 - 2015)
Table 22: Asia-Pacific Energy Storage Market, By Type, $M (2016 - 2022)
Table 23: Asia-Pacific Mechanical Energy Storage Market, By Type, $M (2012 - 2015)
Table 24: Asia-Pacific Mechanical Energy Storage Market, By Type, $M (2016 - 2022)
Table 25: Asia-Pacific Electrochemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 26: Asia-Pacific Electrochemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 27: Asia-Pacific Thermal Energy Storage Market, By Type, $M (2012 - 2015)
Table 28: Asia-Pacific Thermal Energy Storage Market, By Type, $M (2016 - 2022)
Table 29: Asia-Pacific Chemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 30: Asia-Pacific Chemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 31: Asia-Pacific Energy Storage Market, By Application, $M (2012 - 2015)
Table 32: Asia-Pacific Energy Storage Market, By Application, $M (2016 - 2022)
Table 33: Asia-Pacific Energy Storage Market, By Installation, $M (2012 - 2015)
Table 34: Asia-Pacific Energy Storage Market, By Installation, $M (2016 - 2022)
Table 35: Europe Energy Storage Market, By Type, $M (2012 - 2015)
Table 36: Europe Energy Storage Market, By Type, $M (2016 - 2022)
Table 37: Europe Mechanical Energy Storage Market, By Type, $M (2012 - 2015)
Table 38: Europe Mechanical Energy Storage Market, By Type, $M (2016 - 2022)
Table 39: Europe Electrochemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 40: Europe Electrochemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 41: Europe Thermal Energy Storage Market, By Type, $M (2012 - 2015)
Table 42: Europe Thermal Energy Storage Market, By Type, $M (2016 - 2022)
Table 43: Europe Chemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 44: Europe Chemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 45: Europe Energy Storage Market, By Application, $M (2012 - 2015)
Table 46: Europe Energy Storage Market, By Application, $M (2016 - 2022)
Table 47: Europe Energy Storage Market, By Installation, $M (2012 - 2015)
Table 48: Europe Energy Storage Market, By Installation, $M (2016 - 2022)
Table 49: North America Energy Storage Market, By Type, $M (2012 - 2015)
Table 50: North America Energy Storage Market, By Type, $M (2016 - 2022)
Table 51: North America Mechanical Energy Storage Market, By Type, $M (2012 - 2015)
Table 52: North America Mechanical Energy Storage Market, By Type, $M (2016 - 2022)
Table 53: North America Electrochemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 54: North America Electrochemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 55: North America Thermal Energy Storage Market, By Type, $M (2012 - 2015)
Table 56: North America Thermal Energy Storage Market, By Type, $M (2016 - 2022)
Table 57: North America Chemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 58: North America Chemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 59: North America Energy Storage Market, By Application, $M (2012 - 2015)
Table 60: North America Energy Storage Market, By Application, $M (2016 - 2022)
Table 61: North America Energy Storage Market, By Installation, $M (2012 - 2015)
Table 62: North America Energy Storage Market, By Installation, $M (2016 - 2022)
Table 63: Row Energy Storage Market, By Type, $M (2012 - 2015)
Table 64: Row Energy Storage Market, By Type, $M (2016 - 2022)
Table 65: Row Mechanical Energy Storage Market, By Type, $M (2012 - 2015)
Table 66: Row Mechanical Energy Storage Market, By Type, $M (2016 - 2022)
Table 67: Row Electrochemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 68: Row Electrochemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 69: Row Thermal Energy Storage Market, By Type, $M (2012 - 2015)
Table 70: Row Thermal Energy Storage Market, By Type, $M (2016 - 2022)
Table 71: Row Chemical Energy Storage Market, By Type, $M (2012 - 2015)
Table 72: Row Chemical Energy Storage Market, By Type, $M (2016 - 2022)
Table 73: Row Energy Storage Market, By Application, $M (2012 - 2015)
Table 74: Row Energy Storage Market, By Application, $M (2016 - 2022)
Table 75: Row Energy Storage Market, By Installation, $M (2012 - 2015)
Table 76: Row Energy Storage Market, By Installation, $M (2016 - 2022)
Table 77: Tesla Motors, Inc. - Key Facts
Table 78: Offerings Of Tesla Motor, Inc.
Table 79: Agl Energy Limited - Key Facts
Table 80: Offerings Of Agl Energy Limited
Table 81: Abb Ltd - Key Facts
Table 82: General Electric Company - Key Facts
Table 83: Johnson Controls International Plc- Key Facts
Table 84: The Aes Corporation- Key Facts
Table 85: Robert Bosch Gmbh - Key Facts
Table 86: Lg Chem, Ltd.- Key Facts
Table 87: Maxwell Technologies, Inc.- Key Facts

List Of Figures
Fig 1: Research Scope For Global Energy Storage Market
Fig 2: Research Methodology For Global Energy Storage Market
Fig 3: Global Energy Storage Market, By Type, $M (2012 - 2022)
Fig 4: Global Mechanical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 5: Global Electrochemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 6: Global Thermal Energy Storage Market, By Type, $M (2012 - 2022)
Fig 7: Global Chemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 8: Global Energy Storage Market, By Application, $M (2012 - 2022)
Fig 9: Global Energy Storage Market, By Installation, $M (2012 - 2022)
Fig 10: Global Energy Storage Market, By Region, $M (2012 - 2022)
Fig 11: Worldwide Major Markets For Energy Storage (2022)
Fig 12: Asia-Pacific Energy Storage Market Highlights (2022)
Fig 13: Asia-Pacific Energy Storage Market, $M (2012 - 2022)
Fig 14: Asia-Pacific Energy Storage Market, By Type, $M (2012 - 2022)
Fig 15: Asia-Pacific Mechanical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 16: Asia-Pacific Electrochemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 17: Asia-Pacific Thermal Energy Storage Market, By Type, $M (2012 - 2022)
Fig 18: Asia-Pacific Chemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 19: Asia-Pacific Energy Storage Market, By Application, $M (2012 - 2022)
Fig 20: Asia-Pacific Energy Storage Market, By Installation, $M (2012 - 2022)
Fig 21: Europe Energy Storage Market Highlights (2022)
Fig 22: Europe Energy Storage Market, $M (2012 - 2022)
Fig 23: Europe Energy Storage Market, By Type, $M (2012 - 2022)
Fig 24: Europe Mechanical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 25: Europe Electrochemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 26: Europe Thermal Energy Storage Market, By Type, $M (2012 - 2022)
Fig 27: Europe Chemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 28: Europe Energy Storage Market, By Application, $M (2012 - 2022)
Fig 29: Europe Energy Storage Market, By Installation, $M (2012 - 2022)
Fig 30: North America Energy Storage Market Highlights (2022)
Fig 31: North America Energy Storage Market, $M (2012 - 2022)
Fig 32: North America Energy Storage Market, By Type, $M (2012 - 2022)
Fig 33: North America Mechanical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 34: North America Electrochemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 35: North America Thermal Energy Storage Market, By Type, $M (2012 - 2022)
Fig 36: North America Chemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 37: North America Energy Storage Market, By Application, $M (2012 - 2022)
Fig 38: North America Energy Storage Market, By Installation, $M (2012 - 2022)
Fig 39: Row Energy Storage Market Highlights (2022)
Fig 40: Row Energy Storage Market, $M (2012 - 2022)
Fig 41: Row Energy Storage Market, By Type, $M (2012 - 2022)
Fig 42: Row Mechanical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 43: Row Electrochemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 44: Row Thermal Energy Storage Market, By Type, $M (2012 - 2022)
Fig 45: Row Chemical Energy Storage Market, By Type, $M (2012 - 2022)
Fig 46: Row Energy Storage Market, By Application, $M (2012 - 2022)
Fig 47: Row Energy Storage Market, By Installation, $M (2012 - 2022)
Fig 48: Porter's Five Forces Of Competitive Position Analysis
Fig 49: Competitive Positioning Of Global Energy Storage Market, By Application
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