The global energy storage market reached a size of 171,039.3 Megawatts (MW) in 2019 and is predicted to advance at a CAGR of 3.3% between 2020 and 2030. Furthermore, the market would witness an increment of as much as 69,917.6 MW by 2030. The key factors driving the progress of the market are the increasing usage of unconventional sources of energy, reducing prices of batteries, and the higher costs of securing power supply.
Besides the aforementioned factors, the growing concerns being raised all over the world over the pollution caused due to the usage of non-renewable energy sources is also fueling the expansion of the market. With the environment degrading rapidly and the signs of climate change becoming more prevalent, industries, governments, and people are increasingly reducing the dependence on conventional energy sources such as gas, coal, and oil and adopting renewable sources of energy such as solar and wind for power generation.
The renewable energy sources have variable power outputs and as a result, the growing usage of these energy sources is positively impacting the global demand for energy storage technologies. Apart from storing excess energy so that it can be used during the times of high demand, these storage technologies also smoothen out the power supply from these sources. Additionally, these technologies discharge power to the grid at a faster rate than the fossil fuels.
Another key factor causing the market boom is the increasing cost of the power produced from renewable sources across the world. Due to the escalating power requirements in several countries, the power plants are being made to run at full capacities. This is pushing up the power prices globally. Moreover, the various constraints associated with power supply such as high logistics costs and the lack of availability of regular fuel supply are boosting the power prices across the globe.
Depending on type, the energy storage market is divided into mechanical, electrochemical, thermal, and chemical categories. Out of these, the mechanical category recorded considerably high growth in the market in the years gone by. This is because of the large-scale usage of mechanical utility storage systems throughout the world over the last several years, on account of their high energy storage capacity and their ability to maximize the energy production from natural resources and provide favorable economics.
Globally, the Asia-Pacific (APAC) energy storage market was the most lucrative one in the past years, as per the findings of the publisher, a market research company based in India. This was credited to the huge volume of engineering, procurement, and construction (EPC) activities that were conducted in the regional countries such as China, Japan, and India in the last few years. In the future years, the market will exhibit the second-fastest growth in APAC.
Hence, it can be said with full surety that the market will demonstrate huge growth all over the world in the forthcoming years, mainly because of the growing usage of non-renewable energy sources for power generation and the increasing power prices around the world.
Besides the aforementioned factors, the growing concerns being raised all over the world over the pollution caused due to the usage of non-renewable energy sources is also fueling the expansion of the market. With the environment degrading rapidly and the signs of climate change becoming more prevalent, industries, governments, and people are increasingly reducing the dependence on conventional energy sources such as gas, coal, and oil and adopting renewable sources of energy such as solar and wind for power generation.
The renewable energy sources have variable power outputs and as a result, the growing usage of these energy sources is positively impacting the global demand for energy storage technologies. Apart from storing excess energy so that it can be used during the times of high demand, these storage technologies also smoothen out the power supply from these sources. Additionally, these technologies discharge power to the grid at a faster rate than the fossil fuels.
Another key factor causing the market boom is the increasing cost of the power produced from renewable sources across the world. Due to the escalating power requirements in several countries, the power plants are being made to run at full capacities. This is pushing up the power prices globally. Moreover, the various constraints associated with power supply such as high logistics costs and the lack of availability of regular fuel supply are boosting the power prices across the globe.
Depending on type, the energy storage market is divided into mechanical, electrochemical, thermal, and chemical categories. Out of these, the mechanical category recorded considerably high growth in the market in the years gone by. This is because of the large-scale usage of mechanical utility storage systems throughout the world over the last several years, on account of their high energy storage capacity and their ability to maximize the energy production from natural resources and provide favorable economics.
Globally, the Asia-Pacific (APAC) energy storage market was the most lucrative one in the past years, as per the findings of the publisher, a market research company based in India. This was credited to the huge volume of engineering, procurement, and construction (EPC) activities that were conducted in the regional countries such as China, Japan, and India in the last few years. In the future years, the market will exhibit the second-fastest growth in APAC.
Hence, it can be said with full surety that the market will demonstrate huge growth all over the world in the forthcoming years, mainly because of the growing usage of non-renewable energy sources for power generation and the increasing power prices around the world.
Table of Contents
Chapter 1. Research Background1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Region
1.3.3 Analysis Period
1.3.4 Market Data Reporting Unit
1.3.4.1 Volume
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.1.1 Paid
2.1.2 Unpaid
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.1.1 Mechanical
4.1.1.1.1 PHS
4.1.1.1.2 LAES
4.1.1.1.3 CAES
4.1.1.1.4 Others
4.1.1.2 Electrochemical
4.1.1.2.1 Lithium battery
4.1.1.2.2 Lead-acid battery
4.1.1.2.3 NaS battery
4.1.1.2.4 Others
4.1.1.3 Thermal
4.1.1.4 Chemical
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Rising focus on unconventional sources of energy generation
4.3.1.2 Increasing energy cost
4.3.1.3 Pollution associated with traditional energy sources
4.3.1.4 Impact analysis of drivers on market forecast
4.3.2 Restraints
4.3.2.1 High capital investment
4.3.2.2 Impact analysis of restraints on market forecast
4.3.3 Opportunities
4.3.3.1 Scarcity of fossil fuels
4.4 Impact of COVID-19 on Energy Storage Market
4.4.1 Demand for Energy
4.4.2 EPC of Projects
4.4.3 Revenue and Payments
4.5 List of Major Energy Storage Projects
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.1.1 Mechanical Energy Storage Market, by Type
5.1.2 Electrochemical Energy Storage Market, by Type
5.2 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Type
6.1.1 Mechanical Energy Storage Market, by Type
6.1.2 Electrochemical Energy Storage Market, by Type
6.2 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Type
7.1.1 Mechanical Energy Storage Market, by Type
7.1.2 Electrochemical Energy Storage Market, by Type
7.2 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Type
8.1.1 Mechanical Energy Storage Market by Type
8.1.2 Electrochemical Energy Storage Market, by Type
8.2 By Country
Chapter 9. RoW Market Size and Forecast
9.1 By Type
9.1.1 Mechanical Energy Storage Market by Type
9.1.2 Electrochemical Energy Storage Market, by Type
9.2 By Country
Chapter 10. Competitive Landscape
10.1 Competitive Benchmarking of Key Players
10.2 Strategic Developments of Key Players
10.2.1 Partnerships
10.2.2 Facility Expansions
10.2.3 Other Developments
Chapter 11. Company Profiles
11.1 Greensmith Energy
11.1.1 Business Overview
11.1.2 Product and Service Offerings
11.2 S&C Electric Company
11.2.1 Business Overview
11.2.2 Product and Service Offerings
11.3 LG CNS
11.3.1 Business Overview
11.3.2 Product and Service Offerings
11.3.3 Key Financial Summary
11.4 NEC Energy Solutions Inc.
11.4.1 Business Overview
11.4.2 Product and Service Offerings
11.5 Fluence Energy LLC
11.5.1 Business Overview
11.5.2 Product and Service Offerings
11.6 Contemporary Amperex Technology Co. Limited
11.6.1 Business Overview
11.6.2 Product and Service Offerings
11.7 Convergent Energy and Power LP
11.7.1 Business Overview
11.7.2 Product and Service Offerings
11.8 Duke Energy Corporation
11.8.1 Business Overview
11.8.2 Product and Service Offerings
11.8.3 Key Financial Summary
11.9 Tesla Inc.
11.9.1 Business Overview
11.9.2 Product and Service Offerings
11.9.3 Key Financial Summary
11.10 NextEra Energy Inc.
11.10.1 Business Overview
11.10.2 Product and Service Offerings
11.10.3 Key Financial Summary
Chapter 12. Appendix
12.1 Abbreviations
12.2 Sources and References
12.3 Related ReportsList of Tables
TABLE 1 ANALYSIS PERIOD OF THE STUDY
TABLE 2 DRIVERS FOR THE MARKET: IMPACT ANALYSIS
TABLE 3 RESTRAINTS FOR THE MARKET: IMPACT ANALYSIS
TABLE 4 GLOBAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 5 GLOBAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 6 GLOBAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 7 GLOBAL MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 8 GLOBAL MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 9 GLOBAL MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 10 GLOBAL ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 11 GLOBAL ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 12 GLOBAL ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 13 GLOBAL ENERGY STORAGE MARKET, BY REGION, MW (2015-2019)
TABLE 14 GLOBAL ENERGY STORAGE MARKET, BY REGION, MW (2020-2025)
TABLE 15 GLOBAL ENERGY STORAGE MARKET, BY REGION, MW (2026-2030)
TABLE 16 NORTH AMERICA ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 17 NORTH AMERICA ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 18 NORTH AMERICA ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 19 NORTH AMERICA MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 20 NORTH AMERICA MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 21 NORTH AMERICA MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 22 NORTH AMERICA ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 23 NORTH AMERICA ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 24 NORTH AMERICA ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 25 NORTH AMERICA ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2019)
TABLE 26 NORTH AMERICA ENERGY STORAGE MARKET, BY COUNTRY, MW (2020-2025)
TABLE 27 NORTH AMERICA ENERGY STORAGE MARKET, BY COUNTRY, MW (2026-2030)
TABLE 28 EUROPE ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 29 EUROPE ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 30 EUROPE ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 31 EUROPE MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 32 EUROPE MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 33 EUROPE MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 34 EUROPE ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 35 EUROPE ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 36 EUROPE ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 37 EUROPE ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2019)
TABLE 38 EUROPE ENERGY STORAGE MARKET, BY COUNTRY, MW (2020-2025)
TABLE 39 EUROPE ENERGY STORAGE MARKET, BY COUNTRY, MW (2026-2030)
TABLE 40 APAC ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 41 APAC ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 42 APAC ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 43 APAC MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 44 APAC MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 45 APAC MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 46 APAC ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 47 APAC ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 48 APAC ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 49 APAC ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2019)
TABLE 50 APAC ENERGY STORAGE MARKET, BY COUNTRY, MW (2020-2025)
TABLE 51 APAC ENERGY STORAGE MARKET, BY COUNTRY, MW (2026-2030)
TABLE 52 ROW ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 53 ROW ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 54 ROW ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 55 ROW MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 56 ROW MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 57 ROW MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 58 ROW ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2019)
TABLE 59 ROW ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2020-2025)
TABLE 60 ROW ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2026-2030)
TABLE 61 ROW ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2019)
TABLE 62 ROW ENERGY STORAGE MARKET, BY COUNTRY, MW (2020-2025)
TABLE 63 ROW ENERGY STORAGE MARKET, BY COUNTRY, MW (2026-2030)
TABLE 64 GREENSMITH ENERGY - AT A GLANCE
TABLE 65 S&C ELECTRIC COMPANY - AT A GLANCE
TABLE 66 LG CNS - AT A GLANCE
TABLE 67 LG CNS - KEY FINANCIAL SUMMARY
TABLE 68 NEC ENERGY SOLUTIONS INC. - AT A GLANCE
TABLE 69 FLUENCE ENERGY LLC - AT A GLANCE
TABLE 70 CONTEMPORARY AMPEREX TECHNOLOGY CO. LIMITED - AT A GLANCE
TABLE 71 CONVERGENT ENERGY AND POWER LP - AT A GLANCE
TABLE 72 DUKE ENERGY CORPORATION - AT A GLANCE
TABLE 73 DUKE ENERGY CORPORATION - KEY FINANCIAL SUMMARY
TABLE 74 TESLA INC. - AT A GLANCE
TABLE 75 TESLA INC. - KEY FINANCIAL SUMMARY
TABLE 76 NEXTERA ENERGY INC. - AT A GLANCE
TABLE 77 NEXTERA ENERGY INC. - KEY FINANCIAL SUMMARYList of Figures
FIG 1 RESEARCH SCOPE
FIG 2 RESEARCH METHODOLOGY
FIG 3 BREAKDOWN OF PRIMARY RESEARCH BY REGION
FIG 4 BREAKDOWN OF PRIMARY RESEARCH BY INDUSTRY PARTICIPANT
FIG 5 BREAKDOWN OF PRIMARY RESEARCH BY COMPANY TYPE
FIG 6 DATA TRIANGULATION APPROACH
FIG 7 GLOBAL ENERGY STORAGE MARKET SUMMARY
FIG 8 VALUE CHAIN ANALYSIS
FIG 9 IMPACT ANALYSIS OF COVID-19 ON THE MARKET
FIG 10 MAJOR ENERGY STORAGE PROJECTS (>500 MW)
FIG 11 GLOBAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 12 GLOBAL MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 13 GLOBAL ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 14 NORTH AMERICA ENERGY STORAGE SNAPSHOT
FIG 15 NORTH AMERICA ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 16 NORTH AMERICA MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 17 NORTH AMERICA ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 18 NORTH AMERICA ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2030)
FIG 19 EUROPE ENERGY STORAGE SNAPSHOT
FIG 20 EUROPE ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 21 EUROPE MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 22 EUROPE ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 23 EUROPE ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2030)
FIG 24 APAC ENERGY STORAGE MARKET SNAPSHOT
FIG 25 APAC ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 26 APAC MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 27 APAC ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 28 APAC ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2030)
FIG 29 ROW ENERGY STORAGE MARKET SNAPSHOT
FIG 30 ROW ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 31 ROW MECHANICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 32 ROW ELECTROCHEMICAL ENERGY STORAGE MARKET, BY TYPE, MW (2015-2030)
FIG 33 ROW ENERGY STORAGE MARKET, BY COUNTRY, MW (2015-2030)
FIG 34 DUKE ENERGY CORPORATION - REVENUE SPLIT BY SEGMENT (2019)
FIG 35 TESLA INC. - REVENUE SPLIT BY SEGMENT AND GEOGRAPHY (2019)
FIG 36 NEXTERA ENERGY INC. - REVENUE SPLIT BY SEGMENT (2019)
Companies Mentioned
- Greensmith Energy
- S&C Electric Company
- LG CNS
- NEC Energy Solutions Inc.
- Fluence Energy LLC
- Contemporary Amperex Technology Co. Limited
- Convergent Energy and Power LP
- Duke Energy Corporation
- Tesla Inc.
- NextEra Energy Inc.
Methodology
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