Energy Storage Systems Market Dynamics 2021-2031
MARKET INTRODUCTION
The energy storage systems (ESS) offers a broad spectrum of technological approaches which are useful to manage the power supply. It helps in developing better resilient energy infrastructure while boosting cost savings to consumers and utilities. The technologies such as flywheels, solid-state batteries, pumped hydro-power, thermal, flow batteries, and compressed air energy under ESS are deployed heavily around the globe as per the application.
MARKET DYNAMICS
High usage of electric vehicles among the public and perks provided by governmental bodies for promoting electric vehicles are some of the factors responsible for driving the energy storage systems market. Nevertheless, many developing countries are taking initiatives to improve the renewable power generation methods, which is expected to benefit players operating in the energy storage systems market.
MARKET SCOPE
The "Global Energy Storage Systems Market Analysis to 2031" is a specialized and in-depth study of the electronics and semiconductor industry with a special focus on the global market trend analysis. The report aims to provide an overview of the energy storage systems market with detailed market segmentation by technology, application, and geography. The global energy storage systems market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading energy storage systems market players and offers key trends and opportunities in the market.
MARKET SEGMENTATIONs
The global energy storage systems market is segmented on the basis of technology and application. Based on technology, the market is segmented into pumped hydro storage, flywheel, compressed air, nickel cadmium, sodium sulphur, lithium, and lead acid. On the basis of application, the energy storage systems market is segmented into on-grid and off-grid.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global energy storage systems market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Energy Storage Systems market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the energy storage systems market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the energy storage systems in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global energy storage systems market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Energy Storage Systems market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the energy storage systems market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the energy storage systems in these regions.
MARKET PLAYERS
The reports cover key developments in the energy storage systems market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from energy storage systems market are anticipated to lucrative growth opportunities in the future with the rising demand for Energy Storage Systems in the global market. Below mentioned is the list of few companies engaged in the energy storage systems market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the energy storage systems market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ABB Ltd.
- Altairnano
- Active Power (Piller Group GmbH)
- BYD Co Ltd
- Evapco Inc.
- GS Yuasa Corporation
- Hitachi Ltd.
- Maxwell Technologies, Inc.
- Siemens AG
- The Furukawa Battery Co.,Ltd. (The Furukawa Electric Co.,Ltd.)
The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Energy Storage Systems Market - By Technology
1.3.2 Energy Storage Systems Market - By Application
1.3.3 Energy Storage Systems Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ENERGY STORAGE SYSTEMS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. ENERGY STORAGE SYSTEMS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. ENERGY STORAGE SYSTEMS MARKET - GLOBAL MARKET ANALYSIS
6.1. ENERGY STORAGE SYSTEMS - GLOBAL MARKET OVERVIEW
6.2. ENERGY STORAGE SYSTEMS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ENERGY STORAGE SYSTEMS MARKET - REVENUE AND FORECASTS TO 2028 – TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. PUMPED HYDRO STORAGE
7.3.1. Overview
7.3.2. Pumped Hydro Storage Market Forecast and Analysis
7.4. FLYWHEEL
7.4.1. Overview
7.4.2. Flywheel Market Forecast and Analysis
7.5. COMPRESSED AIR
7.5.1. Overview
7.5.2. Compressed Air Market Forecast and Analysis
7.6. NICKEL CADMIUM
7.6.1. Overview
7.6.2. Nickel Cadmium Market Forecast and Analysis
7.7. SODIUM SULPHUR
7.7.1. Overview
7.7.2. Sodium Sulphur Market Forecast and Analysis
7.8. LITHIUM
7.8.1. Overview
7.8.2. Lithium Market Forecast and Analysis
7.9. LEAD ACID
7.9.1. Overview
7.9.2. Lead Acid Market Forecast and Analysis
8. ENERGY STORAGE SYSTEMS MARKET - REVENUE AND FORECASTS TO 2028 – APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ON-GRID
8.3.1. Overview
8.3.2. On-grid Market Forecast and Analysis
8.4. OFF-GRID
8.4.1. Overview
8.4.2. Off-grid Market Forecast and Analysis
9. ENERGY STORAGE SYSTEMS MARKET REVENUE AND FORECASTS TO 2028 – GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
- 9.1.1 North America Energy Storage Systems Market Overview
- 9.1.2 North America Energy Storage Systems Market Forecasts and Analysis
- 9.1.3 North America Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.1.4 North America Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.1.5 North America Energy Storage Systems Market Forecasts and Analysis - By Countries
9.1.5.1 United States Energy Storage Systems Market
- 9.1.5.1.1 United States Energy Storage Systems Market by Technology
- 9.1.5.1.2 United States Energy Storage Systems Market by Application
9.1.5.2 Canada Energy Storage Systems Market
- 9.1.5.2.1 Canada Energy Storage Systems Market by Technology
- 9.1.5.2.2 Canada Energy Storage Systems Market by Application
9.1.5.3 Mexico Energy Storage Systems Market
- 9.1.5.3.1 Mexico Energy Storage Systems Market by Technology
- 9.1.5.3.2 Mexico Energy Storage Systems Market by Application
9.2. EUROPE
- 9.2.1 Europe Energy Storage Systems Market Overview
- 9.2.2 Europe Energy Storage Systems Market Forecasts and Analysis
- 9.2.3 Europe Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.2.4 Europe Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.2.5 Europe Energy Storage Systems Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Energy Storage Systems Market
- 9.2.5.1.1 Germany Energy Storage Systems Market by Technology
- 9.2.5.1.2 Germany Energy Storage Systems Market by Application
9.2.5.2 France Energy Storage Systems Market
- 9.2.5.2.1 France Energy Storage Systems Market by Technology
- 9.2.5.2.2 France Energy Storage Systems Market by Application
9.2.5.3 Italy Energy Storage Systems Market
- 9.2.5.3.1 Italy Energy Storage Systems Market by Technology
- 9.2.5.3.2 Italy Energy Storage Systems Market by Application
9.2.5.4 United Kingdom Energy Storage Systems Market
- 9.2.5.4.1 United Kingdom Energy Storage Systems Market by Technology
- 9.2.5.4.2 United Kingdom Energy Storage Systems Market by Application
9.2.5.5 Russia Energy Storage Systems Market
- 9.2.5.5.1 Russia Energy Storage Systems Market by Technology
- 9.2.5.5.2 Russia Energy Storage Systems Market by Application
9.2.5.6 Rest of Europe Energy Storage Systems Market
- 9.2.5.6.1 Rest of Europe Energy Storage Systems Market by Technology
- 9.2.5.6.2 Rest of Europe Energy Storage Systems Market by Application
9.3. ASIA-PACIFIC
- 9.3.1 Asia-Pacific Energy Storage Systems Market Overview
- 9.3.2 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis
- 9.3.3 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.3.4 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.3.5 Asia-Pacific Energy Storage Systems Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Energy Storage Systems Market
- 9.3.5.1.1 Australia Energy Storage Systems Market by Technology
- 9.3.5.1.2 Australia Energy Storage Systems Market by Application
9.3.5.2 China Energy Storage Systems Market
- 9.3.5.2.1 China Energy Storage Systems Market by Technology
- 9.3.5.2.2 China Energy Storage Systems Market by Application
9.3.5.3 India Energy Storage Systems Market
- 9.3.5.3.1 India Energy Storage Systems Market by Technology
- 9.3.5.3.2 India Energy Storage Systems Market by Application
9.3.5.4 Japan Energy Storage Systems Market
- 9.3.5.4.1 Japan Energy Storage Systems Market by Technology
- 9.3.5.4.2 Japan Energy Storage Systems Market by Application
9.3.5.5 South Korea Energy Storage Systems Market
- 9.3.5.5.1 South Korea Energy Storage Systems Market by Technology
- 9.3.5.5.2 South Korea Energy Storage Systems Market by Application
9.3.5.6 Rest of Asia-Pacific Energy Storage Systems Market
- 9.3.5.6.1 Rest of Asia-Pacific Energy Storage Systems Market by Technology
- 9.3.5.6.2 Rest of Asia-Pacific Energy Storage Systems Market by Application
9.4. MIDDLE EAST AND AFRICA
- 9.4.1 Middle East and Africa Energy Storage Systems Market Overview
- 9.4.2 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis
- 9.4.3 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.4.4 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.4.5 Middle East and Africa Energy Storage Systems Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Energy Storage Systems Market
- 9.4.5.1.1 South Africa Energy Storage Systems Market by Technology
- 9.4.5.1.2 South Africa Energy Storage Systems Market by Application
9.4.5.2 Saudi Arabia Energy Storage Systems Market
- 9.4.5.2.1 Saudi Arabia Energy Storage Systems Market by Technology
- 9.4.5.2.2 Saudi Arabia Energy Storage Systems Market by Application
9.4.5.3 U.A.E Energy Storage Systems Market
- 9.4.5.3.1 U.A.E Energy Storage Systems Market by Technology
- 9.4.5.3.2 U.A.E Energy Storage Systems Market by Application
9.4.5.4 Rest of Middle East and Africa Energy Storage Systems Market
- 9.4.5.4.1 Rest of Middle East and Africa Energy Storage Systems Market by Technology
- 9.4.5.4.2 Rest of Middle East and Africa Energy Storage Systems Market by Application
9.5. SOUTH AND CENTRAL AMERICA
- 9.5.1 South and Central America Energy Storage Systems Market Overview
- 9.5.2 South and Central America Energy Storage Systems Market Forecasts and Analysis
- 9.5.3 South and Central America Energy Storage Systems Market Forecasts and Analysis - By Technology
- 9.5.4 South and Central America Energy Storage Systems Market Forecasts and Analysis - By Application
- 9.5.5 South and Central America Energy Storage Systems Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Energy Storage Systems Market
- 9.5.5.1.1 Brazil Energy Storage Systems Market by Technology
- 9.5.5.1.2 Brazil Energy Storage Systems Market by Application
9.5.5.2 Argentina Energy Storage Systems Market
- 9.5.5.2.1 Argentina Energy Storage Systems Market by Technology
- 9.5.5.2.2 Argentina Energy Storage Systems Market by Application
9.5.5.3 Rest of South and Central America Energy Storage Systems Market
- 9.5.5.3.1 Rest of South and Central America Energy Storage Systems Market by Technology
- 9.5.5.3.2 Rest of South and Central America Energy Storage Systems Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ENERGY STORAGE SYSTEMS MARKET, KEY COMPANY PROFILES
11.1. ABB LTD.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ALTAIRNANO
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ACTIVE POWER(PILLER GROUP GMBH)
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BYD CO LTD
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. EVAPCO INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. GS YUASA CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. HITACHI LTD.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. MAXWELL TECHNOLOGIES, INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SIEMENS AG
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THE FURUKAWA BATTERY CO.,LTD.(THE FURUKAWA ELECTRIC CO.,LTD.)
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- ABB Ltd.
- Altairnano
- Active Power (Piller Group GmbH)
- BYD Co Ltd
- Evapco Inc.
- GS Yuasa Corporation
- Hitachi Ltd.
- Maxwell Technologies, Inc.
- Siemens AG
- The Furukawa Battery Co.,Ltd. (The Furukawa Electric Co.,Ltd.)
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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