October 23, 2018: Adroit Market Research launched a study titled, “Global Energy Storage Battery Market Size 2017, By Type (Lithium-ion battery, All-vanadium flow battery, Zinc-bromine flow battery, Others), By Application (Utility solution, Residential solution, Non-Residential solution), By Region and Forecast 2018 to 2025”. The study covers the global energy storage battery market value for a period ranging between 2012 to 2025, where 2012 to 2017 imply the actual annual consumption with forecast between 2018 and 2025. The global energy storage battery market is analyzed based on the drivers, restraints, trends, industry value chain analysis. The value chain has been provided by covering the key stages.
The global energy storage battery market size is anticipated to reach a value of USD 7.99 billion by 2025 due to increasing deployment of energy storage batteries in smart grids. In order to encourage the instalment of smart power grid technology, the central and the state governments have initiated numerous support programs. The favourable state policies instigated by the U.S. have increased the demand for energy system storage systems market which in turn has resulted in rising U.S. energy storage market size.
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. The deployment of energy storage batteries is witnessing a monumental rise in residential energy storage market. Residential building and private households installing solar technology is becoming wide spread phenomenon, which has positively affected the global energy storage systems market.
Global Energy Storage Battery Market Revenue Share, By Type, 2017 (%)
Energy storage batteries which includes lithium-ion, vanadium redox flow, and zinc-bromine flow are some of the widely used batteries across various industries determined by factors such as energy density, discharge cycles, and maintenance among other factors. Batteries such as lithium-ion are used in smaller applications such as consumer electronics, whereas vanadium redox flow batteries are utilized in applications requiring multitudes of uninterrupted power supply such as a manufacturing area within a city. Lithium-ion held the largest market share due to the high demand from consumer electronics industry. The rising trend of electric vehicles to address the issue of exhaustion of fossil fuels, is also driving the demand for lithium-ion battery market.
Geographically, North America was the largest energy storage battery market in 2017 and is expected to continue its forward momentum during the forecast period. However, Asia Pacific is likely to witness the fastest growth up to 2025 due to the huge investments by various governments to integrate sustainable energy storage solutions.
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 (USD million) (MW)
- Lithium-ion battery
- All-vanadium flow battery
- Zinc-bromine flow battery
Application Overview, 2013-2025 (USD million) (MW)
- Utility solution
- Residential solution
- Non-Residential solution
Regional Overview, 2013-2025 (USD million) (MW)
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa