Energy Storage Market Analysis, Outlook, Opportunities, Size, Share Forecast and Supply by 2023

The installed capacity in the global energy storage market is projected to reach  51,426.0 MW by 2023, the market growth is driven by substantial growth in the   amount of renewable energy being deployed around the world and increasing need   of the smart grid system.

Based on type, the energy storage market is categorized into mechanical, electrochemical, thermal, chemical, and others; ‘others’ include fossil fuel and biological storage. 

Of these, electrochemical is expected to be the fastest growing type in the market during the forecast period, with a CAGR of 47.4%. The increasing need of 24/7 electricity services is fueling the demand for electrochemical energy storing systems globally.

Based on application, the energy storage market is categorized into fuel saving, arbitrage, ancillary services, back up supply, and others; ‘others’ include air conditioning and running mills. Of these, arbitrage is expected to be the fastest growing application area in the market, advancing at a CAGR of 44.1% during the forecast period.

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During the forecast period, the energy storage market is expected to witness the fastest growth in Asia-Pacific (APAC), with a CAGR of 45.4%. Currently, energy storage systems are considered as a next level of upgradation in smart grid technologies by Asian power utilities.

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.

GLOBAL ENERGY STORAGE MARKET SEGMENTATION

By Type

• Mechanical
  • Pumped Hydro Storage (PHS)
  • Liquid Air Energy Storage (LAES)
  • Compressed Air Energy Storage (CAES)
  • Others
• Electrochemical
  • Lithium-Ion (LI-ION) battery
  • Sodium Sulfur (NaS) Battery
  • Others
• Thermal
  • Pumped Heat Electrical Storage (PHES)
  • Concentrated Solar Power (CSP)
  • Others
• Chemical
  • Hydrogen Energy Storage
  • Solar Power to Gas
• Others

By Application

• Fuel saving
• Arbitrage
• Ancillary Services
• Back Up Supply
• Others

By Installation

• Front of Meter
• Behind the Meter