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 rapid urbanization and rising investments in renewable sector across the globe. The global energy storage battery industry is majorly driven by declining battery costs coupled with an increase in sale of consumer electronics. Additionally, development of economy where the demand for electric or hybrid vehicles are rising trend to address the issue of exhaustion of fossil fuels, is also driving the demand for lithium-ion battery market. Moreover, the adoption of grid technology and the rising demand for electricity generation around the world has majorly driven the overall proliferation of the global energy storage battery market. However, the demand of high capital investment for deployment and lacking standards in order to ensure safe installation are expected to restraint the market growth.
Residential building and private households installing solar technology is becoming a wide spread phenomenon, which has positively affected the global energy storage systems market. The market is estimated to raise its position due to the introduction of newer policies and regulations especially for carbon emission due to electricity production are implemented by various governments across the world.
Segmentation of energy storage battery are done on the basis of type, application and regional. Lithium ion battery is projecting the global energy storage battery market ahead because of its penetration across the automotive and consumer electronics sector. On the basis of application, the use of energy storage battery in utility solution is more due to the declining battery costs. The fastest growing application of energy storage battery is non-residential due to the need of uninterrupted power supply and reduction in energy costs. North America region is leading on the basis of region due to the development of power grids for uninterrupted supply of electricity to support urbanization and improve their economies by boosting production output in various industries.
The competitive landscape of the global energy storage battery market is marked by the presence of players catering to consumers locally as well as internationally. Companies including NGK Insulators Ltd., Sungrow-Samsung SDI Energy Storage Power Supply Co., SMA Solar Technology AG, Aggreko, SOCOMEC, ABB, AEG Power Solutions, Tesla Energy Operations Inc. (SolarCity), and ZEN among others have a broader presence within the global market.
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
Application Overview, 2013-2025 (MW) (USD Million)
- Utility Solution
- Residential Solution
Regional Overview, 2013-2025 (MW) (USD Million)
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World