Summary

Energy Storage System Market Research Report by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage), by Application (Stationary, Transportation), by End-User (Residential, Non-Residential, Utilities), and by Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) Forecast till 2030

Industry Overview
The global energy storage system market recorded USD 20,138.3 million in 2021and is expected to reach USD 1,53,663.4 million with a CAGR of 25.46% through the forecast year. The process of collecting and holding energy with the aim of reserving it for future usage. Batteries, pumped hydro storage, flywheels, and compressed air energy storage are some instances of energy storage solutions.
The global energy storage system market is driven by the increasing demand for grid energy storage systems, technological advancements, and the most importantly, the rapid scale-up of energy storage, which becomes critical to meet the need for flexibility in energy storage systems.
One major challenge in the global energy storage system market is the high cost of setting up battery storage systems, which makes it harder for many to adopt. Governments around the world are helping through policies, funding, and support for research. Also, as more rural areas need electricity, the demand for energy storage is rising, creating new chances for growth in the market.

Industry Segmentations
Based on the technology, the global market is classified into pumped hydro storage, battery energy storage, compressed air energy storage, and flywheel energy storage.
Stationary and transportation are part of the application of the global energy storage system industry.
The global energy storage system market is divided based on end-user. Including residential and non-residential, and utilities.

Regional Analysis
Getting support from continuous advancements in grid infrastructure and favorable government policies, the North American energy storage system market has become one of the major regional markets in the global energy storage system industry. The region is adopting energy storage technologies to ensure energy reliability and efficiency.
Europe is progressing steadily, driven by strict environmental regulations and a strong push for renewable energy. Countries in this region are incorporating storage systems to support their clean energy transitions and reduce dependence on conventional sources.
Asia Pacific is the leading region, and the reason behind this is the presence of growing industrial activity, rising energy needs, and large-scale renewable energy initiatives. Government support and local resource availability are boosting the use of energy storage across multiple sectors.
The Middle East & Africa are adopting energy storage solutions in response to rising energy demands and growing interest in solar energy. These regions are exploring new technologies to support power availability, especially in remote and developing areas.
South America is expanding its energy storage applications as it focuses on improving electricity access and integrating renewable power into its grid. The region is highly exploring storage as a solution for energy stability.

Key Players
Major players in the global energy storage system market are ABB Ltd, BYD Company Ltd., EOS Energy Enterprises Inc., Evapco, Inc., UCAP Power, General Electric, Hitachi Ltd., Schneider Electric SE, Siemens AG, and Panasonic Corporation.

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Table of Contents

TABLE OF CONTENTS
1 EXECUTIVE SUMMARY .................................. 17
1.1 MARKET ATTRACTIVENESS ANALYSIS ................................... 19
1.1.1 ENERGY STORAGE SYSTEM MARKET, BY TECHNOLOGY ...... 20
1.1.2 ENERGY STORAGE SYSTEM MARKET ANALYSIS BY APPLICATION ................................................................... 21
1.1.3 ENERGY STORAGE SYSTEM MARKET, BY END-USER ............ 22
1.1.4 ENERGY STORAGE SYSTEM MARKET, BY REGION ............... 23
2 MARKET INTRODUCTION ............................... 24
2.1 DEFINITION ........................................................................... 24
2.2 SCOPE OF THE STUDY ........................................................... 24
2.3 MARKET STRUCTURE ............................................................. 24
3 RESEARCH METHODOLOGY ......................... 25
3.1 RESEARCH PROCESS ............................................................. 25
3.2 PRIMARY RESEARCH ............................................................. 26
3.3 SECONDARY RESEARCH ........................................................ 27
3.4 MARKET SIZE ESTIMATION .................................................... 27
3.5 TOP-DOWN AND BOTTOM-UP APPROACH .............................. 28
3.6 FORECAST MODEL ................................................................. 29
3.7 LIST OF ASSUMPTIONS & LIMITATIONS ................................. 30
4 MARKET DYNAMICS ....................................... 31
4.1 INTRODUCTION ..................................................................... 31
4.2 DRIVERS ................................................................................ 32
4.2.1 INCREASING DEMAND FOR GRID ENERGY STORAGE SYSTEMS OWING TO ONGOING GRID MODERNIZATION ..... 32
4.2.2 THE TECHNOLOGICAL ADVANCEMENTS IN THE ENERGY STORAGE SYSTEMS .................................................. 33
4.2.3 THE RAPID SCALE-UP OF ENERGY STORAGE IS CRITICAL TO MEET FLEXIBILITY NEEDS IN A DECARBONIZED
ELECTRICITY SYSTEM ....................................................... 34
4.3 RESTRAINTS ......................................................................... 36
4.3.1 HIGH CAPITAL EXPENDITURE REQUIRED FOR INSTALLING BATTERY ENERGY STORAGE SYSTEMS .................... 36
4.4 OPPORTUNITIES .................................................................... 37
4.4.1 VARIOUS GOVERNMENTS SUPPORTING STORAGE DEPLOYMENT THROUGH TARGETS, SUBSIDIES, REGULATORY
REFORMS AND R&D SUPPORT ............................................ 37
4.4.2 SURGE IN NUMBER OF RURAL ELECTRIFICATION PROJECTS WORLDWIDE ........................................................ 38
4.5 IMPACT ANALYSIS OF COVID 19 ON ENERGY STORAGE SYSTEM MARKET ............................................................ 39
5 MARKET FACTOR ANALYSIS ......................... 41
5.1 SUPPLY CHAIN ANALYSIS...................................................... 41
5 .1.1 RESEARCH & DEVELOPMENT ............................................. 41
5.1.2 RAW MATERIAL & COMPONENT SUPPLY ............................ 42
5.1.3 MANUFACTURING & ASSEMBLY ......................................... 42
5.1.4 SALES & DISTRIBUTION ..................................................... 42
5.1.5 END USERS & AFTERSALES ................................................ 42
5.2 PORTER'S FIVE FORCES MODEL ............................................. 44
5.2.1 THREAT OF NEW ENTRANTS .............................................. 44
5.2.2 BARGAINING POWER OF SUPPLIERS .................................. 45
5.2.3 THREAT OF SUBSTITUTES ................................................. 45
5.2.4 BARGAINING POWER OF BUYERS ....................................... 45
5.2.5 INTENSITY OF RIVALRY ..................................................... 45
6 GLOBAL ENERGY STORAGE SYSTEM MARKET, BY TECHNOLOGY ....................................... 46
6.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE, MARKET ESTIMATES & FORECAST BY TECHNOLOGY, 2019-2030
46
6.1.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE: MARKET ESTIMATES & FORECAST BY TECHNOLOGY, 2019-2030
............ 46
6.2 GLOBAL ENERGY STORAGE SYSTEM MARKET SIZE, MARKET ESTIMATES & FORECAST BY TECHNOLOGY, 2019-2030
47
6.2.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE: MARKET ESTIMATES & FORECAST BY TECHNOLOGY, 2019-2030
............ 47
7 GLOBAL ENERGY STORAGE SYSTEM MARKET, BY APPLICATION ........................................ 48
7.1 GLOBAL ENERGY STORAGE SYSTEM MARKET SIZE, MARKET ESTIMATES & FORECAST BY APPLICATION, 2019-2030
48
7.1.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE: MARKET ESTIMATES & FORECAST BY APPLICATION, 2019-2030
............ 48
7.2 GLOBAL ENERGY STORAGE SYSTEM MARKET SIZE, MARKET ESTIMATES & FORECAST BY APPLICATION, 2019-2030
49
7.2.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE: MARKET ESTIMATES & FORECAST BY APPLICATION, 2019-2030
............ 49
8 GLOBAL ENERGY STORAGE SYSTEM MARKET, BY END-USER ............................................. 50
8.1 GLOBAL ENERGY STORAGE SYSTEM MARKET SIZE, MARKET ESTIMATES & FORECAST BY END-USER, 2019-2030 .. 50
8.1.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE: MARKET ESTIMATES & FORECAST BY END-USER, 2019-2030
............ 50
8.2 GLOBAL ENERGY STORAGE SYSTEM MARKET SIZE, MARKET ESTIMATES & FORECAST BY END-USER, 2019-2030 .. 51
8.2.1 GLOBAL ENERGY STORAGE SYSTEM MARKETSIZE: MARKET ESTIMATES & FORECAST BY END-USER, 2019-2030
............ 51
9 GLOBAL ENERGY STORAGE SYSTEM MARKET, BY REGION ................................................. 52
9.1 NORTH AMERICA ................................................................... 54
9.1.1 US........ 57
9.1.2 CANADA ........................................................................... 59
9.1.3 MEXICO ............................................................................ 62
9.2 EUROPE ................................................................................ 64
9.2.1 GERMANY ......................................................................... 67
9.2.2 FRANCE ............................................................................ 69
9.2.3 UK ....... 71
9.2.4 ITALY ................................................................................ 73
9.2.5 SPAIN ............................................................................... 75
9.2.6 RUSSIA ............................................................................. 77
9.2.7 AUSTRIA ........................................................................... 79
9.2.8 SWITZERLAND .................................................................. 81
9.2.9 REST OF EUROPE ............................................................... 83
9.3 ASIA-PACIFIC ........................................................................ 85
9.3.1 CHINA ............................................................................... 88
9.3.2 INDIA ................................................................................ 90
9.3.3 JAPAN .............................................................................. 92
9.3.4 AUSTRALIA ....................................................................... 94
9.3.5 NEW ZEALAND .................................................................. 96
9.3.6 SOUTH-EAST ASIA ............................................................. 98
9.3.7 REST OF ASIA-PACIFIC ...................................................... 100
9.4 SOUTH AMERICA ................................................................... 102
9.4.1 BRAZIL .............................................................................. 104
9.4.2 ARGENTINA ...................................................................... 106
9.4.3 REST OF SOUTH AMERICA ................................................. 108
9.5 MIDDLE EAST & AFRICA ......................................................... 111
9.5.1 GCC COUNTRIES................................................................ 114
9.5.2 SOUTH AFRICA .................................................................. 118
9.5.3 REST OF MIDDLE EAST & AFRICA ....................................... 120
10 COMPETITIVE LANDSCAPE ........................... 122
10.1 INTRODUCTION ..................................................................... 122
10.2 MARKET SHARE ANALYSIS .................................................... 122
10.3 COMPETITIVE BENCHMARKING ............................................. 124
10.4 COMPETITIVE DASHBOARD ................................................... 125
10.5 MAJOR GROWTH STRATERGY IN MARKET .............................. 125
10.6 KEY DEVELOPMENTS AND GROWTH STRATEGIES ................... 126
10.6.1 PRODUCT LAUNCH ............................................................ 126
10.6.2 EXPANSION ...................................................................... 127
10.6.3 COLLABORATION/PARTNERSHIP ....................................... 129
10.6.4 ACQUISITION .................................................................... 130
11 COMPANY PROFILES ..................................... 131
11.1 ABB LTD. ............................................................................... 131
11.1.1 COMPANY OVERVIEW ........................................................ 131
11.1.2 FINANCIAL OVERVIEW ....................................................... 132
11.1.3 PRODUCTS OFFERED ......................................................... 133
11.1.4 KEY DEVELOPMENTS ......................................................... 134
11.1.5 SWOT ANALYSIS ............................................................... 135
11.1.6 KEY STRATEGIES ............................................................... 135
11.2 BYD COMPANY LIMITED. ....................................................... 136
11.2.1 COMPANY OVERVIEW ........................................................ 136
11.2.2 FINANCIAL OVERVIEW ....................................................... 136
11.2.3 PRODUCTS OFFERED ......................................................... 137
11.2.4 KEY DEVELOPMENTS ......................................................... 138
11.2.5 SWOT ANALYSIS ............................................................... 139
11.2.6 KEY STRATEGIES ............................................................... 139
11.3 EOS ENERGY ENTERPRISES, INC ............................................ 140
11.3.1 COMPANY OVERVIEW ........................................................ 140
11.3.2 FINANCIAL OVERVIEW ....................................................... 140
11.3.3 PRODUCTS OFFERED ......................................................... 141
11.3.4 KEY DEVELOPMENTS ......................................................... 141
11.3.5 SWOT ANALYSIS ............................................................... 142
11.3.6 KEY STRATEGIES ............................................................... 142
11.4 EVAPCO, INC. ........................................................................ 143
11.4.1 COMPANY OVERVIEW ........................................................ 143
11.4.2 FINANCIAL OVERVIEW ....................................................... 143
11.4.3 PRODUCTS OFFERED ......................................................... 143
11.4.4 KEY DEVELOPMENTS ......................................................... 143
11.4.5 SWOT ANALYSIS ............................................................... 144
11.4.6 KEY STRATEGIES ............................................................... 144
11.5 UCAP POWER, INC. (MAXWELL TECHNOLOGIES INC) .............. 145
11.5.1 FINANCIAL OVERVIEW ....................................................... 145
11.5.2 PRODUCTS OFFERED ......................................................... 145
11.5.3 KEY DEVELOPMENTS ......................................................... 145
11.5.4 SWOT ANALYSIS ............................................................... 146
1 1.5.5 KEY STRATEGIES ............................................................... 146
11.6 GENERAL ELECTRIC ............................................................... 147
11.6.1 COMPANY OVERVIEW ........................................................ 147
11.6.2 FINANCIAL OVERVIEW ....................................................... 148
11.6.3 PRODUCTS OFFERED ......................................................... 148
11.6.4 KEY DEVELOPMENTS ......................................................... 149
11.6.5 SWOT ANALYSIS ............................................................... 150
11.6.6 KEY STRATEGIES ............................................................... 150
11.7 HITACHI LTD. ........................................................................ 151
11.7.1 COMPANY OVERVIEW ........................................................ 151
11.7.2 FINANCIAL OVERVIEW ....................................................... 152
11.7.3 PRODUCTS OFFERED ......................................................... 152
11.7.4 KEY DEVELOPMENTS ......................................................... 153
11.7.5 SWOT ANALYSIS ............................................................... 154
11.7.6 KEY STRATEGIES ............................................................... 154
11.8 SCHNEIDER ELECTRIC SE ....................................................... 155
11.8.1 COMPANY OVERVIEW ........................................................ 155
11.8.2 FINANCIAL OVERVIEW ....................................................... 156
11.8.3 PRODUCTS OFFERED ......................................................... 156
11.8.4 KEY DEVELOPMENTS ......................................................... 157
11.8.5 SWOT ANALYSIS ............................................................... 158
11.8.6 KEY STRATEGIES ............................................................... 158
11.9 SIEMENS AG .......................................................................... 159
11.9.1 COMPANY OVERVIEW ........................................................ 159
11.9.2 FINANCIAL OVERVIEW ....................................................... 160
11.9.3 PRODUCTS OFFERED ......................................................... 160
11.9.4 KEY DEVELOPMENTS ......................................................... 161
11.9.5 SWOT ANALYSIS ............................................................... 162
11.9.6 KEY STRATEGIES ............................................................... 162
11.10 PANASONIC CORPORATION (PANASONIC HOLDINGS) ............ 163
11.10.1 COMPANY OVERVIEW ........................................................ 163
11.10.2 FINANCIAL OVERVIEW ....................................................... 164
11.10.3 PRODUCTS OFFERED ......................................................... 165
11.10.4 KEY DEVELOPMENTS ......................................................... 165
11.10.5 SWOT ANALYSIS ............................................................... 166
11.10.6 KEY STRATEGIES ............................................................... 166
12 APPENDIX........................................................ 167
12.1 REFERENCES ......................................................................... 167
12.2 RELATED REPORTS ................................................................ 167