Global Electrical Energy Storage Market Size, and Market Trends by Type (Physical, Electromagnetic, and Chemical), by Application (Industrial, Commercial, Residential, Military, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2030.
Global Electrical Energy Storage Market
Global Electrical Energy Storage Market was valued at US$ 3,890.45 Mn in 2022, estimated to reach US$ 14,702.87 Mn in 2030, with a CAGR of 15.57% from 2023-2030.
Electrical energy storage is the process of storing electrical energy in a storage device or system, so that it can be used later when needed. This stored energy can be used to provide backup power during blackouts or to meet peak demand periods, to integrate renewable energy sources into the grid, to improve the efficiency and reliability of the power grid, and to reduce energy costs. Electrical energy storage can be accomplished using a variety of technologies, such as batteries, supercapacitors, flywheels, compressed air energy storage, and pumped hydro storage, among others.
Market Drivers
Adoption of electrical energy storage technologies is being fueled by widespread support for renewable energy and emissions reduction. This is especially apparent within the corporate & public sectors. Increased product penetration is anticipated during the forecasted period as a result of rising electricity consumption, ongoing expenditures in the R&D sector, and growing use of clean technologies. The growth of electrical energy storage goes hand-in-hand with grid modernization efforts, such as the transition to smart grids. Batteries help to unlock the full potential of smart technologies, and vice versa.
Electrical energy storage can help the grid maintain balance and improve power quality regardless of the generation source. In almost every nation we examined, the wholesale market is being restructured to create place for batteries to provide capacity & other services. Many nations are turning to renewable energy storage in order to reduce their dependency on energy imports, increase the dependability and resilience of their systems, and move closer to their environmental and decarbonization goals.
Market Restraints
Participants in early-stage markets frequently struggle with a variety of technological needs as well as procedures and rules. Suppliers of electrical energy storage are not an exception; therefore, the lack of standardization prevents further deployment.
The majority of electric energy storage systems currently have high capital costs in comparison to natural gas generators that offer comparable services, however the cost of batteries has lately dropped dramatically and is still predicted to do so in the future.
The regulatory framework for energy storage technology is lagging behind, as is normal for developing technologies. Retail regulations must also be updated in addition to wholesale market regulations, particularly when demand from the residential, commercial, and industrial sectors increases. The placement of generation and demand centers is the only factor considered in transmission planning. As a result, facilities like pumped hydro or CAES that are physically far away from the transmission system have limited access to the grid.
Market Segmentation
Global electrical energy storage market is segmented into types such as Physical, Electromagnetic, and Chemical. By application, the market is segmented into Industrial, Commercial, Residential, Military, and Others.
Regional Analysis
The global electrical energy storage market is segmented into five regions including North America, Latin America, Europe, Asia Pacific, Middle East & Africa.
The Asia Pacific was the largest segment in 2022 and accounted for more than 33.51% of the overall market share, owing to the presence of fast-growing economies like China, Japan, and India.
Furthermore, Europe ranks second in terms of revenue. Due to the energy storage authorities in the aforementioned European countries have chosen battery energy storage technologies to expand the use of renewable energy sources while reducing reliance on fossil fuels.
Key Players
Various company profiles are disused in global electrical energy storage market including, Samsung SDI, NEC, NGK, Toshiba, BYD, LG Chem, Primus, Beacon, etc.
Market Taxonomy
By Type
• Physical
• Electromagnetic
• Chemical
By Application
• Industrial
• Commercial
• Residential
• Military
• Others
By Region
• North America (U.S. Canada, Mexico)
• Latin America (Brazil, Rest of Latin America)
• Europe (Germany, UK, Italy, France, Rest of Europe
• Asia Pacific (China, India, Japan, Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, Kuwait, UAE, Egypt, South Africa)
Global Electrical Energy Storage Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Electrical Energy Storage Market Outlook
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact Due to Recent Energy Crisis
4.2.5 Cumulative Impact Due to nearing economic downturn
4.2.6 Post covid-19 world Supply & Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Electrical Energy Storage Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Electrical Energy Storage Market Share Analysis, By Type
5.3 Global Electrical Energy Storage Market Size and Forecast, By Type
5.3.1 Physical
5.3.2. Electromagnetic
5.3.3. Chemical
6 Global Electrical Energy Storage Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Electrical Energy Storage Market Share Analysis, By Application
6.3 Global Electrical Energy Storage Market Size and Forecast, By Application
6.3.1 Industrial
6.3.2 Commercial
6.3.3. Residential
6.3.4. Military
6.3.5. Others
7 Global Electrical Energy Storage Market, By Region
7.1 Global Electrical Energy Storage Market Share Analysis, By Region
7.2 Global Electrical Energy Storage Market Share Analysis, By Region
7.3 Global Electrical Energy Storage Market Size and Forecast, By Region
8 North America Electrical Energy Storage Market Analysis and Forecast (2023-2030)
8.1 Introduction
8.2 North America Electrical Energy Storage Market Share Analysis, By Product
8.3 North America Electrical Energy Storage Market Size and Forecast, By Application
8.5 North America Electrical Energy Storage Market Size and Forecast, By Country
8.5.1 U.S.
8.5.2 Canada8.5.3 Mexico
9 Europe Electrical Energy Storage Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 Europe Electrical Energy Storage Market Share Analysis, By Product
9.3 Europe Electrical Energy Storage Market Size and Forecast, By Application
9.5 Europe Electrical Energy Storage Market Size and Forecast, By Country
9.5.1 Germany
9.5.2 France
9.5.3 UK
9.54. Rest of Europe
10 Asia Pacific Electrical Energy Storage Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Asia Pacific Electrical Energy Storage Market Share Analysis, By Product
10.3 Asia Pacific Electrical Energy Storage Market Size and Forecast, By Application
10.5 Asia Pacific Electrical Energy Storage Market Size and Forecast, By Country
10.5.1 China
10.5.2 Japan
10.5.3 India
10.5.4. Rest of Asia Pacific
11 Latin America Electrical Energy Storage Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Latin America Electrical Energy Storage Market Share Analysis, By Product
11.3 Latin America Electrical Energy Storage Market Size and Forecast, By Application
11.5 Latin America Electrical Energy Storage Market Size and Forecast, Country
11.5.1. Brazil
11.5.2. Rest of Latin America
12 Middle East Electrical Energy Storage Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Middle East Electrical Energy Storage Market Share Analysis, By Product
12.3 Middle East Electrical Energy Storage Market Size and Forecast, By Application
12.5 Middle East Electrical Energy Storage Market Size and Forecast, By Country
12.65.1. Saudi Arabia
12.5.2. UAE
12.5.3. Egypt
15.5.4. Kuwait
12.5.5. South Africa
13 Competitive Analysis
13.1 Competition Dashboard
13.2 Market Share Analysis of Top Vendors
13.3 Key Development Strategies
14Company Profiles
14.1 Samsung SDI
14.1.1 Overview
14.1.2 Offerings
14.1.3 Key Financials
14.1.4 Business Segment & Geographic Overview
14.1.5 Key Market Developments
14.1.6 Key Strategies
14.2. NEC
14.2.1 Overview
14.2.2 Offerings
14.2.3 Key Financials
14.2.4 Business Segment & Geographic Overview
14.2.5 Key Market Developments
14.2.6 Key Strategies
14.3. NGK
14.3.1 Overview
14.3.2 Offerings
14.3.3 Key Financials
14.3.4 Business Segment & Geographic Overview
14.3.5 Key Market Developments
14.3.6 Key Strategies
14.4 Toshiba
14.4.1 Overview
14.4.2 Offerings
14.4.3 Key Financials
14.4.4 Business Segment & Geographic Overview
14.4.5 Key Market Developments
14.4.6 Key Strategies
14.5 BYD
14.5.1 Overview
14.5.2 Offerings
14.5.3 Key Financials
14.5.4 Business Segment & Geographic Overview
14.5.5 Key Market Developments
14.5.6 Key Strategies
14.6 LG Chem
14.6.1 Overview
14.6.2 Offerings
14.6.3 Key Financials
14.6.4 Business Segment & Geographic Overview
14.6.5 Key Market Developments
14.6.6 Key Strategies
14.7 Primus
14.7.1 Overview
14.7.2 Offerings
14.7.3 Key Financials
14.7.4 Business Segment & Geographic Overview
14.7.5 Key Market Developments
14.7.6 Key Strategies
14.8 Beacon
14.8.1 Overview
14.8.2 Offerings
14.8.3 Key Financials
14.8.4 Business Segment & Geographic Overview
14.8.5 Key Market Developments
14.8.6 Key Strategies
