The global energy storage market size is anticipated to witness a 9.0% CAGR over the forecast period due to increasing need for reliable and flexible smart grid systems. Growing energy requirement has boosted the need for huge energy storage projects, also, recently new market players are entering the market to address the potentially growing demand.
To familiarise the smart power grid technology, several countries and their state affairs have initiated numerous support programs which has potentially increased the deployments of energy storage. For instance, in the U.S., state polices are in favour for energy storage installation in residences, which increased the growth of energy storage market thrice this year. Similarly, adoption for grid technology and need for electricity generation across borders has increased the overall growth of global energy storage market.
Globally, energy storage batteries can be identified majorly as lithium-ion battery, all-vanadium flow battery, zinc-bromine flow battery and others. Factors such as high energy density, low maintenance and low rate of self-discharge is driving the lithium-ion battery demand in the global energy storage market. For instance, the lithium-ion battery demand growth made electric car company Tesla and Panasonic on lowering costs of their lithium-ion batteries significantly. Also, the vanadium batteries are the best technology for stationary energy storage application. Moreover, lithium-ion was estimated the largest and fastest growing market share and shall continue the same trend during estimative period.
Majority of energy storage has been equipped in the utility solution, whereas residential solution in the application segment of the global energy storage market is estimated to register more than 29% CAGR during the forecast years.
North America was registered the largest share in 2017 and will continue as the largest growing market during the forecast years. However, Asia Pacific will be the fastest growing market during 2025 due to the huge investments by governments across nation to integrate sustainable energy storage.
The competitive landscape of the global energy storage market is highly fragmented owing to the presence of several local players. Typically, majority of the players cater to their local market with little presence overseas. Companies including NGK Insulators Ltd., Sungrow-Samsung SDI Energy Storage Power Supply Co.) Sungrow / Samsung SDI), SMA Solar Technology AG, 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 market
Type Overview, 2013-2025 (USD Million) (Megawatts)
- Lithium-ion battery
- All-vanadium flow battery
- Zinc-bromine flow battery
Application Overview, 2013-2025 (USD Million) (Megawatts)
- Utility solution
- Residential solution
- Non-Residential solution
Regional Overview, 2013-2025 (USD Million) (Megawatts)
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World