About Energy Storage Technology
Energy storage is gaining traction around the world and could fundamentally change electricity market dynamics. To understand these shifting dynamics, we peered beneath the aggregate growth projections to examine how some of the more active nations in renewable development and grid modernization are now approaching it. These countries include Australia, Chile, Germany, Japan, India, Italy, South Korea, the United Kingdom, and the United States. Energy Storage Systems are equipment that can efficiently and conveniently store multiple forms of energy that can be utilized as per requirement, for example, lithium-ion batteries.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
The key players in the world energy storage systems market adopt different key business strategies such as expansion, product launch, agreement, acquisition, collaboration, partnership, and product development to withstand in the global competitive market. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Energy Storage Technology market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), General Electric Company (United States), AES Energy Storage, LLC (United States), Beacon Power, LLC (United States), BYD Company Limited (China), Convergent Energy and Power Inc. (New York), Greensmith Energy Management Systems (United States) and Eos Energy Storage (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Seeo, Inc. (United States), S&C Electric Company (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Energy Storage Technology market by , Application (Transportation and Grid Storage) and Region.
On the basis of geography, the market of Energy Storage Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Pumped Hydro Storage will boost the Energy Storage Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Residential will boost the Energy Storage Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Regulations Demanding Energy Efficiency and Electric mobility is the ongoing trend in the automotive market
Market Growth Drivers:
Upsurging Renewable Energy Investments and Rapidly developing low-carbon energy technologies
Challenges:
Lack of Common Codes and Standards
Restraints:
The Requirement of High Capital Investments and Hazardous Environmental Impact
Opportunities:
High Adoption due to Grid Expansion and Investment in the Modern Infrastructure and Research & development coupled with increasing investments are likely to result in enhanced performance, a lifetime of the product, and reduction in overall costs
Market Leaders and their expansionary development strategies
In May 2023, Smart home and intelligent energy solutions provider Savant Systems announced its acquisition of POMCube, Inc., an energy storage systems (ESS) specialist, to boost its Savant Power portfolio. Terms of the deal were not disclosed.
In December 2023, EnerVenue launched an integrated energy storage system (ESS) solution comprised of its metal-hydrogen batteries, which it claims are capable of 30,000 cycles or more. The firm announced the launch of its EnerVenue Energy Rack yesterday (30 November), comprised of its Energy Storage Vessels (ESVs) in 150kWh and 102kWh configurations.
Key Target Audience
Service Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.