By End Users

According to the report, the global energy storage system market is bifurcated into three end users: Utilities, Non Residential and Residential.

Utilities segment acquired majority of share in the market in 2023, due to increased investment in utility size power plants. In addition, the utilities industry is growing due to an increase in construction projects such as decentralized renewable power plants, rural electrification projects, and commercial buildings.

Whereas, Non Residential segment is expected to have the highest CAGR in the future as the commercial and industrial (C&I) sector is using renewable energy sources like solar and wind power more and more to power their own buildings. So, the C&I sector is likely to use energy storage systems more and more to increase the amount of renewable energy it uses.

By Region: The report provides insight into the energy storage system market based on the geographical operations, namely North America, Europe, Asia Pacific, and Rest of the World.

Asia Pacific energy storage system market enjoyed the highest market share in 2023, primarily can be traced mostly to the region’s rapidly expanding demand for energy as a result of rapid urbanization. Further, the rapid growth in industrialization in the countries such as India, China, Korea, and so on is also accelerating energy consumption on a huge level that is also projected to contribute to the market growth in the region.

Rapid urbanization and population increase are also taking place in the developing countries, increasing the demand for power. India plans to have 275 GW of total wind and solar capacity, as well as 72 GW of hydroelectricity and 15 GW of nuclear power, by 2027. Also, the global cumulative ESS market installations is segmented by region (The US, Germany, UK, China and Rest of the World). China and the US became the largest markets, accounting for over half of the global installation in 2023.

Competitive Landscape and Recent Developments:

The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in January 2024, Convergent Energy and Power announced that the company has over 800 MW/1 GWh of energy storage and solar-plus-storage systems operating or under development, which is equivalent to the power consumed by approximately 750,000 homes.

Convergent has over US$1 billion invested in or committed to systems in operation or under development. On the other hand, in March 2024, AlphaESS Malaysia Factory has reached a significant milestone with the completion of its first shipment. AlphaESS Malaysia proudly hosted its first shipment ceremony, celebrating the successful delivery of 192 SMILE-G3-BAT-8.2P batteries to Europe.

Market Dynamics

Drivers

• Growing Demand for Renewable Energy

• Rising Demand for Electric Vehicles

• Upsurge in Investments in Energy Sector

• Mounting Home Improvement

• Higher Energy Costs

Challenges

• Potential Disruptions in the Supply Chain

• Lack of Proper Infrastructure

• Entry Barrier

Market Trends

• Thermal Energy Storage (TES)

• Government Initiatives

• Technology Advancements

• Sustainability

Company Profiles

• Vistra Corp.

• ABB Group

• Siemens AG

• SolarEdge Technologies, Inc.

• Hitachi, Ltd.

• Electrovaya Inc.

• NextEra Energy, Inc.

• The AES Corporation

• Toshiba Corporation

• BYD Co. Ltd.

• Alpha ESS

• Sungrow Power Supply Co., Ltd.

• Convergent Energy and Power Inc.

For more information about this report visit https://www.researchandmarkets.com/r/gbpwzz

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