Energy Storage Market by Type and Geography - Forecast and Analysis 2022-2026

Published: Jan 2022 Pages: 120 SKU: IRTNTR72191

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.

Energy Storage Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 61.52%

Market growth 2022-2026

50013.15 MW units

Market structure

Fragmented

YoY growth (%)

46.93

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 58%

Key consumer countries

China, US, South Korea (Republic of Korea), UK, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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.

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

Customization purview

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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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

***1. Executive Summary                         

               **1.1 Market Overview 

                              *Exhibit 01:  Key Finding 1

                              *Exhibit 02:  Key Finding 2

                              *Exhibit 03:  Key Finding 3

                              *Exhibit 04:  Key Finding 5

                              *Exhibit 05:  Key Finding 6

                              *Exhibit 06:  Key Finding 7

                              *Exhibit 07:  Key Finding 8

***2. Market Landscape                            

               **2.1 Market ecosystem             

                              *Exhibit 08:   Parent market

                              *Exhibit 09:  Market Characteristics

               **2.2 Value chain analysis           

                              *Exhibit 10:  Value chain analysis : Renewable Electricity

                              *2.2.1 Inputs

                              *2.2.2    Electricity generation

                              *2.2.3    Electricity transmission

                              *2.2.4    Electricity distribution

                              *2.2.5    End-users

                              *2.2.6    Innovations

***3. Market Sizing                      

               **3.1 Market definition

                              *Exhibit 11:   Offerings of vendors included in the market definition

               **3.2 Market segment analysis  

                              *Exhibit 12:   Market segments

               **3.3 Market size 2021 

               **3.4 Market outlook: Forecast for 2021 - 2026 

                              *Exhibit 13: Global - Market size and forecast 2021 - 2026 (MW)

                              *Exhibit 14:  Global market: Year-over-year growth 2021 - 2026 (%)

***4. Five Forces Analysis                         

               **4.1 Five Forces Summary         

                              *Exhibit 15: Five forces analysis 2021 & 2026

               **4.2 Bargaining power of buyers            

                              *Exhibit 16: Bargaining power of buyers

               **4.3 Bargaining power of suppliers        

                              *Exhibit 17: Bargaining power of suppliers

               **4.4 Threat of new entrants     

                              *Exhibit 18: Threat of new entrants

               **4.5 Threat of substitutes          

                              *Exhibit 19: Threat of substitutes

               **4.6 Threat of rivalry   

                              *Exhibit 20: Threat of rivalry

               **4.7 Market condition 

                              *Exhibit 21:  Market condition - Five forces 2021

***5. Market Segmentation by Type                    

               **5.1 Market segments

                              *The segments covered in this chapter are:

  • *Utility-scale
  • *Behind the meter

 

                              *Exhibit 22:  Type - Market share 2021-2026 (%)

               **5.2     Comparison by Type      

                              *Exhibit 23:  Comparison by Type

               **5.3     Utility-scale - Market size and forecast 2021-2026            

                              *Exhibit 24:  Utility-scale - Market size and forecast 2021-2026 (MW)

                              *Exhibit 25:  Utility-scale - Year-over-year growth 2021-2026 (%)

               **5.4     Behind the meter - Market size and forecast 2021-2026 

                              *Exhibit 26:  Behind the meter - Market size and forecast 2021-2026 (MW)

                              *Exhibit 27:  Behind the meter - Year-over-year growth 2021-2026 (%)

               **5.5     Market opportunity by Type       

                              *Exhibit 28:  Market opportunity by Type

***6. Customer landscape                        

               **6.1     Overview            

                              *Exhibit 29:  Customer landscape

***7. Geographic Landscape                    

               **7.1 Geographic segmentation

                              *The regions covered in the report are:

  • *APAC
  • *North America
  • *Europe
  • *MEA
  • *South America

                              *Exhibit 30:  Market share by geography 2021-2026 (%)

               **7.2 Geographic comparison    

                              *Exhibit 31:  Geographic comparison

               **7.3     APAC - Market size and forecast 2021-2026         

                              *Exhibit 32:   APAC - Market size and forecast 2021-2026 (MW)

                              *Exhibit 33:  APAC - Year-over-year growth 2021-2026 (%)

               **7.4     North America - Market size and forecast 2021-2026       

                              *Exhibit 34:   North America - Market size and forecast 2021-2026 (MW)

                              *Exhibit 35:  North America - Year-over-year growth 2021-2026 (%)

               **7.5     Europe - Market size and forecast 2021-2026      

                              *Exhibit 36:   Europe - Market size and forecast 2021-2026 (MW)

                              *Exhibit 37:  Europe - Year-over-year growth 2021-2026 (%)

               **7.6     MEA - Market size and forecast 2021-2026          

                              *Exhibit 38:   MEA - Market size and forecast 2021-2026 (MW)

                              *Exhibit 39:  MEA - Year-over-year growth 2021-2026 (%)

               **7.7     South America - Market size and forecast 2021-2026       

                              *Exhibit 40:   South America - Market size and forecast 2021-2026 (MW)

                              *Exhibit 41:  South America - Year-over-year growth 2021-2026 (%)

               **7.8 Key leading countries        

                              *Exhibit 42:  Key leading countries

               **7.9 Market opportunity by geography

                              *Exhibit 43:  Market opportunity by geography (MW)

***8. Drivers, Challenges, and Trends                  

               **8.1 Market drivers      

                              *8.1.1    Growing energy storage requirement

                              *8.1.2    Government initiatives to promote energy storage

                              *8.1.3    Increasing demand for concentrating solar power (CSP)

               **8.2 Market challenges              

                              *8.2.1    High upfront costs

                              *8.2.2    High regulatory barriers

                              *8.2.3    Widening demand-supply gap

                              *Exhibit 44:  Impact of drivers and challenges

               **8.3 Market trends      

                              *8.3.1    High upfront costs

                              *8.3.2    High regulatory barriers

                              *8.3.3    Widening demand-supply gap

***9. Vendor Landscape                            

               **9.1     Overview            

                              *Exhibit 45:  Vendor landscape

               **9.2     Landscape disruption     

                              *Exhibit 46:   Landscape disruption

                              *Exhibit 47:  Industry risks

               **9.3     Competitive scenario     

***10. Vendor Analysis               

               **10.1 Vendors covered              

                              *Exhibit 48:  Vendors covered

               **10.2 Market positioning of vendors    

                              *Exhibit 49:  Market positioning of vendors

               **10.3   ABB Ltd.

                              *Exhibit 50:  ABB Ltd. - Overview

                              *Exhibit 51:  ABB Ltd. - Business segments

                              *Exhibit 52:  ABB Ltd. - Key news

                              *Exhibit 53:  ABB Ltd. - Key offerings

                              *Exhibit 54:  ABB Ltd. - Segment focus

               **10.4   Amsted Industries Inc.  

                              *Exhibit 55:  Amsted Industries Inc. - Overview

                              *Exhibit 56:  Amsted Industries Inc. - Product and service

                              *Exhibit 57:  Amsted Industries Inc. - Key offerings

               **10.5   EVAPCO Inc.      

                              *Exhibit 58:  EVAPCO Inc. - Overview

                              *Exhibit 59:  EVAPCO Inc. - Product and service

                              *Exhibit 60:  EVAPCO Inc. - Key offerings

               **10.6   General Electric Co.       

                              *Exhibit 61:  General Electric Co. - Overview

                              *Exhibit 62:  General Electric Co. - Business segments

                              *Exhibit 63:  General Electric Co. - Key news

                              *Exhibit 64:   General Electric Co. - Key offerings

                              *Exhibit 65:  General Electric Co. - Segment focus

               **10.7   GS Yuasa Corp. 

                              *Exhibit 66:  GS Yuasa Corp. - Overview

                              *Exhibit 67:  GS Yuasa Corp. - Business segments

                              *Exhibit 68:  GS Yuasa Corp. - Key news

                              *Exhibit 69:  GS Yuasa Corp. - Key offerings

                              *Exhibit 70:  GS Yuasa Corp. - Segment focus

               **10.8   Ingersoll Rand Inc.          

                              *Exhibit 71:  Ingersoll Rand Inc. - Overview

                              *Exhibit 72:  Ingersoll Rand Inc. - Product and service

                              *Exhibit 73:  Ingersoll Rand Inc. - Key offerings

               **10.9   LG Electronics Inc.          

                              *Exhibit 74:  LG Electronics Inc. - Overview

                              *Exhibit 75:  LG Electronics Inc. - Business segments

                              *Exhibit 76:  LG Electronics Inc. - Key news

                              *Exhibit 77:  LG Electronics Inc. - Key offerings

                              *Exhibit 78:  LG Electronics Inc. - Segment focus

               **10.10 Panasonic Corp.             

                              *Exhibit 79:  Panasonic Corp. - Overview

                              *Exhibit 80:  Panasonic Corp. - Business segments

                              *Exhibit 81:  Panasonic Corp. - Key news

                              *Exhibit 82:  Panasonic Corp. - Key offerings

                              *Exhibit 83:  Panasonic Corp. - Segment focus

               **10.11 Samsung SDI Co. Ltd.    

                              *Exhibit 84:  Samsung SDI Co. Ltd. - Overview

                              *Exhibit 85:  Samsung SDI Co. Ltd. - Business segments

                              *Exhibit 86:  Samsung SDI Co. Ltd. - Key news

                              *Exhibit 87:  Samsung SDI Co. Ltd. - Key offerings

                              *Exhibit 88:  Samsung SDI Co. Ltd. - Segment focus

               **10.12 Tesla Inc.           

                              *Exhibit 89:  Tesla Inc. - Overview

                              *Exhibit 90:  Tesla Inc. - Business segments

                              *Exhibit 91:  Tesla Inc. - Key offerings

                              *Exhibit 92:  Tesla Inc. - Segment focus

***11. Appendix                           

               **11.1 Scope of the report         

                              *11.1.1 ????Market definition

                              *11.1.2 Objective

                              *11.1.3 Notes and caveats

               **11.2 Currency conversion rates for US$            

                              *Exhibit 93:  Currency conversion rates for US$

               **11.3 Research Methodology   

                              *Exhibit 94:  Research Methodology

                              *Exhibit 95:  Validation techniques employed for market sizing

                              *Exhibit 96:  Information sources

               **11.4 List of abbreviations        

                              *Exhibit 97:  List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Key Questions Answered

  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?

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