Energy Storage Systems Market: Introduction
As per a report by Transparency Market Research, the global energy storage systems market is likely to expand at a steady CAGR of 5.6% from 2020 to 2031 to reach US$ 73.8 Bn in 2031 from US$ 40.53 Bn in 2020. The global energy storage systems market is fragmented in nature on account of the presence of a copious number of regional and international players. In order to tap into the market, which has ample room for growth, new players are rushing in. As a result, competition in the market is predicted to heat up in the near future.
Savvy players in the global energy storage systems market are banking on product development and carefully-considered mergers and acquisitions. They are also focusing on improving their distribution network and managing working capital effectively in order to thrive in the market.
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Depending on application, the global energy storage systems market can be split into transportation and grid storage. Of the two, the segment of transportation is expected to register higher growth owing to soaring sales of battery operated electric vehicles, which help to keep vehicular pollution in check, and expanding railway networks.
Need to Address Vehicular Pollution Proves Beneficial for Market
Majorly fuelling the global energy storage systems market worldwide is the pressing need to address vehicular pollution, which is serving to rapidly deteriorate the air quality in cities particularly. This has resulted in policy changes, forcing commuters to opt for less polluting vehicles such as electric cars, two-wheelers, buses, and trucks. This, in turn, has provided a boost to the sales of energy storage systems. The growing railway network is also providing a fillip to the market.
Commercial and Industrial Segments Drive Sales Due to Need for Storing Energy
Besides the automotive segment, commercial and industrial establishments – together known as non-residential segment – are boosting the global energy storage systems market as their need to store energy is high. The residential sector too is expected to expand at a healthy rate over the next few years, due to the increasing adoption of solar panels to reduce electricity cost and tide over power cuts.
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Focus of players to introduce high-tech and highly customized batteries for battery energy storage is also positively influencing the market. For instance, the emergence of Li-ion, sodium-sulfur, and advanced LAB products from the stables of well-entrenched companies has boosted sales.
Regional Segmentation of Energy Storage Systems Market
Geographically, key segments in the global energy storage systems market are Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Of these, Asia Pacific holds maximum market share and is also expected to outshine all other regions vis-à-vis growth rate. China, which is a key manufacturing hub of batteries for electric vehicles and is also a major demand driver for such vehicles, is mainly powering the growth in the region.
Energy Storage Systems Market Players
Some of prominent players operating in the global energy storage systems market are ABB Ltd., BYD Company Limited, EOS Energy Storage, Evapco, Inc., Maxwell Technologies, Inc., General Electric Company, Hitachi, Ltd., LG Chem, Ltd., NEC Corporation, Panasonic Corporation, Schneider Electric SE, Siemens AG, and Tesla.
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