The energy storage market share is expected to increase by 50013.15-megawatt units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 61.52%.
This energy storage market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers energy storage market segmentation by the following:
- Type - Utility-scale and behind the meter
- Geography - APAC, North America, Europe, MEA, and South America
The energy storage market report also offers information on several market vendors, including ABB Ltd., Amsted Industries Inc., EVAPCO Inc., General Electric Co., GS Yuasa Corp., Ingersoll Rand Inc., LG Electronics Inc., Panasonic Corp., Samsung SDI Co. Ltd., and Tesla Inc. among others.
What will the Energy Storage Market Size be During the Forecast Period?
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Which are the Key Regions for Energy Storage Market?
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58% of the market’s growth will originate from APAC during the forecast period. China and South Korea (Republic of Korea) are the key markets for energy storage in APAC. Market growth in this region will be faster than the growth of the market in North America and Europe.
The significant increase in the demand for energy due to the rapid growth in population and improvements in the standard of living will facilitate the energy storage market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 led to a disrupted supply chain and the delay in new capacity installations, which hindered the growth of the regional market. However, in the first half of 2021, the resumption of operations in manufacturing hubs with the lifting of lockdown measures and the increased preference for sustainable power sources proliferated the growth of the regional market. Such factors are expected to fuel the regional market's growth during the forecast period.
What are the Revenue-generating Type Segments in the Energy Storage Market?
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The energy storage market share growth by the utility-scale segment will be significant during the forecast period. The growth of renewable energy generation and distribution will drive the growth of the segment owing to their role in integrating a greater share of variable renewable energy (VRE) in the system by providing the flexibility needed during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the energy storage market size and actionable market insights on post COVID-19 impact on each segment.
Energy Storage Market: Key Drivers, Trends, and Challenges
The growing energy storage requirement is notably driving the energy storage market growth, although factors such as high upfront costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the energy storage industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Energy Storage Market Driver
One of the key factors driving the global energy storage market growth is the growing energy storage requirement as companies incur heavy losses if there is a power outage for even a minute. For critical operations such as hospitals and nursing facilities, power outages can put lives at risk. Similarly, if a large manufacturing plant has to suspend operations due to revenue losses from outages, they would be millions as product deliveries get delayed. For example, on November 1, 2012, Hurricane Sandy decimated most areas on the east coast of the US, and millions of people had no electricity supply. The hurricane caused billions of dollars in losses to businesses and properties. Thus, power backup is imperative to run operations smoothly in every sector. Therefore, the greater need for energy storage will strongly support the growth of the global energy storage market during the forecast period.
Key Energy Storage Market Challenge
One of the key challenges to the global energy storage market growth is the high upfront costs for subsystem components, installation, and integration. High costs increase cost competitiveness with non-storage options for electric utilities. For instance, despite liquid air energy storage systems being suitable for long-duration applications, end-users often refrain from installing them, given the high capital required for them. Furthermore, the cost of upgrading smart grid systems includes additional expenses on distribution systems, replacement of transmission lines, substation digitization, power delivering systems, and digital controls, which is also quite high. Consequently, power utilities and IPPs face the prospect of huge initial capital investments. This is expected to negatively impact the growth of the global mechanical energy storage market in the future.
This energy storage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global energy storage market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the energy storage market during the forecast period.
Who are the Major Energy Storage Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- ABB Ltd.
- Amsted Industries Inc.
- EVAPCO Inc.
- General Electric Co.
- GS Yuasa Corp.
- Ingersoll Rand Inc.
- LG Electronics Inc.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
- Tesla Inc.
This statistical study of the energy storage market encompasses successful business strategies deployed by the key vendors. The energy storage market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- ABB Ltd. - The company offers solutions for energy storage that provides smooth grid integration of renewable energy by reducing variability and storing renewable generation peaks for use during demand peaks.
- ABB Ltd. - Through the motion segment, the company designs and manufactures electrical motors, generators, drives, and services, as well as offering integrated digital powertrain solutions.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The energy storage market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Energy Storage Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the energy storage market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global renewable electricity market includes the following core components:
- Inputs
- Electricity generation
- Electricity transmission
- Electricity distribution
- End-users
- Innovation
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
You may be interested in:
Energy Storage market for Unmanned Aerial Vehicles (UAVs) - The market share is predicted to surge by USD 2.26 billion from 2021 to 2026 at a CAGR of 17.97%%.
Mechanical Energy Storage market - The market size has the potential to grow by 58.27 GW during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.01%.
Off-grid Energy Storage System market - The market share is expected to increase by USD 6.22 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7%.
China Energy Storage market - The market share will register a CAGR of close to 40% by 2022.
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Energy Storage Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 61.52% |
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Market growth 2022-2026 |
50013.15 MW units |
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Market structure |
Fragmented |
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YoY growth (%) |
46.93 |
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Regional analysis |
APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 58% |
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Key consumer countries |
China, US, South Korea (Republic of Korea), UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ABB Ltd., Amsted Industries Inc., EVAPCO Inc., General Electric Co., GS Yuasa Corp., Ingersoll Rand Inc., LG Electronics Inc., Panasonic Corp., Samsung SDI Co. Ltd., and Tesla Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Energy Storage Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive energy storage market growth during the next five years
- Precise estimation of the energy storage market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the energy storage industry across APAC, North America, Europe, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of energy storage market vendors
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