Market Overview:
The global grid energy storage market is expected to grow from USD 7.5 billion in 2018 to USD 28.8 billion by 2030, at a CAGR of 18.9% from 2018 to 2030. The growth of the global grid energy storage market can be attributed to the increasing demand for renewable energy sources and the need for reliable and efficient power supply systems. The pumped hydroelectric storage system segment is expected to hold the largest share of the global grid energy storage market in 2018, owing to its ability to store large amounts of electricity.
Product Definition:
Grid energy storage (GES) is a system that stores energy generated by renewable sources or other power plants in an electrical grid, for later use. The stored energy can be used to provide supplemental power during periods of high demand, or it can help to smooth out the intermittency of some renewable resources. Grid energy storage is becoming increasingly important as more and more renewable sources are added to the grid.
Pumped Hydroelectric Storage System:
Pumped hydroelectric storage system (PHES) is a method of storing energy in which water is stored behind a dam, pressure is applied to the water resulting in its elevation and then released when needed generating electricity. It's major advantage over other forms of grid energy storage systems such as batteries and flywheels are that it can be used almost anywhere; however, there are some limitations such as the need for high volume flow of water across dams or low gradient ridges.
Thermal Storage:
Thermal storage is the process of keeping energy in a temperature-controlled environment. It can be used for long term or short term energy storage depending on the type. The most common types of thermal storage include ice, snow, and water systems.
Application Insights:
The global market is segmented by application into mechanical, electrochemical, thermal and electromechanical energy. The electrochemical energy storage segment dominated the market in 2017 owing to increasing demand for renewable sources of electricity such as wind and solar. Increasing number of power generation projects involving the use of large scale solar panels coupled with rising need for peak shaving has resulted in increased demand for batteries across various applications such as grid stabilizers, frequency regulation and short-term load balancing.
The battery storage system is expected to witness significant growth over the forecast period due to its ability to store electrical Energy For Use In Times Of Need (EFTN) that varies from moment to moment.
Regional Analysis:
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The region accounted for a share of 30% in 2016 and is projected to grow at a CAGR of XX% from 2017 to 2030 owing to increasing demand for electricity on account of rapid industrialization and urbanization in countries, such as China, India, South Korea, Japan, Indonesia among others. Furthermore, favorable government policies regarding grid energy storage are anticipated to drive the market growth over the forecast period.
The European Union has set up various incentives and regulations that support large-scale investments in clean technologies such as solar PV & thermal energy storage systems along with other renewable sources for grid power generation thereby reducing carbon footprint while ensuring reliable power supply during peak hours. North America occupied significant revenue share in 2016 owing high penetration rates of battery electric vehicles (BEV) along with growing awareness about their advantages over conventional counterparts including internal combustion engine vehicles (ICEVs).
Growth Factors:
- Increasing demand for grid energy storage from utilities and commercial and industrial (C&I) customers to reduce electricity costs, optimize grid operations, and improve resiliency
- Favorable regulatory environment with states implementing policies that incentivize the deployment of grid energy storage
- Advances in technology that have led to cost reductions for grid energy storage systems
- Growing interest in using batteries for frequency regulation and other ancillary services
- Expansion of the electric vehicle market, which will create new opportunities for deploying grid energy storage
Scope Of The Report
Report Attributes
Report Details
Report Title
Grid Energy Storage Market Research Report
By Type
Pumped Hydroelectric Storage System, Thermal Storage, Battery Storage, Compressed Air Energy Storage, Flywheel Storage, Molten Salt Storage
By Application
Mechanical Energy, Chemical Energy, Electrochemical Energy, Thermal Energy, Electromagnetic Energy
By Companies
ABB, Beacon Power, Hydrostor, EnerVault, GE, Samsung SDI, S&C Electric, SustainX
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
234
Number of Tables & Figures
164
Customization Available
Yes, the report can be customized as per your need.
Global Grid Energy Storage Market Report Segments:
The global Grid Energy Storage market is segmented on the basis of:
Types
Pumped Hydroelectric Storage System, Thermal Storage, Battery Storage, Compressed Air Energy Storage, Flywheel Storage, Molten Salt Storage
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Mechanical Energy, Chemical Energy, Electrochemical Energy, Thermal Energy, Electromagnetic Energy
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB
- Beacon Power
- Hydrostor
- EnerVault
- GE
- Samsung SDI
- S&C Electric
- SustainX
Highlights of The Grid Energy Storage Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Pumped Hydroelectric Storage System
- Thermal Storage
- Battery Storage
- Compressed Air Energy Storage
- Flywheel Storage
- Molten Salt Storage
- By Application:
- Mechanical Energy
- Chemical Energy
- Electrochemical Energy
- Thermal Energy
- Electromagnetic Energy
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Grid Energy Storage Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Grid energy storage is a technology that allows for the temporary or long-term storage of electricity on an electric grid. When used in conjunction with renewable energy sources, grid energy storage can help to stabilize the electric grid and provide backup power when needed.
Some of the major companies in the grid energy storage market are ABB, Beacon Power, Hydrostor, EnerVault, GE, Samsung SDI, S&C Electric, SustainX.
The grid energy storage market is expected to grow at a compound annual growth rate of 18.9%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Grid Energy Storage Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Grid Energy Storage Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Grid Energy Storage Market - Supply Chain
4.5. Global Grid Energy Storage Market Forecast
4.5.1. Grid Energy Storage Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Grid Energy Storage Market Size (000 Units) and Y-o-Y Growth
4.5.3. Grid Energy Storage Market Absolute $ Opportunity
5. Global Grid Energy Storage Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Grid Energy Storage Market Size and Volume Forecast by Type
5.3.1. Pumped Hydroelectric Storage System
5.3.2. Thermal Storage
5.3.3. Battery Storage
5.3.4. Compressed Air Energy Storage
5.3.5. Flywheel Storage
5.3.6. Molten Salt Storage
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Grid Energy Storage Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Grid Energy Storage Market Size and Volume Forecast by Application
6.3.1. Mechanical Energy
6.3.2. Chemical Energy
6.3.3. Electrochemical Energy
6.3.4. Thermal Energy
6.3.5. Electromagnetic Energy
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Grid Energy Storage Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Grid Energy Storage Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Grid Energy Storage Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Grid Energy Storage Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Grid Energy Storage Demand Share Forecast, 2019-2026
9. North America Grid Energy Storage Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Grid Energy Storage Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Grid Energy Storage Market Size and Volume Forecast by Application
9.4.1. Mechanical Energy
9.4.2. Chemical Energy
9.4.3. Electrochemical Energy
9.4.4. Thermal Energy
9.4.5. Electromagnetic Energy
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Grid Energy Storage Market Size and Volume Forecast by Type
9.7.1. Pumped Hydroelectric Storage System
9.7.2. Thermal Storage
9.7.3. Battery Storage
9.7.4. Compressed Air Energy Storage
9.7.5. Flywheel Storage
9.7.6. Molten Salt Storage
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Grid Energy Storage Demand Share Forecast, 2019-2026
10. Latin America Grid Energy Storage Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Grid Energy Storage Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Grid Energy Storage Market Size and Volume Forecast by Application
10.4.1. Mechanical Energy
10.4.2. Chemical Energy
10.4.3. Electrochemical Energy
10.4.4. Thermal Energy
10.4.5. Electromagnetic Energy
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Grid Energy Storage Market Size and Volume Forecast by Type
10.7.1. Pumped Hydroelectric Storage System
10.7.2. Thermal Storage
10.7.3. Battery Storage
10.7.4. Compressed Air Energy Storage
10.7.5. Flywheel Storage
10.7.6. Molten Salt Storage
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Grid Energy Storage Demand Share Forecast, 2019-2026
11. Europe Grid Energy Storage Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Grid Energy Storage Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Grid Energy Storage Market Size and Volume Forecast by Application
11.4.1. Mechanical Energy
11.4.2. Chemical Energy
11.4.3. Electrochemical Energy
11.4.4. Thermal Energy
11.4.5. Electromagnetic Energy
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Grid Energy Storage Market Size and Volume Forecast by Type
11.7.1. Pumped Hydroelectric Storage System
11.7.2. Thermal Storage
11.7.3. Battery Storage
11.7.4. Compressed Air Energy Storage
11.7.5. Flywheel Storage
11.7.6. Molten Salt Storage
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Grid Energy Storage Demand Share, 2019-2026
12. Asia Pacific Grid Energy Storage Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Grid Energy Storage Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Grid Energy Storage Market Size and Volume Forecast by Application
12.4.1. Mechanical Energy
12.4.2. Chemical Energy
12.4.3. Electrochemical Energy
12.4.4. Thermal Energy
12.4.5. Electromagnetic Energy
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Grid Energy Storage Market Size and Volume Forecast by Type
12.7.1. Pumped Hydroelectric Storage System
12.7.2. Thermal Storage
12.7.3. Battery Storage
12.7.4. Compressed Air Energy Storage
12.7.5. Flywheel Storage
12.7.6. Molten Salt Storage
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Grid Energy Storage Demand Share, 2019-2026
13. Middle East & Africa Grid Energy Storage Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Grid Energy Storage Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Grid Energy Storage Market Size and Volume Forecast by Application
13.4.1. Mechanical Energy
13.4.2. Chemical Energy
13.4.3. Electrochemical Energy
13.4.4. Thermal Energy
13.4.5. Electromagnetic Energy
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Grid Energy Storage Market Size and Volume Forecast by Type
13.7.1. Pumped Hydroelectric Storage System
13.7.2. Thermal Storage
13.7.3. Battery Storage
13.7.4. Compressed Air Energy Storage
13.7.5. Flywheel Storage
13.7.6. Molten Salt Storage
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Grid Energy Storage Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Grid Energy Storage Market: Market Share Analysis
14.2. Grid Energy Storage Distributors and Customers
14.3. Grid Energy Storage Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. ABB
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Beacon Power
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Hydrostor
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. EnerVault
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. GE
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Samsung SDI
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. S&C Electric
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. SustainX
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
