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Global Energy Storage System (ESS) Market to reach USD 435.33 billion by the end of 2030

Global Energy Storage System (ESS) Market Size study & Forecast, by Technology (Pumped Hydro, Electro-Chemical, Electro-Mechanical, Thermal) by Application (Transportation, Grid Management), by End User (Residential, Non-Residential, Utilities) and Regional Analysis, 2023-2030

Product Code: EPPGS-90316892
Publish Date: 20-07-2023
Page: 200

Global Energy Storage System (ESS) Market is valued approximately at USD 228.34 billion in 2022 and is anticipated to grow with a CAGR of more than 8.40% over the forecast period 2023-2030. Energy Storage System (ESS) refers to a technology that enables the storage of excess energy generated from various sources for later use. It involves capturing and storing electricity in batteries, flywheels, compressed air, or other storage mediums to be discharged when needed. ESS plays a crucial role in enhancing energy reliability, balancing supply and demand, and integrating intermittent renewable energy sources into the power grid. By storing excess energy during periods of low demand or high generation, ESS helps to reduce wastage, improves grid stability, and provides backup power during outages. It offers flexibility in managing energy resources and contributes to the efficient utilization and optimization of the overall energy system. Moreover, increasing renewable energy integration and increasing demand for electricity anticipated to be the market growth drivers ket. Furthermore, increasing use of smart grid technology and government support and cohesive initiatives creates growth opportunities for the market growth during the forecast period 2023-2030.

According to Centre for Climate and Energy Solutions (C2ES), In 2020, renewable energy sources accounted for 19.8 percent of electricity generation, driven by hydro and wind power. By 2030, the share of renewables is expected to increase to 35 percent, with significant contributions from wind and solar energy. Non-hydro renewables have experienced substantial growth, expanding their portion of electric power generation from under 1 percent in 2005 to over 12.5 percent in 2020. This growing reliance on renewables highlights the need for efficient energy storage systems (ESS) to capture, store and utilize renewable energy effectively, ensuring grid stability and reliable power supply. According to Statista in 2022, China emerged as the global leader in electricity demand, surpassing all other nations. The total electricity needed by China exceeded 8,840 terawatt-hours, more than double the demand of the United States. In comparison to the base year of 2021, China witnessed a significant growth of around 370 terawatt-hours in its electricity demand. This escalating demand for electricity presents a significant opportunity for energy storage systems (ESS) to play a crucial role in ensuring a stable and reliable power supply, managing peak loads and meeting the growing energy requirements of the country. However, rising environmental concern and high cost of (ESS) installation may hamper the market growth.

The key regions considered for the Global Energy Storage System (ESS) Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominates the ESS market with the largest market share due to rapid economic growth, urbanization, and industrialization. Investments in renewable energy by countries such as China, Japan, and South Korea have driven the need for efficient energy storage. Supportive government policies and a strong manufacturing base further stimulate the market growth. The region’s large population and rising energy consumption create a significant market for ESS, enhancing grid stability and improving energy reliability. North America’s ESS market experiences rapid growth due to factors such as increasing renewable energy deployment, supported by government policies and clean energy targets. The region’s strong research and development ecosystem fosters innovation, leading to efficient and scalable ESS technologies. With a mature energy infrastructure, North America provides a conducive environment for integrating and deploying ESS projects. The rising demand for grid modernization, resilience, and transportation electrification also contributes to the region’s accelerated growth in the ESS market.

Major market player included in this report are:
LG Chem Ltd.
Convergent Energy and Power Inc.
Eos Energy Enterprises, Inc
Beacon Power Corporation
BYD Co. Ltd.
ABB Ltd.
Greensmith Energy Management Systems Inc.
Seeo, Inc.
Schweitzer & Conrad, Inc.
Schneider Electric SE
Recent Developments in the Market:
Ø In June 2020, Siemens Energy and EnergyNest, a startup specializing in energy storage systems, have formed a long-term partnership to offer thermal energy storage solutions tailored to industrial users.
Ø In October 2021, The Indian government issued a call for expressions of interest to initiate a pilot project for the installation of 1000 MW battery storage systems in the country.
Global Energy Storage System (ESS) Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Application, End User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Pumped Hydro

By Application:
Grid Management

By End User:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Energy Storage Systems (ESS) Market, by region, 2020-2030 (USD Billion)
1.2.2. Energy Storage Systems (ESS) Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Energy Storage Systems (ESS) Market, by Application, 2020-2030 (USD Billion)
1.2.4. Energy Storage Systems (ESS) Market, by End User, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Energy Storage Systems (ESS) Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Energy Storage Systems (ESS) Market Dynamics
3.1. Energy Storage Systems (ESS) Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing Renewable Energy Integration Increasing Demand for Electricity
3.1.2. Market Challenges Rising Environmental Concern High Cost of (ESS) Installation
3.1.3. Market Opportunities Increasing Use of Smart Grid Technology Government Support and Initiatives
Chapter 4. Global Energy Storage Systems (ESS) Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Energy Storage Systems (ESS) Market, by Technology
5.1. Market Snapshot
5.2. Global Energy Storage Systems (ESS) Market by Technology, Performance – Potential Analysis
5.3. Global Energy Storage Systems (ESS) Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Energy Storage Systems (ESS) Market, Sub Segment Analysis
5.4.1. Pumped Hydro
5.4.2. Electro-Chemical
5.4.3. Electro-Mechanical
5.4.4. Thermal
Chapter 6. Global Energy Storage Systems (ESS) Market, by Application
6.1. Market Snapshot
6.2. Global Energy Storage Systems (ESS) Market by Application, Performance – Potential Analysis
6.3. Global Energy Storage Systems (ESS) Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Energy Storage Systems (ESS) Market, Sub Segment Analysis
6.4.1. Transportation
6.4.2. Grid Management
Chapter 7. Global Energy Storage Systems (ESS) Market, by End User
7.1. Market Snapshot
7.2. Global Energy Storage Systems (ESS) Market by End User, Performance – Potential Analysis
7.3. Global Energy Storage Systems (ESS) Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
7.4. Energy Storage Systems (ESS) Market, Sub Segment Analysis
7.4.1. Residential
7.4.2. Non-Residential
7.4.3. Utilities
Chapter 8. Global Energy Storage Systems (ESS) Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Energy Storage Systems (ESS) Market, Regional Market Snapshot
8.4. North America Energy Storage Systems (ESS) Market
8.4.1. U.S. Energy Storage Systems (ESS) Market Technology breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030 End User breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Energy Storage Systems (ESS) Market
8.5. Europe Energy Storage Systems (ESS) Market Snapshot
8.5.1. U.K. Energy Storage Systems (ESS) Market
8.5.2. Germany Energy Storage Systems (ESS) Market
8.5.3. France Energy Storage Systems (ESS) Market
8.5.4. Spain Energy Storage Systems (ESS) Market
8.5.5. Italy Energy Storage Systems (ESS) Market
8.5.6. Rest of Europe Energy Storage Systems (ESS) Market
8.6. Asia-Pacific Energy Storage Systems (ESS) Market Snapshot
8.6.1. China Energy Storage Systems (ESS) Market
8.6.2. India Energy Storage Systems (ESS) Market
8.6.3. Japan Energy Storage Systems (ESS) Market
8.6.4. Australia Energy Storage Systems (ESS) Market
8.6.5. South Korea Energy Storage Systems (ESS) Market
8.6.6. Rest of Asia Pacific Energy Storage Systems (ESS) Market
8.7. Latin America Energy Storage Systems (ESS) Market Snapshot
8.7.1. Brazil Energy Storage Systems (ESS) Market
8.7.2. Mexico Energy Storage Systems (ESS) Market
8.8. Middle East & Africa Energy Storage Systems (ESS) Market
8.8.1. Saudi Arabia Energy Storage Systems (ESS) Market
8.8.2. South Africa Energy Storage Systems (ESS) Market
8.8.3. Rest of Middle East & Africa Energy Storage Systems (ESS) Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. LG Chem Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Convergent Energy and Power Inc.
9.3.3. Eos Energy Enterprises, Inc
9.3.4. Beacon Power Corporation
9.3.5. BYD Co. Ltd.
9.3.6. ABB Ltd.
9.3.7. Greensmith Energy Management Systems Inc.
9.3.8. Seeo, Inc.
9.3.9. Schweitzer & Conrad, Inc.
9.3.10. Schneider Electric SE
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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