The latest published report titled Energy Storage System Market Size, Share, Trend Analysis and Forecast by Technology, End-Use, and Region 2021-2026 have been added to the report store by GlobalData Plc. The analyst estimated the energy storage system market size valued at USD 61.9 billion in 2021. An increasing emphasis to develop and scale up renewable systems and minimize the reliance on traditional fossil fuel-based electricity will lead the market to garner a CAGR of 13% from 2021 to 2026.
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Global Energy Storage System Market Share by Technology, 2019 – 2026 (%)
Energy Storage System Market Segment Highlights
- Electromechanical: The electromechanical technology segment held the largest energy storage system market share in 2021. The segment’s growth is mainly driven by the reduction in its raw material cost and the considerable boost from a regulatory perspective. Electrochemical technology is highly beneficial in remote areas or areas where access to electricity is poor and there are limited sources to capture energy via solar or wind systems. It is also an effective technique to improve self-sufficiency in areas with grid provisions. This technology can be easily integrated with rooftop solar panels, small wind turbines, or diesel generators (DGs) to provide a reliable supply of electricity.
- Thermal Storage
- Grid-scale: The grid-scale segment held the largest energy storage system market during the projected period.
- Residential: The residential end-use segment is anticipated to drive futuristic market growth over the forecast period. The segment’s growth is expected to be driven by the governments taking necessary steps toward self-reliance. The move to reduce dependence on Russian oil and gas is anticipated to promote the market growth of the residential end-use segment over the near future.
- Commercial & Industrial
- Asia-Pacific: In terms of regional dynamics, the Asia-Pacific region dominated the overall market share in terms of volume as well as revenue in 2021. Particularly in the Asia-Pacific region, China is likely to emerge as the regional growth engine with an estimated compounded annual growth rate of 30.2% in terms of volume from 2021 to 2026. The domestic energy storage sector’s synergies with capital have been continuously developed, standardized, and prospering jointly as the business attracts more and more money.
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Energy Storage System Market Vendor Landscape
The overall competitive landscape for the global energy storage system market is still in the developing phase with key market participants emerging from China, South Korea, Japan, the US, and Europe. The industry is observing a strong inflow of mergers and acquisitions especially post-pandemic era.
Top ESS market participants –
- GE Renewable Energy: The company offers products including onshore and offshore wind turbines, hydroelectric turbines, control systems and generators, geothermal power turbines, tidal turbines, and solar power plant solutions. In February 2022, GE Renewable Energy formed a partnership with Hyundai Electric & Energy Systems. Both companies entered into MoU to jointly establish a nacelle assembly manufacturing facility in South Korea.
- LG Energy Solutions: The company’s major projects include supplying batteries for spacesuits to the National Aeronautics and Space Administration (NASA), electrical batteries for a hybrid ship made by a Norwegian shipbuilding company, and batteries for high-power drones. In July 2022, LG Energy Solutions is set to become the key supplier of batteries to Indian automotive vehicle manufacturers Mahindra & Mahindra. The batteries procured through LG Energy Solutions are to be used in Mahindra & Mahindra’s first electric SUV car segment.
- SAMSUNG SDI CO.LTD.: Samsung SDI is a manufacturer and distributor of batteries. The company distributes its products to clients in Korea, North America, Europe, China, and Southeast Asia. In July 2022, the company held a ground-breaking ceremony for its second battery production facility in Malaysia. The Samsung SDI Energy Malaysia (SDIEM) factory will manufacture PRiMX 21700 cylindrical batteries, with production expected to begin in 2024.
- NGK Insulators Ltd
- BYD Co Ltd
- Amber Kinetics, Inc.
- Voith GmbH & Co. KGaA
- Contemporary Amperex Technology Ltd
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