An Energy Storage System (ESS) stores electric energy, which can be utilized later. ESS improves energy efficiency by enhancing the quality of renewable energy that results in stabilization of a power supply system. Electrochemical batteries are a rapidly growing segment in the energy market. Batteries come in a wide array of sizes, and are specific for numerous applications. With costs falling as scale ramps up, applications of these batteries are expected to witness rapid growth.
According to report, the energy (electricity) storage market is projected to reach a value of over US$ 13 Bn in 2025 at a CAGR of 37.6% over the forecast period. The first five-year cumulative revenue (2017–2021) of the global market is projected to be approximately US$ 10 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.
Increasing demand for power from remote locations such as small diesel generators are widely used to generate power at remote power systems is a key driving factor for growth of the market. Electricity generation methods and technology can vary according to region type and availability of renewable resources such as wind, solar, and water. Costs associated with diesel powered electricity generation is relatively high as compared to grid-connected systems. In addition, increasing trend of shifting from high-cost diesel fuel to variable renewable resources, owing to which demand for both energy storage and sophisticated operations controls is expected boost energy storage market. Moreover, favorable regulatory scenario such as initiatives by governments of various countries, especially in developed and some developing countries for encouraging adoption of more viable and less destructive or safer methods of power generation. The objective being to reduce carbon footprint, air pollution levels, and to ensure access to more sustainable resources for power generation. These factors are further expected to fuel the market growth.
However, one of the major barriers for development of new storage facilities is high costs associated with study, license, permit, design, building, and operations of new facilities. These costs are not insurmountable, but uncertainty about monetary value and cost recovery makes investments into new storage facilities risky for developers and investors. In addition, new modelling challenges which requires linking of modelling tools at a system planner disposal is a major barrier for an improved model of electric energy storage devices and further deployment.
The global energy (electricity) storage market report has been segmented on the basis of product, application, and region/country. On the basis of region/country, the global energy (electricity) storage market is segmented into North America, Europe, China, Japan, Southeast Asia, India, South America, Middle East & Africa and RoW. Currently, the market in North America is expected to dominate the global energy (electricity) storage market in terms of revenue and highest CAGR during the forecast period.
Market Segmentation of Global Energy (Electricity) Storage Market.
Segmentation by product type:
• Lithium-ion Battery
• All-vanadium Flow Battery
• Zinc-bromine Flow Battery
• Advanced Lead-Acid Batteries
• Other (NaS battery, Ni-MH battery, etc.)
Segmentation by application:
Segmentation by region/country:
• North America
• Southeast Asia
• South America
• Middle East & Africa
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Southeast Asia is also expected to register significant growth in the global energy (electricity) storage market, and is expected to grow at a CAGR of approximately 35%. Developed economies in the region such as South Korea with advanced grids operates reliably and utilizes advanced technologies. Developed economies in the region such as South Korea with advanced grids operates reliably and utilizes advanced technologies. The Ministry of Trade, Industry and Energy (MOTIE) has introduced many efficient support measures to boost South Korea’s ESS industry. These include the mandatory installation of ESS in public buildings and revision of ESS price reduction. For public buildings, there are mandatory measures enforcing a minimum of 5% ESS installation for electricity contracts exceeding 1 MW.
Prominent players in the global energy (electricity) storage market include NGK Insulators Ltd., ABB Ltd., AEG Power Solutions B.V., LG Chem, Ltd., Princeton Power Systems, Inc., General Electric Company, Samsung SDI Co., Ltd., NEC Energy Solutions, SolarCity Corporation – (Tesla, Inc.), ZEN Energy Pty Ltd., S&C Electric Company, Outback Power Inc., Saft Groupe S.A., The AES Corporation, and Eos Energy Storage.