The global energy storage systems market size was US$ 188.5 billion in 2020. The global energy storage systems market size is estimated to reach US$ 418.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.3% during the forecast period from 2021 to 2030.
The energy storage system is a tool that enables the storage of different forms of energy like mechanical and electrochemical, which can be utilized as and when needed.
Factors Influencing Market Growth
? The rising emphasis on the production of renewable energy worldwide drives the overall market growth.
? High capital acquisitions toward energy storage systems and an increase in concern regarding environmental pollution are expected to hinder the overall market growth.
? Government ambitions toward renewable energy generation are anticipated to drive the expansion of the overall market.
Effect of the COVID-19 Pandemic
COVID-19 had a severe impact on the overall market growth. The pandemic outbreak around the world has resulted in a decrease in the need for energy storage systems due to stopped manufacturing actions, renewable energy structures, building activities of utility infrastructures, and production of automobiles around the world amid government-imposed lockdown bars. This has negatively impacted the overall market growth.
Asia-Pacific recorded the highest share in the overall market growth in 2020, in terms of revenue, and is expected to hold its dominance throughout the analysis period. This is due to the existence of a huge consumer base, the fast growth of the renewable energy industry, and the presence of key players in the region.
The prominent players in the global energy storage systems market are:
? Eguana Technologies
? Enerbrax Acumuladores
? SK Holdings
? Exide Industries
? SMA Solar Technology AG
? Autobat SACI
? Ionotec Ltd
? Scheider Electric
? Tata Power
The global energy storage systems market segmentation focuses on Technology, End User, Application, and Region.
Segmentation on the basis of Technology
? Pumped Hydro Storage
? Battery Energy Storage
? Compressed Air Energy Storage
? Flywheel Energy Storage
Segmentation on the basis of End User
Segmentation on the basis of Application
Segmentation on the basis of Region
? North America
? The U.S.
? Western Europe
? The UK
? Rest of Western Europe
? Eastern Europe
? Rest of Eastern Europe
? Asia Pacific
? Australia & New Zealand
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Rest of South America