Increasing Focus on Renewable Energy to Drive Demand for Energy Storage Systems: Fact.MR Study



Energy Storage Systems Market Analysis, By Technology (Electro Chemicals, Thermal Storage, Mechanical Energy Storage), By Application (Transportation, Grid Storage), By End User – Global Forecast 2022-2031

United States, Rockville, MD, May 12, 2022 (GLOBE NEWSWIRE) — This new Fact.MR research report on the energy storage systems market predicts the industry to evolve at a CAGR of 5.6% from 2022 to 2031. At present, the energy storage systems market accounts for a net worth of US$ 45.1 billion.

Energy storage technologies have seen rapid advancements in the past few years owing to increasing investments in research & development to create more efficient energy storage systems. This is projected to majorly guide energy storage systems market potential. Rising use of energy storage systems in the automotive industry owing to increasing sales and popularity of electric vehicles will also positively influence energy storage system consumption. However, high costs of installation are expected to hinder the adoption of energy storage systems to a certain extent.

Energy storage system vendors are adopting new strategies to maximize their sales and revenue potential across the world, and are also focusing on collaborations to strengthen their market presence.

  • In June 2020, Siemens Energy AG, an energy company of Siemens Group, announced a collaboration with Norway-based EnergyNest. This will be a long-term commitment aimed at offering standardized modular thermal energy storage systems for their industrial customers.

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Key Takeaways from Market Study

  • Currently, the energy storage systems market stands at US$ 45.1 billion.

  • From 2022 to 2031, the energy storage systems market is expected to expand at a CAGR of 5.6%.

  • By 2031, the energy storage systems market is projected to attain a valuation of US$ 73.8 billion.

  • Increasing use of renewable energy, rising demand for electric vehicles, and supportive government initiatives majorly drive demand for energy storage systems.

  • High cost of installation is predicted to hamper industry growth a bit.

  • Lithium-ion batteries to see hike in demand as sales of electric vehicles increase across the world.

  • The energy storage systems market in Asia Pacific is projected to hold a dominant stance over the forecast period and expand at a CAGR of 6% through 2031.

“Increasing focus on sustainability and rising popularity of electric vehicles anticipated to provide a lucrative setting for energy storage systems market growth,” says a Fact.MR analyst

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Winning Strategy

Energy storage system manufacturers are adopting organic and inorganic growth strategies to maximize their business scope on a global level. Increasing demand for advanced and next-generation energy storage systems will favor market potential over the coming years.

Supportive government initiatives and subsidies are also expected to favor energy storage system sales going forward.

Key Segments Covered in Energy Storage Systems Industry Research

  • Energy Storage Systems Market by Technology :

  • Energy Storage Systems Market by Application :

    • Transportation

    • Grid Storage

  • Energy Storage Systems Market by End User :

    • Residential

    • Non-residential

    • Utilities

    • Automotive

  • Energy Storage Systems Market by Region :

    • North America Energy Storage Systems Market

    • Latin America Energy Storage Systems Market

    • Europe Energy Storage Systems Market

    • East Asia Energy Storage Systems Market

    • South Asia & Oceania Energy Storage Systems Market

    • MEA Energy Storage Systems Market

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global energy storage systems market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2031.

The study divulges essential insights on the market on the basis of technology (electro chemicals, thermal storage, mechanical energy storage, other storage technologies), application (transportation, grid storage), and end user (residential, non-residential, utilities, automotive), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the prominent end use industries across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

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New study by ESOMAR-certified market research firm Fact.MR on the energy storage systems market. Latest trends, forecasts, and competitive landscape analyzed.

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