Energy Storage Systems Market Outlook
Global Energy Storage Systems Market Outlook 2024: Global Opportunity & Growth Analysis, 2016-2024
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Energy Storage Systems Market Outlook Fig: 1-2 Global Energy Storage Systems Market Share (%), By Region-2016-2024
Fig: 1-1 Global Energy Storage Systems Market Size USD (Billion). 2016-2024 XX XX
XX% CAGR: (2016-2024)
XX XX XX
XX
XX
XX
6.00 3.00 %% 33.0 24.0 0% 2016 0% 34.0 0%
XX
e l p
Asia Pacific Middle East & Africa
2016
2017
2018
2019
m a S
2020
Source: Goldstein Research
2021
2022
2023
2024
Request Sample R Request Sample R eport eport 6.00% 3.00% 35.00 24.00 2024 % % 32.00 %
North America
Europe
Latin America
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Mechanical Energy Storage System accounted for the highest market share XX In 2016,
% in Global Energy Storage Systems Market
Fig: 1-3 Global Energy Storage Systems Market Share (%), By Technology Type - 2016 5.00% 4.00%
23.00%
Asia-Pacific
With XX% share by 2024, region will dominate the Global Energy Storage Systems Market
Fig: 1-4 Global Energy Storage Systems Market Share (%), By Application - 2016
Fig: 1-5 Global Energy Storage Systems Market Share (%), By End-User - 2016 XX% XX%
XX% XX% 68.00%
XX% Mechanical Energy Storage Electromechanical Energy Storage Thermal Energy Storage
Grid Storage
Chemical Energy Storage
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Energy Transmission
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Residential Commercial Energy Utilities
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Energy Storage Market Outlook
Request Sample R Request Sample R The global energy storage systems market is expected to reach USD XX billion by 2024, eport eport from an estimated USD XX billion in 2016, growing at a CAGR of XX% during 2016-2024 due to growing energy demands and the role of the consumer are shifting, bringing new stresses and strains to an aging electric grid. To improve reliability and resilience, and enhancing electric system performance, advancements in energy storage technologies are carried on to improve the economics of accommodating these changes.
Dramatic and recent decreases in pricing, advances in technology, and attention to improving resilience are all factors contributing to an exponential growth in energy storage markets over the next several years.
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The confluence of growth forces and continued advancement in grid planning and operations is expected to create an opportunity to innovate and drive the deployment of more than XX GW of new energy storage systems in the U.S. by 2025.
The electrification of transportation, data centers, HVAC, communications, industry, and manufacturing means each of these interconnected networks will become more reliant on the electricity grid to function properly. Thus advanced energy storage systems can lead to consistency in supply and demand to be efficient and reliable without any disruptions.
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At the end of 2016, the estimated total global energy storage capacity in operation was XX GW, a XX% increase from the previous year and pumped hydro storage capacity remained the largest contributor to this growth.
Since 2012, global electrochemical energy storage capacity has grown steadily, with a cumulative annual growth rate of XX% between 2012 and 2016. In 2016, newly-operating energy storage capacity reached XX MW, a growth of XX% from the previous year.
Global Energy Storage Systems Market, By Capacity (In Gigawatt (GW)), By Region, 2016-2024 Asia-Pacific
North America
Europe
2016
XX Million
XX Million
XX Million
XX Million
XX Million
2024
XX Million
XX Million
XX Million
XX Million
XX Million
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Latin America
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MEA
Energy Storage Systems Market Outlook : 2016-2024 Global Energy Storage Systems Y-O-Y Growth (%) Analysis-2016-2024
Global Energy Storage Systems Market Size (USD Billion)-2016-2024 XX
XX
XX%
XX
XX%
XX
XX%
XX
XX
XX%XX% XX% XX%XX% XX% XX% XX%XX% XX%
XX
XX
XX
XX%
XX XX
XX
XX%
XX XX
XX XX
e l p XX%
XX
XX
XX
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XX%
XX
XX%
m a S
2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Goldstein Research
XX% XX%
2016
2017
2018
2019
2020
2021
2022
2023
2024
Source: Goldstein Research
ďƒź Global Energy Storage Systems market is
Global Energy Storage Systems, By Applications(%), 2016 XX%
XX%
XX%
XX%
XX%
Renewable Integration
Grid-Side
Generator Side
Electric Vehicle Charging Station
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User-Side
estimated to rise XX percent per year and is estimated to reach XX billion by 2024. The emerging consensus on energy storage that the pivotal technology could reshape the energy sector by enabling widespread adoption and grid integration of solar and wind renewables is expected to grow the market size. Regulators are also beginning to recognize the value of storage and are creating policies that further improve the business case for adoption. ďƒźMoreover, Recent advancements in materials and manufacturing have improved the economics of storage. Traditional storage technologies such as pumped hydro and compressed air have limited applicability and are losing market share to emerging battery technologies. The various technologies that are gaining commercial traction, are under development that offer the potential of stepchange improvements in performance and cost. www.goldsteinresearch.com
Global Energy Storage Systems Market Size (USD Billion) & Growth Analysis Global Energy Storage Systems Market Size (USD Billion)-2016-2024 XX
Request Sample R Request Sample R eport XX eport XX
XX
e l p XX
XX XX
XX
XX
XX
XX
XX XX
XX
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XX 2016e
m a S
2017e
Source: Goldstein Research
2018
2019
2020
2021
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2024
Global Energy Storage Systems , By Investments, 2016 U.S.A.
China
Japan
Korea
0
5
10
15
20
25
30
35
40
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45
Global Energy Storage Systems Market Overview, By Region -2016 Top 15 Countries With Penetration of Energy Storage Systems, 2016
Brazil
XX
Mexico
XX
New Zealand
XX
Maldives
Request Sample R Request Sample R eport eport to remain the Asia-Pacific is expected largest market with valuation of USD XX billion by 2024 with the CAGR of XX% over the forecast year owing to higher penetration in China and Japan.
Because of differences in policy environments, power sector conditions, and consumer demand, in 2016, the main global markets for energy storage – such as the US, Germany, the UK, Australia, Japan, and Korea – all exhibited different levels of development, application sectors, and business models.
XX
Italy
XX
India
XX
Singapore
XX
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Canada
XX
Australia
XX
U.K.
XX
Japan
Based on the total power capacity of energy storage projects delivered to consumers, the five global leading companies are: LG Chem, Samsung SDI, BYD, NGK, and Kokam. The capacity of the operational projects from these companies accounts for XX % of the total new capacity installed worldwide in 2016.
XX
Korea
XX
China
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Local and international brands are witnessing high sales of their products due to the rising urbanization in the emerging regions and gaining popularity in the market due to their offering of affordable residential air purification solution
XX
U.S.A.
XX
Germany
XX XX
XX
XX
XX
XX
XX
XX
XX
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Growth Drivers Trend of Renewable Energy
Global Energy Storage Systems Market, By Commercial Application
The widespread and rapid implementation of intermittent renewable energy sources, namely solar photovoltaic (PV) and wind, is catalyzing efforts to modernize electricity systems around the world. Wind and solar PV had record increases in 2016 of installed capacity for about XX% of new generation.
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Policy Planning, Electricity Reform, Pricing Reform, Distributed Energy
Currently, increased focus on the renewable energy production is gaining momentum due to heavy public-private investment.
e l p User Side Storage
With the importance of renewable energy sources on the power sector increasing, solutions and appropriate measures are needed to balance the supply and demand of energy. In addition, the need to manage reserves of electrical energy storage (EES) has been increasing incrementally.
Private Capital, Distribution Generation & EV Charging Infrastructure
Electrical Energy Storage (EES) is one of the key technologies to have been developed, exhibiting a high growth rate and high level of importance in the last few years.
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Global Energy Storage Systems Market Share(%), By Solar PV Global Capacity2011-2016 300
Global Energy Storage Systems Market Share(%), Impact Analysis:By Wind Power Global Massive deployment of renewable electricity sources and the promotion of policies to capacity-2011-2016 modernize electricity production and
consumption are spurring the development of electricity storage
500 450
250
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150
Falling costs and innovation mean that electricity storage technologies are starting to emerge at larger scales and, can be used over a much wider range of applications and locations than PHS.
200
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150 100
50
50 0
0 2011 2012 2013 2014 2015 2016
2011 2012 2013 2014 2015 2016
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High
Medium
Low
Impact on Energy Storage Systems Market
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Market Restraints
Request Sample R Request Sample R eport eport The lack of appropriate regulatory framework is one of the main barriers for the development of energy storage Legal Factors Causing Challenges
systems. Creating an appropriate regulatory framework that would support energy storage systems development has now become crucial. Key issues to be considered in the context of regulatory framework design are, defining the role of storage in the electricity value chain, supporting storage projects without creating undue distortions on the energy markets, and handling challenges resulting from the mass deployment of storage facilities.
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Even the mature markets, both the US and Europe have struggled to incorporate energy storage in their respective regulatory frameworks due to its ambiguous nature – being a generator and a consumer. Understanding the economics and costs of energy storage is challenging due to the different technologies and applications. Thus, various countries such as India are still relied on using non-renewable sources of energy such as coal. in contrast to the EU natural gas regulatory framework, where gas storage is an established regulatory concept, the current EU electricity regulatory framework fails to address the energy storage systems issue.
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Estimated Fuel Savings and System Costs of Energy Storage Technologies in Remote Micro-grids by Battery Type, 2016
Battery Type
Flow Battery: Utility Scale Flow Battery: Distributed
Installed Cost (USD/KW)
Impact Analysis:-
Legal regulatory factors influence the value and utility of storage systems. It is impeding the technology and market that are conducive to adoption of energy storage.
XX XX
Advanced Lead Acid: Utility-Scale
XX
Advanced Lead Acid: Distributed
XX
Impact on Energy Storage Systems Market
High Lithium Ion: Utility Scale
XX
Lithium Ion: Distributed
XX
Medium
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Low
Global Energy Storage Systems Market Opportunity, 2016-2024
Request Sample R Request Sample R Global Energy Storage System Market, By Capacity and Growth Rate - 2000-2016 eport eport XX%
XX XX Capacity
XX%
Growth Rate
XX XX
XX%
XX XX XX XX XX XX 2010
Source: Goldstein Research
KEY FINDINGS
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2011
2012
2013
2014
e l p 2015
XX%
XX%
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XX%
2016
Since 2010, global energy storage capacity has grown steadily, with a cumulative annual growth rate of XX% between 2010 and 2016. In 2016, newly-operating energy storage capacity reached MW, a growth of XX% from the previous year. Projects announced or under construction in 2016 totaled XX MW. We forecast that global energy storage deployments will maintain fast growth in the short term. The U.S.A. energy storage capacity in 2016 was XX MW, increased by XX% between 2010-2016. California has the largest deployment of energy storage capacity adding 237 megawatts of new capacity during 2016. California thus set new record for energy storage capacity growth and serves as the America’s energy storage leader. The Japanese New Energy Promotion Council (NEPC) appropriated USD XX million to develop two “Large-Scale GridBalancing Battery Energy Demonstration Projects” to support the Kyushu Electric Power Co. and Tohoku Electric Power Co. install energy storage systems allowing more renewable energy on the grid. In 2016, Japan total energy storage capacity was XX MW. Germany installed XX residential energy storage systems in 2016. There are now XX energy storage systems in operation in Germany that serve solar PV systems. Total energy storage capacity in 2016 was XX MW grew by XX% between 2010 - 2016. In 2016, China added XX MW of new operating energy storage projects: an annual growth rate of XX%. In 2016, companies announced an additional XX MW of projects either in planning or under construction. In the short term, we expect sustained high growth rates for electrochemical energy storage installations in China. Pumped hydro storage technology has immense opportunities in future for its key advantages like low cost, reliability, and the ability to provide power at high levels for many hours. Copyright
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Global Energy Storage Systems Market Impact Analysis, 2016-2024
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Technology
Energy Storage Applications Impact Analysis for Energy Storage Systems
m a S Regulations
e l p Renewable Energy Sources
Benefit/Cost Ratios
Factors Impacting Global Energy Storage Systems Market There is a range of technologies which are either already deployed or currently under development. These include various types of batteries, flywheels and compressed air storage. These technologies provide storage solutions at all scales, from household systems through to grid-size solutions. costs and benefits of energy storage are in continual flux, thus the ratio assist in determining the feasibility of storage technologies where benefits exceed class, by depicting when specific technologies are likely to warrant consideration within a certain customer class. A well-designed regulatory framework supporting the development of energy storage system projects could be viewed as a competitive advantage, rendering a given country attractive for investors.
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Energy Storage Systems Market Outlook : 2016-2024 Global Energy Storage Systems Market Share (%), By Technology Type, 2016-2024 Mechanical Energy Storage 5.00% 4.00%
Electromechan ical Energy Storage
23.00%
5.00% 4.00%
23.00%
2024
2016 68.00%
Thermal Energy Storage
Source: Goldstein Research
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Global Energy Storage Systems Market Technology Type- 2016-2024
2016e
2017f
2018f
2019f
2020f
2021f
Y-O-Y Growth,(%), By
2022f
2023f
2024f
Global Energy Storage Systems Market Size (USD Billion), By XX Technology Type-2016-2024 XX
XX
XX
XX
2016 Mechanical Energy Storage Chemical Energy Storage
XX Electromechanical Energy Storage
XX
energy resources depends on having the flexibility to selectively provide energy at choice times, which is the fundamental concept behind energy storage technologies, the conversion of energy from one state to another (i.e., kinetic to potential or vice versa) so that it can be harnessed at later or used in an alternative manner.
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68.00%
Chemical Energy Storage
Request Sample R Request Sample R eport Effective use of the world’s eport
XX
Pumped hydro storage(PHS), mechanical energy storage type of technology, accounts for more than XX% of bulk storage capacity worldwide, around XX MW across 200 large sites globally. In 2016, most newly-operational electrochemical energy storage projects used lithium-ion batteries, sodium-sulfur batteries, and lead batteries. Together, these three technologies accounted for XX% of newly-added capacity. Lithium-ion battery deployment was largest, accounting for XX% of newly-added capacity in 2016. The potential benefits of energy storage have caught the attention of many stakeholders in the power sector, leading to significant growth. Installations associated with grid and ancillary services are projected to grow by roughly XX times over the next 10 years.
2024 Thermal Energy Storage
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Global Energy Storage Systems Market Attractiveness and BPS Analysis by Vehicle Type, 2016-2024 Global Energy Storage Systems Market Attractiveness-By Technology Type, 2016-2024
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XX%
XX%
XX%
XX%
XX%
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XX% XX
XX
Electromechanical Energy Storage
m a S XX
XX
Thermal Energy Storage
XX
e l p XX
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Mechanical Energy Storage
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Chemical Energy Storage
Chemical energy storage systems value is expected to increase from USD XX billion in 2016 to over XX billion in 2024 for a CAGR of over XX%. While electromechanical energy storage systems is expected to grow at a CAGR of XX% to reach USD XX Billion. Over the forecast period chemical energy storage system tends to be the promising energy storage systems market. Mechanical energy storage system market share tends to be sacrificed by electromechanical energy storage system over the forecast period.
Global Energy Storage Systems Market BPS Analysis- By Technology Type, 2016-2024 XX%
XX%
XX%
4%
XX%
23%
XX%
XX%
Chemical Energy Storage
6%
25% Thermal Energy Storage
XX% XX%
Electromechanical Energy Storage
XX%
68%
XX%
62% Mechanical Energy Storage
XX% XX% XX%
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2016
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2024 www.goldsteinresearch.com
Energy Storage Systems Industry Analysis Energy Storage Systems Industry Historical Analysis (2016-2017) Global Energy Storage Systems, By Annual Additions (Kilowatt), 2016-2017 XX
XX
XX
XX XX XX XX XX XX XX XX XX XX
XX
XX XX XX XX XX
2016
Request Sample R Request Sample R Global Energy Storage Systems Market, by End-Users, 2016-2017 eport XX eport
2017
Source: Goldstein Research
m a S
XX
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XX
2016
2024
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Source: Goldstein Research
In each of the countries survey , a significant portion of consumers said that they would either be a first mover in the adoption of an electric vehicle or at least might be willing to consider purchasing an electric. mover in the adoption of an electric vehicle or at least might be willing to consider purchasing an systems.
SAMPLE
Energy Storage Systems Industry Current Scenario (2018)
Global Energy Storage Systems Market, by End-Users, 2016-2017
Global Energy Storage Systems, By Annual Additions (Kilowatt), 2018 XX XX XX XX XX XX XX XX XX XX XX
XX
XX XX XX XX XX XX XX XX XX XX XX
In each of the countries survey , a significant portion of consumers said that they would either be a first mover in the adoption of an electric vehicle or at least might be willing to consider purchasing an electric c vehicle or at least might be willing to consider purchasing an electric
SAMPLE
2018
Source: Goldstein Research
m a S
Energy Storage market Forecast Analysis (2019-2025) Global Energy Storage Systems, By Annual Additions (Kilowatt), 2019-2025 XX
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XX XX XX
XX XX
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2019 2020 2021 2022 2023 2024 2025
Source: Goldstein Research
XX
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2018
Source: Goldstein Research
Global Energy Storage Systems Market, by End-Users, 2016-2017 XX XX XX XX XX XX XX XX XX XX XX
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Source: Goldstein Research
U.S. Energy Storage Systems Market Size (USD Billion) & Y-O-Y growth (%), 2016-2024 U.S. Energy Storage Systems Market Size (USD Billion), Compound Annual Growth Rate (%), YRequest Sample O-Y Growth Rate (%), 2016-2024
R Request Sample R eport eport XX%
XX
XX
XX
XX XX
XX
XX
XX XX XX
XX%
XX XX XX 2016e
XX%
XX%
XX%
m a S XX%
2017f
XX%
XX
CAGR: (2016-2024)
XX XX
XX
XX%
XX
2018f
2019f
2020f
Source: Goldstein Research
Key Insights
In the U.S., total energy storage systems market is expected to reach XX million in 2024, up XX percent from XX million in 2016. Ancillary services in the U.S. remained the leading application sector for energy storage.
XX%
e l p 2021f
XX% XX% XX%
XX%
XX%
XX%
XX%
2022f
XX% XX% XX% XX%
2023f
Fig: 24: U.S. Energy Storage Systems Market Size, Capacity (Megawatt), 2016-2024
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The United States has the largest market for energy storage, both by number of projects and installed capacity. In 2016, XX MW of energy storage have installed, some states have implemented globally innovative energy storage incentive programs, and the country has adopted a XX MW target by 2020. 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Goldstein Research
The Mid-Atlantic and Midwestern regions of the U.S. have seen significant energy storage deployments in the past several years. One of the most notable drivers for growth has been PJM’s competitive ancillary service market. In the PJM and MISO grid regions, energy storage is used for frequency regulation and improving grid flexibility.
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North America Energy Storage Systems Market Attractiveness-By Country, 2016-2024 North America Energy Storage Systems Market Attractiveness, By Country, 2016-2024 XX% XX% XX%
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XX% XX% XX% XX% XX% XX
XX
Canada
XX
XX
U.S.A.
XX
XX
XX
Source: Goldstein Research
U.S.A. energy storage systems market value is expected to increase from USD XX billion in 2016 to over XX billion in 2024 for a CAGR of over XX%. While Canada energy storage systems market at a CAGR of XX% to reach USD XX Billion t. Over the forecast period U.S.A. tends to be the promising energy storage systems market due to the increasing demand of energy and to assimilate huge capacity of energy generated. Canada has lower capacity of energy generated in the region as compared to the U.S.A. capacity. The adoption rate of these energy storage systems is more likely in U.S.A., which in present scenario acquires larger market share and tends further grow by compensating the market share of Canada.
North America Energy Storage Systems Market BPS Analysis- By Country, 2016-2024 XX% XX%
30%
XX%
25%
XX%
Canada
XX% XX% XX% XX%
70%
75%
2016
2024
XX% XX% XX%
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Energy Storage Systems Market Outlook
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