1. Market Research
  2. > Energy & Environment
  3. > Energy
  4. > Electric Power Market Trends
Energy Storage Market by Type, by Application, by Installation, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023

Energy Storage Market by Type, by Application, by Installation, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023

  • June 2018
  • 137 pages
  • ID: 5586819
  • Format: PDF
  • By Prescient & Strategic Intelligence Private Limited

Summary

Table of Contents

Energy Storage Market by Type (Mechanical, Electrochemical, Thermal, Chemical), by Application (Fuel Saving, Arbitrage, Ancillary Services, Back-Up Supply), by Installation (Front of Meter, Behind the Meter), by Geography (U.S., Canada, Mexico, Germany, Germany, U.K., France, Spain, Italy, China, Japan, India, South Korea, Australia) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023

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 systems, according to P&S Market Research.

Insights into market segments
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. Arbitrage refers to the application of energy trading strategies within an electricity environment, aiming to buy energy from the grid at a low price and sell it back to the grid at higher price. Although much of the present-day grid operates effectively without storage, cost-effective ways of storing electrical energy can help make the grid more efficient and reliable.

On the basis of installation, the energy storage market is segmented into front of meter and behind the meter. Behind the meter is expected to be the faster growing application area in the market, advancing at a CAGR of 42.8% during the forecast period. The behind-the-meter is a renewable energy system uniquely designed and built for a single building or facility. Hence, individual property owners make high use of this option and install it in their own premises to better manage onsite solar systems, and take advantage of lower utility rates available when demand for electricity is low.

APAC is expected to emerge as the fastest growing market
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. With increasing demand for smart grid (an electricity supply network that uses digital communication technology), governments of different countries in the region are shifting to such grids, in order to meet the electricity and power supply. This further drives the market growth in the region.

Scarcity of fossil fuels to serve as lucrative opportunity for market growth
It is seen that there is going to be a scarcity of fossil fuels including coal, uranium, and oil, in the coming years. With time, these fossil fuels will get depleted attributed to the present rate of consumption. It is seen that crude oil reserves are vanishing at the rate of 4 billion tons a year and if we continue using them at this rate, our known oil deposits will last until 2052. All these factors are paving the way for setting up of energy storage systems. Thus, the scarcity of fossil fuel can be seen as an opportunity for the energy storage market growth.

Energy Storage Market Competitive Landscape
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.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers
GLOBAL ENERGY HARVESTING MARKET FORECAST 2020-2028

GLOBAL ENERGY HARVESTING MARKET FORECAST 2020-2028

  • $ 2500
  • February 2020

KEY FINDINGSThe global energy harvesting market is estimated to grow at a CAGR of 10.07% during the forecast period of 2020-2028. The factors fueling the market growth are technological advancements in ...

GLOBAL FLYWHEEL ENERGY STORAGE MARKET FORECAST 2020-2028

GLOBAL FLYWHEEL ENERGY STORAGE MARKET FORECAST 2020-2028

  • $ 2500
  • February 2020

KEY FINDINGSThe global flywheel energy storage market is anticipated to grow at a CAGR of 7.50% in terms of revenue during the forecast period of 2020-2028. In terms of volume, the global market is set ...

Outlook for the Global Energy Storage Industry, 2020

Outlook for the Global Energy Storage Industry, 2020

  • $ 4950
  • January 2020

Energy storage is gaining importance with increasing demand for energy in residential and industrial applications.With growing data consumption and a proliferation of cloud services, the demand for energy ...

Renewable Energy Worldwide: 100% $ 4500 January 2020


ref:plp2018

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on