Energy Storage Market Size, Share, Trends and Growth Forecast to 2023 | Top Market Players are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power

In 2017, the installed capacity of the energy storage market was 6,275.4 megawatt (MW) and is predicted to reach 51,426.0 MW in 2023, advancing at a 42.5% CAGR during the forecast period (2018-2023). The market is registering growth due to the increasing energy cost, rising demand for unconventional sources of energy, increased usage of lithium ion (Li-ion) batteries, and surging demand for energy storage systems because of the problem of pollution associated with conventional sources. Energy storage systems enable the effective integration of renewable energy and provide clean and resilient energy supply.

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When type is taken into consideration, the energy storage market is categorized into electrochemical, chemical, thermal, mechanical, and others (which include biological and fossil fuel storage). Among these, the mechanical category dominated the market during the historical period (2013-2017), with an installation capacity of more than 70.0% in 2017. This was because these systems are utilized for several large-scale commercial, industrial, and residential purposes. The category is further classified into liquid air energy storage, compressed air energy storage, pumped hydro storage, and others.

On the basis of application, the energy storage market is divided into arbitrage, back-up supply, ancillary services, fuel savings, and others (which include running mills and air conditioning). The ancillary services application accounted for the major share of the market during the historical period, holding a share of more than 45.0% in 2017, and is further expected to dominate the market during the forecast period. Ancillary services are the support systems that perform the transmission of electricity from its generation site to the customer and help in maintaining is usability throughout the system.

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The surging energy cost is another primary factor resulting in the growth of the energy storage market. Because of the increasing population and urbanization,the requirement for energy is growing as well. Ascribed to this, the power plants are running at full capacity, which is leading to a gradual rise in energy prices. In addition to this, the growing unavailability of fuel is resulting in the volatility of prices. Due to these factors, the focus toward energy conservation has increased, which is resulting in the rising usage of energy storage systems.

The growing adoption of energy storage systems in the transportation sector is a key trend in the energy storage market. The transportation sector is witnessing rapid growth due to the rise in the economic status of consumers, resulting in the increasing demand for advanced vehicles. While before, the manufacturers did not have the technology to make vehicles energy efficient, now with the changing research & development scenario, they have started making use of storage technologies in different components. This is expected to drive the market in the near future.

Globally, North America was the largest energy storage market, accounting for more than 35.0% share in 2017. Energy storing systems are used to better manage onsite solar systems and take advantage of low utility rates when demand for electricity is low. In the U.S., various states are making integrated resource planning a necessary requirement for utility companies. Also, companies are themselves including energy storing options in their rate proposals which they are submitting to regulatory agencies, thus driving the market growth.

Some of the major players operating in the global energy storage market are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power LP, Duke Energy, Tesla, and Nextra Energy.

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This release was published on openPR.