The global market for energy storage is projected to reach $26,137.0 million by 2022, growing at a CAGR of 46.3% during the forecast period (2017 – 2022).
As per the research, the global market for energy storage is likely to grow from $2,663.2 million in 2016 to $26,137.0 million by 2022. With the growing adoption of energy storage in various end-user industries for grid and off-grid applications, the global energy storage market is expected to gain traction.
The energy storage market offers ample growth opportunities during the forecast period on account of falling costs associated with the manufacturing of batteries, in conjugation with car manufacturers scaling up the production of electric vehicles.
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As per the findings of research, the ancillary services emanated the largest demand.
Asia-Pacific accounted for the largest region in the global energy storage market, where Japan contributed to the largest revenue. Germany was the major market in Europe, whereas the U.S.
contributed to the largest revenue in North America region. Africa dominated the Rest of the World market.
The factors driving the growth of the energy storage market include progress in renewable energy generation, rapidly increasing grid scale energy storage market, drop in prices of lithium-ion batteries and growing application of energy storage in various end-user industries. Rapid growth of intermittent renewable energy and its storage for smooth transmission is propelling the global energy storage market.
Regulations are being planned and implemented to support the installation of grid scale energy storage for efficient transmission. Research and development initiatives focus on cutting down the costs of storage technologies to create new opportunities for storage on the grid.
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Lithium-ion batteries are the most widely used storage technology in the field of mobile and portable applications including cell phones, electric cars, laptops and others. Companies focus on developing larger format cells that can be used for energy storage applications, making it the technology of choice for the electric vehicle industry.
The research states that the global market is highly fragmented in nature, where major players constitute for the major shares in the global market. Some of the key players in the global energy storage market include Tesla Motors, Inc., AGL Energy Limited, ABB Ltd., General Electric Company, Johnson Controls International Plc, The AES Corporation, Robert Bosch GmbH, LG Chem, Ltd. and Maxwell Technologies, Inc.
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