The energy storage market is driven by the growing energy storage requirement as companies incur heavy losses if there is a power outage for even a minute. However, the high upfront costs for subsystem components, installation, and integration may challenge the growth.
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Top Energy Storage Market Players:
- ABB Ltd.
- Amsted Industries Inc.
- EVAPCO Inc.
- General Electric Co.
- GS Yuasa Corp.
- Ingersoll Rand Inc.
- LG Electronics Inc.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
- Tesla Inc.
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Energy Storage Market Type Outlook (Volume, MW units, 2021-2026)
- Utility-scale - size and forecast 2021-2026
- Behind the meter - size and forecast 2021-2026
The uility-scale type segment held the largest energy storage market share in 2021. The segment will continue to account for the highest market share mainly due to the rising growth of renewable energy generation and distribution. The utility-scale energy storage system has a storage capacity ranging from around a few megawatt-hours (MWh) to hundreds of MWh. Utility-scale stationary battery storage systems are also referred to as front-of-the-meter, large-scale, or grid-scale battery storage and their role in integrating a greater share of variable renewable energy (VRE) in the system by providing the flexibility needed. Thus, the growth of renewable energy generation and distribution will drive the segment's growth during the forecast period.
Energy Storage Market Geography Outlook (Volume, MW units, 2021-2026)
- APAC - size and forecast 2021-2026
- North America - size and forecast 2021-2026
- Europe - size and forecast 2021-2026
- MEA - size and forecast 2021-2026
- South America - size and forecast 2021-2026
APAC held the largest regional market share of energy storage market in 2021. The region is anticipated to contribute 58% of the overall market growth during the forecast period. China and South Korea (Republic of Korea) are the key markets for energy storage in APAC. The US, UK, and Germany are key revenue-generating economies of the energy storage market. The demand for energy in APAC is increasing due to the growing population and improvements in the standard of living. These factors have increased the focus on more reliable sources of energy that can cater to the varying demand in the region. In addition, these countries witness frequent power outages and insufficient power generation capacity. These factors drive the need for increased investments in electricity generation and storage in the region.
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Energy Storage Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 61.52% |
Market growth 2022-2026 |
50013.15 MW units |
Market structure |
Fragmented |
YoY growth (%) |
46.93 |
Regional analysis |
APAC, North America, Europe, MEA, and South America |
Performing market contribution |
APAC at 58% |
Key consumer countries |
China, US, South Korea (Republic of Korea), UK, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ABB Ltd., Amsted Industries Inc., EVAPCO Inc., General Electric Co., GS Yuasa Corp., Ingersoll Rand Inc., LG Electronics Inc., Panasonic Corp., Samsung SDI Co. Ltd., and Tesla Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Utility-scale - Market size and forecast 2021-2026
- Behind the meter - Market size and forecast 2021-2026
- Market opportunity by Type
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2021-2026
- North America - Market size and forecast 2021-2026
- Europe - Market size and forecast 2021-2026
- MEA - Market size and forecast 2021-2026
- South America - Market size and forecast 2021-2026
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Amsted Industries Inc.
- EVAPCO Inc.
- General Electric Co.
- GS Yuasa Corp.
- Ingersoll Rand Inc.
- LG Electronics Inc.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
- Tesla Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio
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