Battery Market for Energy Storage Systems (ESS) Market to Record a 28.16% Y-O-Y Growth Rate in 2022, Increased Adoption of Microgrids is a Major Trend to Fuel the Market Growth- Technavio | #cybersecurity | #cyberattack


NEW YORK, Aug. 3, 2022 /PRNewswire/ — The battery market for energy storage systems (ESS) market size is expected to grow by USD 24.08 billion from 2021 to 2026, progressing at a CAGR of  34.5% as per the latest market report by Technavio. Also, the market to record a 28.16% Y-O-Y growth rate in 2022. Increased adoption of microgrids is one of the key ESS market trends that is expected to impact the industry positively in the forecast period. A microgrid can switch to island mode whenever there is a power outage on the main power grid or if the system is disconnected from the main grid intentionally. Microgrids are increasingly using renewable energy sources such as wind and solar to reduce the use of fossil fuels. Moreover, in the event of any cyber attack on the main grid, a microgrid can isolate itself and function indefinitely if it has access to solar or wind power, thereby allowing it to generate and store electricity during the day, which can be utilized during outages. Therefore, microgrids are gaining popularity in commercial and industrial facilities where downtime of even a minute can cause significant monetary losses. Moreover, when natural disasters occur, they expose the fragility of the centralized grid architecture. Such factors will further support the market growth in the coming years.

Technavio has announced its latest market research report titled Battery Market for Energy Storage Systems (ESS) Market by Technology and Geography – Forecast and Analysis 2022-2026

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Battery Market For Energy Storage Systems (ESS) Market: Market Dynamics

  • Drivers – The change in the energy mix, increased need for backup power, and increasing economic benefits of ESS are the major factors propelling the market growth.

  • Challenges – The factors such as Widening demand-supply disparity with regard to lithium, stringent regulations against lead pollution & fluctuations in diesel fuel prices will hamper the market growth.

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Battery Market For Energy Storage Systems (ESS) Market: Segmentation Analysis

The battery market for energy storage systems (ESS) market segmented by technology (lithium-ion batteries, flow batteries, and others) and geography (APAC, North America, Europe, Middle East, and Africa, and South America)

Technology Landscape

  • Revenue Generating Segment –The battery market for energy storage systems (ESS) market share growth in the Li-ion batteries segment will be significant during the forecast period. The major benefit of Li-ion batteries is that they have a high energy density. As ESS needs to store large amounts of power, Li-ion batteries have high demand because of their high energy density and energy storing capacity. These beneficial characteristics of Li-ion batteries contribute to their high preference, which will support the segment growth in the forecast years.

Geography Landscape

  • Regional Highlights – 57% of the market’s growth will originate from APAC during the forecast period. China and Australia are the key markets for the battery market for energy storage systems (ESS) in APAC. Market growth in this region will be faster than the growth of the market in North America and Europe. The significant increase in the demand for energy, due to population growth and rising living standards, will facilitate the battery market for energy storage systems (ESS) market growth in APAC over the forecast period.

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Battery Market For Energy Storage Systems (ESS) Market: Vendor Analysis

The battery market for energy storage systems (ESS) market is fragmented and the vendors are deploying growth strategies such as product and technological innovation to compete in the market.

  • ABB Ltd.

  • AEG Power Solutions BV

  • AES Corp.

  • Corvus Energy

  • East Penn Manufacturing Co. Inc.

  • Enerdel Inc.

  • Exergonix Inc.

  • General Electric Co.

  • Hitachi Ltd.

  • Kokam Co. Ltd.

  • LG Energy Solution Ltd.

  • Mitsubishi Heavy Industries Ltd.

  • NEC Corp.

  • NGK Insulators Ltd.

  • Panasonic Corp.

  • Samsung SDI Co. Ltd.

  • Siemens Energy AG

  • Tesla Inc.

  • Toshiba Corp.

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What our reports offer:

  • Market share assessments for the regional and country-level segments

  • Strategic recommendations for the new entrants

  • Covers market data for 2020, 2021, and 2025

  • Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)

  • Strategic recommendations in key business segments based on the market estimations

  • Competitive landscaping mapping the key common trends

  • Company profiling with detailed strategies, financials, and recent developments

  • Supply chain trends mapping the latest technological advancements

The competitive scenario provided in the Battery Market For Energy Storage Systems (ESS) Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don’t wait, Make a strategic approach & boost your business goals with our Battery Market For Energy Storage Systems (ESS) Market Forecast Report – Buy Now!

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Battery Market For Energy Storage Systems (ESS) Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 34.5%

Market growth 2022-2026

USD 24.08 billion

Market structure

Fragmented

YoY growth (%)

28.16

Regional analysis

APAC, North America, Europe, Middle East, Africa, and South America

Performing market contribution

APAC at 57%

Key consumer countries

US, China, Australia, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., AEG Power Solutions BV, AES Corp., Corvus Energy, East Penn Manufacturing Co. Inc., Enerdel Inc., Exergonix Inc., General Electric Co., Hitachi Ltd., Kokam Co. Ltd., LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NGK Insulators Ltd., Panasonic Corp., Samsung SDI Co. Ltd., Siemens Energy AG, Tesla Inc., and Toshiba Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.

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Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Technology

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.

Contact

Technavio Research
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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