Global Energy Storage Systems (ESS) Market Outlook to 2028

Global Energy Storage Systems (ESS) Market Outlook to 2028

Updated on 26th May 2023 | Market Research Reports | Q2 2023 | Report ID: BR0187

About the Report

Energy storage systems provide a wide array of technological approaches to managing our power supply to create a more resilient energy infrastructure and bring cost savings to utilities and consumers. 

 

Drivers:

 

Increasing intermittency of variable renewable energy sources such as wind and solar

 

In the energy sector, wind and solar PV power generation technologies have spread globally rapidly. The International Renewable Energy Agency's (IRENA) renewable power generation costs 2021 report states that more than half of the renewable capacity added in 2021 achieved lower power costs than the cheapest new coal plant.

 

Innovation and low-cost finance have brought down the costs of solar PV and wind, and they are now the most economical source of electricity in most markets. But due to its unreliable nature, the power generated is stored in batteries or others to utilize generated energy when needed.

 

Some of the Other Drivers:

  • Increase in the number of grid stability ESS projects that provide ancillary services
  • Increasing demand for uninterrupted power supply.
  • Growing energy intensive industries such as data centers and others.
  • Solar plus storage is becoming increasingly popular in the residential market.
  • Time-shifting avoids high tariffs on electricity by utilizing stored energy at times of the day when electricity use is at its highest.

 

Energy Storage System (ESS) is a device or group of devices assembled to convert the electrical or thermal energy from power systems and store energy to supply electrical energy at a later time when needed.

 

Several methods or technologies store energy, such as mechanical, electrochemical, chemical, and thermal.

 

Mechanical Energy Storage Systems:

  • Mechanical energy storage systems are the storage of energy by applying force to an appropriate medium to deliver acceleration, compression, or displacement (against gravity); the process can be reversed to recover the stored kinetic or potential energy.
  • They are different types of mechanical energy storage systems:
    • Pumped Hydro Storage (PHS)
    • Compressed Air Energy Storage (CAES)
    • Flywheel
    • Liquid Air Energy Storage (LAES)
    • Pumped Heat Electrical Storage (PHES)
    • Adiabatic Compressed Air Energy Storage (ACAES)
    • Liquid Air Energy Storage (LAES)

 

Electrochemical or Battery Energy Storage Systems:

  • Electrochemical energy storage systems are defined as – the storage of energy by converting electrical energy into chemical energy; the process can be reversed by converting chemical energy into electrical energy.
  • They are different types of electrochemical energy storage systems:
    • Lead acid Batteries
    • Lithium-ion Batteries
    • Redox Flow Batteries

 

Thermal Energy Storage Systems:

  • Thermal energy storage systems are the technology that allows the transfer and storage of heat energy or energy from ice or cold air, or water. This method is built into new technologies that complement energy solutions such as solar and hydro.
  • They are different types of thermal energy storage systems:
    • Molten Salt TESS
    • Phase Change Material

 

Chemical Energy Storage:

  • Chemical energy storage systems are defined as - Energy stored in chemical fuels that can be readily converted to mechanical, thermal, or electrical energy for industrial and grid applications.
  • They are different types of chemical energy storage systems:
    • Power to Hydrogen gas
    • Power to Methane gas

 

Energy Storage Systems in Utilities:

 

The power generation sector is moving away from coal (a fossil fuel with high carbon density) and adopting renewable power plants to reduce carbon footprint, which helps countries across the region to meet their Net Zero targets of 2050.

 

Utility-scale energy storage systems can enable a greater feed-in of renewables into the grid by storing excess generation and firming renewable energy output. On the other hand, increasing renewable energy generation by supporting energy storage helps reduce electricity prices and different transmission systems.

 

Energy Storage Systems in Industrial:

 

Energy Storage Systems is expected to decarbonize the world, including the industrial sector, significantly. Energy-intensive industries such as iron, steel, paper, pharmaceuticals, fertilizers, and chemicals are increasingly adopting thermal energy storage systems in their attempt to reduce pollution and meet the targets set by regulatory bodies. 

 

Energy Storage Systems in Residential:

 

Renewable Energy Storage System is one of the niche markets within the Energy Storage Systems with a high growth potential due to feed-in tariff policies and also to increase the reliability of electricity. Residential ESS networks generally work with photovoltaic systems, where DC voltages are not that high and usually not superior to 500V DC. 

 

Energy Storage Systems Trends:

 

Rising Interest in transmission and distribution deferral systems:

Power transmission companies worldwide are considering energy storage technology to defer or replace transmission system upgrades. Energy storage is placed along a transmission line and operated to inject or absorb the power, mimicking transmission line flows.

 

Some of the Energy Storage System trends:

  • The growing use of solid-state batteries in residential energy storage systems
  • The increasing number of partnerships for large-scale hydrogen projects
  • The growing number of P2G projects

 

Energy Storage Systems Opportunities:

  • Increasing demand for EV charging stations
  • The market growth in Germany, France, Italy, Spain, the United Kingdom, and Greece can be attributed to the increasing renewable energy generation and grid stability.

 

Energy Storage System Restraints:

  • Increasing the fuel cell market will decrease the demand for ESS.
  • High Capital Expenditure is required for the installation of energy storage systems.

 

Regional Market Analysis

 

The global Energy Storage Systems market report is segmented based on geography into North America, including the United States, Canada, Mexico, and the Rest of North America; Europe, including Germany, France, United Kingdom (UK), Italy, Russia, and the Rest of Europe; Asia Pacific (APAC) including China, India, Japan, South Korea, Australia, Indonesia, and Rest of APAC; South America including Brazil and Rest of South America; and the Middle East and Africa including Saudi Arabia, Brazil, Nigeria, South Africa, and other countries.

 

Asia-Pacific is expected to be the leading region in the Battery Energy Storage market during the forecast period, followed by North America, Europe, the Middle East, and South America.

 

China, India, Japan, and South Korea are the major countries in Asia-Pacific with Battery Energy Storage Systems and a strong order book.

 

Asia Pacific:

 

The Asia Pacific region has countries that have both developing and established energy storage systems markets. For instance, countries such as China, India, South Korea, Japan, Australia, and others have an established large-scale ESS market, while Indonesia, Pakistan, and Bangladesh are developing their large-scale ESS market.

 

The Asia Pacific is expected to be the largest region for energy storage systems during the forecast period. With a target to reduce emissions, energy storage systems demand will rise in the power generation sector, especially in China, Japan, India, and other Southeast Asia such as Thailand, the Philippines, Indonesia, and Malaysia.

  

Blackridge Research's Energy Storage Systems Market report provides insights into the current market demand environment and prognosis.

 

The study offers a thorough examination of the many factors that impact the development of Energy Storage Systems. The study also comprehensively analyses the Energy Storage Systems by segmenting it based on region (Asia Pacific, North America, Europe, South America, Middle East, Africa), based on technology (Mechanical,Thermal, Electro Chemical and others ) and by end-use (Residential, and Non-residential).

 

The report also discusses current and future market possibilities, market trends, advancements, the effect of Covid-19 and the Ukraine and Russian War on the Energy Storage Systems, essential developments, regions, and segments poised for the fastest growing competitive landscape. Further, the Energy Storage Systems market size, and demand forecast, growth rates will also be provided in the report. 

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast
  • 3.6 List of Projects

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Type
    • 5.1.1 Mechanical Energy Storage System
    • 5.1.2 Electrochemical or Battery Energy Storage Systems
    • 5.1.3 Thermal Energy Storage Systems
    • 5.1.4 Chemical Energy Storage Systems
  • 5.2 By Application
    • 5.2.1 Residential
    • 5.2.2 Non-residential

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 ABB Ltd
  • 7.2 BYD Company Limited
  • 7.3 Contemporary Amperex Technology Co. Ltd
  • 7.4 Delta Electronics
  • 7.5 Eaton Corporation PLC
  • 7.6 GS Yuasa International Ltd.
  • 7.7 General Electric Company
  • 7.8 LG energy Solution
  • 7.9 Tesla Inc
  • 7.10 Wartsila Oyj Abp
  • 7.11 Others

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

  This report helps to:-

  • Gain a deeper understanding of the impact of COVID 19, and Energy Storage Systems Market.               
  • Equip yourself with rigorous analysis and forward-looking insight into the Energy Storage Sytems market across various regions
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • Energy Storage System Suppliers, snIntegrators 
  • Battery Manufacturers
  • Energy engineering, procurement, and construction (EPC) firms
  • IPP & Utilities
  • Investor Community
  • Financing Companies
  • Solar Finance Companies
  • Government Bodies & Industry Organizations
  • Others

  What's included

Report -Global Energy Storage Systems Market Outlook to 2028.pdf
Market Data - Global Energy Storage Systems Market Outlook to 2028.xls

  Why buy this report?

  • Gain a deeper understanding of the impact of Covid-19 on the <Global Energy Storage Systems Market>.
  • Equip yourself with rigorous analysis and forward-looking insights into the <Global Energy Storage Systems Market> across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Want to know about Current Offers?

Offer 1 - Save with Multiple Purchases - Buy two reports or more and instantly save up to 15% off.

Offer 2 - Introductory offer for new customers - Flat 10% off on your first purchase.

To learn more about the report and our other current offers, contact us here or You can send an email to sales@blackridgeresearch.com

  Analyst access from Blackridge Research

All report purchases come with up to 60 minutes of phone time with an expert analyst who will assist you in connecting the report's key findings to the business issues you're dealing with. This must be used within three months of the report's purchase.

The above telephone time is excluding the post-purchase analyst support for any queries that you may have up to one year.

  Free Report Customization

We offer free customization of value USD 1500 for every report that you purchase. Get in touch with us to know more about free customization and our exciting custom research services.

  Further information

If you have any questions about this market research study, please do not hesitate to contact our research team using the top Contact us button, or you may also reach out at research@blackridgeresearch.com or call one of our Business Development managers:

AMERICAS (USA): +1 (917) 993 7467

ASIA (India): +91 8500 460 460

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact sales@blackridgeresearch.com for other payment options.
We can provide quarterly and half yearly report updates. Please contact sales@blackridgeresearch.com for more information.
Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.
Yes, if you'd like to select certain sections of the report, please contact sales@blackridgeresearch.com
The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at research@blackridgeresearch.com.
If for any reason you're not satisfied with the report, just email us at support@blackridgeresearch.com. We will make sure it's resolved!
We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.
Sujith

Got a Question?

Sujith will help you find what you are looking for.

Call: +1 (917) 993 7467
+91 8500 460 460

Some of our clients

Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy.