The global energy storage battery market size is expected to grow from US$ 3.19 billion to US$ 7.99 billion at a CAGR of around 9% by the end of forecast period 2018-2025. Increasing energy demand and growing applications of energy management are anticipated to rise the use of storage battery during the forecast period. Likewise, growing of Research & Development activities for the improvement of sustainable energy sources will drive the global energy storage battery market growth.
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Significant investment and expertise is required to improve the technology necessary for energy storage battery. Some prominent players accounted for largest energy storage battery market share in coming years. These players comprise Panasonic, Tesla, and LG Chem. Though, number of new companies are developing in the market. Market share of such companies is estimated to rise over the forecast period.
In 2017, energy storage battery market raised by 50 percent as compared to 2016. This market is mainly driven by local subsidies, combined with heavy demand for solar. The Nordic countries are likely to witness huge demand for commercial and industrial energy storage system, coupled with the development of data centers in the countries. Demand for energy storage battery in Asia-Pacific region is driven by China. The market in China region has recorded for sale of more than 650,000 projected electric vehicles in 2017. It accounted for 40 percent of the global electric vehicle sale.
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Geographically, the global energy storage battery market can be segmented into North America, Asia Pacific, Latin America, Europe, and MEA. Among these, Asia Pacific region dominated one of the largest market in 2017. This energy storage battery market trend is expected to remain over the forecast period. Germany market deployed 135MW in power volume of batteries, whereas the UK 117MW in 2017. Central and northern European markets comprising Belgium, Austria, Germany, France, and others. In coming years, China will be the the world’s second largest energy storage battery market.
North America market contributed a substantial energy storage battery market share, in 2017. The United States is the main country for the connected solar projects. Renewable energy systems, which comprise solar PV and wind, are likely to witness huge progress in the developed as well as developing regions such as U.S., China, India, Japan, Italy, and Germany. These factors are anticipated to drive energy storage battery market growth during the forecast period.
Rising demand for grid connected techniques, lithium-ion technology, and decreasing prices of lithium-ion storage batteries are the major factors are driving the energy storage battery market growth. The lithium-ion storage batteries have a long life around 5 to 15 years, and the efficiency is up to 98%. These batteries have high power and energy densities. Lithium-ion storage batteries remain to hold a huge size of the energy storage battery market due to its applications such as self-discharge capability, high energy density, low maintenance requirement, high life expectancy, and less weight. Number of countries are introducing development programs to increase investments for energy storage battery market. Energy storage battery system is a cost-effective mode of providing electricity.
Key segments of the global energy storage battery market
Type Overview, 2013-2025 (USD million) (MW)
- Lithium-ion battery
- All-vanadium flow battery
- Zinc-bromine flow battery
Application Overview, 2013-2025 (USD million) (MW)
- Utility solution
- Residential solution
- Non-Residential solution
Regional Overview, 2013-2025 (USD million) (MW)
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa
Major Points from TOC of Energy Storage Battery Market:
- Executive Summary
- Research Methodology
- Battery Energy Storage Market Outlook
- Energy Storage Battery Market Overview, By Type
- Energy Storage Battery Market Overview, By Application
- Energy Storage Battery Market Overview, By Region
- Battery Energy Storage Market Structure
- Company Profiles
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