Energy Storage System Market Size to reach USD 113.9 Billion By 2026 Growing at 13.0% CAGR | GlobalData Plc
LONDON, UK, November 8, 2022 /EINPresswire.com/ — The global energy storage system market size reached USD 61.9 billion in 2021, according to a new report by GlobalData Plc. An important aspect of promoting the market demand is the rising number of initiatives to promote clean energy systems. The move towards energy self-reliance while reducing greenhouse gas emission levels is projected to play a key role in upholding market growth over the forecast period.
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The energy demand around the globe has picked up strong momentum, especially in the post-pandemic scenario. As per the stats released by the International Energy Agency (IEA), the global energy demand increased by nearly 4.6% in 2021. Amid growing concerns about emissions and geo-political risks, governments are now making efforts to reduce fossil fuel consumption and switch to clean sources such as renewables for power generation. Incentives, mandates, and the implementation of strict regulations are spurring utilities and other end-users to adopt renewables and alter their consumption habits accordingly. These new steps towards sustainability are anticipated to promote the adoption of energy storage systems over the predicted timeline.
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Energy Storage System Market Report Highlights
• The global energy storage system market is projected to witness a CAGR of 13.0% from 2021 to 2026, reaching a value of $113.9 billion. The reduction in the prices of this technology coupled with the regulatory push in form of incentives and schemes is projected to aid the market growth over the forecast period.
• In 2021, the electromechanical technology segment captured the largest share with a market size projected to exceed US$ 84 billion by 2026 at a CAGR of 11.5% from 2021 to 2026. A large portion of this growth is fueled by the deployment of pumped storage hydropower in developing countries of the Asia-Pacific region.
• Further, strong policy support for these clean energy systems is likely to prove fruitful for market growth in the near future.
• Grid-Scale end-use sector is projected to remain a dominant category for energy storage systems over the predicted timeline. This end-user segment is anticipated to capture a compounded annual growth rate of 16.7% in terms of volume from 2021 to 2026.
• COVID-19 has taught the energy industry a few important things. It emphasized the significance of having a safe and flexible energy infrastructure that can withstand unanticipated variations in demand patterns, such as the sudden jump in energy demand post-pandemic era. The need to invest in energy system resilience and flexibility has now been made obvious.
• Asia-Pacific region captured a market share of over 40% in terms of revenue in 2021, followed by the Americas region at nearly 34% and the EMEA region at approximately 24% over the same timeline.
• China and the U.S. are projected to remain the two most important countries pushing the energy storage system market growth over the forecast period. Both countries witnessed double-digit growth in 2021 in terms of volume as well as revenue.
• The key energy storage system market vendors analyzed as part of this report include GE Renewable Energy; LG Energy Solutions; SAMSUNG SDI CO.,LTD.; NGK Insulators Ltd; BYD Co Ltd; Saft; Amber Kinetics, Inc.; Voith GmbH & Co. KGaA; Contemporary Amperex Technology Ltd; and CALMAC; among others.
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GlobalData Plc has segmented the energy storage system market report by technology, end-use, and region:
Global Energy Storage System Technology Outlook (Volume, MW; Revenue, USD Million, 2019-2026)
• Electromechanical
• Electrochemical
• Thermal Storage
Global Energy Storage System End-Use Outlook (Volume, MW; Revenue, USD Million, 2019-2026)
• Grid-Scale
• Commercial & Industrial
• Residential
Energy Storage System Regional Outlook (Volume, MW; Revenue, USD Million, 2019-2026)
• Americas
• U.S.
• Rest of Americas
• EMEA
• Germany
• U.K.
• France
• Rest of EMEA
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
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• https://www.globaldata.com/store/report/energy-storage-thematic-research/
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