The Global Energy Storage Market, valued at USD 64.96 Billion in the year 2021 has been witnessing unprecedented growth in the last few years on the back of growing environment concerns, growing government support, rapid urbanization and growing clean energy demand. These factors will drive the Energy Storage Market market value in the near future, according to Research and Markets.
Among the type (Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES) and others), Batteries segment holds largest share globally and is expected to grow at a faster pace in the forecast period. The demand of Lithium-Based Batteries is higher in EVs, ESS systems, and also battery storage is widely used in electric vehicles, portable devices due to the advantages of lithium-based battery, which will drive the market.
Among the End User (Industrial, Commercial, Residential), Industrial end user holds large share in market globally and is expected to keep growing in the forecast period. It is one of the largest applications of energy storage systems as the demand of energy storage is high in manufacturing, automobile like electric vehicles and the rising demand of EV will keep driving the market in future.
The main growth in Energy Storage Market has been registered from APAC in 2021. In countries like China, Japan, Australia, India and South Korea, due to the growing population the need for energy has increased, which will facilitate demand of renewable energy in Asian countries. These factors will drive the need of energy storage system in the region and is expected to infuse market growth tremendously.
The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Tesla Inc., Panasonic, Toshiba, LG Chem, GS Yuasa, BYD, General Electric, Fluence Energy Powin, Wartsila.