The global energy storage battery market size was valued at USD 4,385.50 million in 2018. The global energy storage battery market is growing, due to the rising investments in renewable sector and proposed energy storage capacities across the world. In addition, the adoption of electric or hybrid vehicles in developed and developing economies is increasing at a high growth rate that can push the market over the next few years.

Energy storage battery systems are especially used to store the energy generated by power plants, particularly renewable power plants in order to ensure smooth flow of electricity despite fluctuations in power generation. Electrochemical energy storage solutions have been in use in different verticals for several years such as in utility, residential, and non-residential solutions. Energy storage battery engrosses the largest share in the market due to its property of rechargeable battery and can store energy from the electric grid or solar arrays and provide that energy to a home or business area in the form of electricity. Energy storage battery consists of advanced technologies such as artificial intelligence (AI) for energy storage systems which is expected to provide growth opportunities for the market over the next few years.

The value of the Energy Storage Battery market is projected to grow to US$ 44.86 Bn with an estimated CAGR of 26% by 2032

Furthermore, the demand for electricity supply is increasing due to population rise, rapid urbanization and economic development. The development of power grids for uninterrupted supply of electricity is likely to improve economies by boosting production output in various industries. The expanding electricity grids is likely to comprise of renewable energy which has become cost-effective. These factors are expected to drive the demand for energy storage batteries over the next few years. However, the requirement of high capital investment for deployment and lacking standards in order to ensure safe installation, and usage of battery energy storage systems might hinder the overall growth at a global level.

Lithium Ion batteries are widely adopted over other energy storage batteries due to its penetration across the automotive and consumer electronics sector. Over the next few years, the usage of lithium ion batteries is set to significantly increase due to its installation in all types of electric vehicles. Division of the global energy storage battery market into five major continents shows that North America is at the leading position with the highest CAGR in 2018 making up 64.3% of the total market share. The penetration of Energy storage battery in this region is moving towards its peak, thereby, implying maturity with more scope for growth.

Energy Storage Battery Market Scope

Key segments of the global energy storage battery market

Type Overview, 2013-2025 (MW) (USD Million)

• Lithium Ion Battery
• All-Vanadium Flow Battery
• Zinc-bromine Flow Battery
• Others

Application Overview, 2013-2025 (MW) (USD Million)

• Utility Solution
• Residential Solution
• Non-Residential

Regional Overview, 2013-2025 (MW) (USD Million)

• North America
  • US
• Europe
  • UK
  • Ireland
  • Spain
  • Italy
  • France
  • Germany
• Asia Pacific
  • South Korea
  • Japan
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Chile
• Rest of the world

Reasons for the study

• The purpose of the study is to give an exhaustive outlook of the global energy storage battery market industry
• We have been following the overall segmentation of energy storage systems especially, the lithium ion battery. This sector has been gaining immense importance, as a key fragment of the energy storage battery market. Globally, vanadium redox flow battery market is relatively untapped and has tremendous growth potential in tandem with the increase in automobile sales.
• Robust expansion of the energy storage industry in North America has been mainly driven by the increased necessity for energy efficient storage systems to support electrical grids, especially under highly stressed conditions to avoid power blackouts.
• While conducting research on the energy storage systems on regional and country level, we noticed that the use of a single storage facility in multiple applications for utility grid systems is expanding and being recognized for its value. With the decrease in cost of energy storage systems and the advent of improved technologies, consumers are being more reliable on battery storage technologies, making it an essential part of the energy storage system.

What does the report include?

• The study on the global energy storage battery market includes qualitative factors such as drivers, restraints, and opportunities
• Additionally, the market has been evaluated using the value chain and Porter’s Five Forces’ analysis
• The study covers qualitative and quantitative analysis of the market segmented on the basis of type, application and region. Moreover, the study provides similar information for the key geographies
• Actual market sizes and forecasts have been provided for all the above-mentioned segments
• The study includes the profiles of key players in the market with a significant global and/or regional presence

Who should buy this report?

This study is suitable for industry participants and stakeholders in the energy storage battery industry, who want an in-depth insight into the movement of the vanadium redox battery market. The report will benefit:

• Executives of flow battery manufacturing companies that are engaged in the energy storage and distribution
• Managers within financial institutions looking to publish recent and forecasted statistics pertaining to energy storage systems
• Venture capitalist looking into investing capital
• Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions for power backup
• Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.