Title: Global Energy Storage Market Size, Share Analysis & Industry Forecast 2016-2024
1Energy Storage Systems Market Outlook
Global Energy Storage Systems Market Outlook
2024 Global Opportunity Growth Analysis,
2016-2024
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2Energy Storage Systems Market Outlook
Fig 1-2 Global Energy Storage Systems Market
Share (), By Region-2016-2024
Fig 1-1 Global Energy Storage Systems Market
Size USD (Billion). 2016-2024
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In 2016, Mechanical Energy Storage System
accounted for the highest market share XX in
Global Energy Storage Systems Market
With XX share by 2024, Asia-Pacific region will
dominate the Global Energy Storage Systems Market
Fig 1-3 Global Energy Storage Systems Market
Share (), By Technology Type - 2016
Fig 1-4 Global Energy Storage Systems Market
Share (), By Application - 2016
Fig 1-5 Global Energy Storage Systems Market
Share (), By End-User - 2016
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3Energy Storage Market Outlook
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- The global energy storage systems market is
expected to reach USD XX billion by 2024, from an
estimated USD XX billion in 2016, growing at a
CAGR of XX during 2016-2024 due to growing
energy demands and the role of the consumer are
shifting, bringing new stresses and strains to an
aging electric grid. To improve reliability and
resilience, and enhancing electric system
performance, advancements in energy storage
technologies are carried on to improve the
economics of accommodating these changes. - Dramatic and recent decreases in pricing,
advances in technology, and attention to
improving resilience are all factors contributing
to an exponential growth in energy storage
markets over the next several years. - The confluence of growth forces and continued
advancement in grid planning and operations is
expected to create an opportunity to innovate and
drive the deployment of more than XX GW of new
energy storage systems in the U.S. by 2025. - The electrification of transportation, data
centers, HVAC, communications, industry, and
manufacturing means each of these interconnected
networks will become more reliant on the
electricity grid to function properly. Thus
advanced energy storage systems can lead to
consistency in supply and demand to be efficient
and reliable without any disruptions. - At the end of 2016, the estimated total global
energy storage capacity in operation was XX GW, a
XX increase from the previous year and pumped
hydro storage capacity remained the largest
contributor to this growth. - Since 2012, global electrochemical energy storage
capacity has grown steadily, with a cumulative
annual growth rate of XX between 2012 and 2016.
In 2016, newly-operating energy storage capacity
reached XX MW, a growth of XX from the previous
year.
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Global Energy Storage Systems Market, By Capacity
(In Gigawatt (GW)), By Region, 2016-2024
Asia-Pacific
North America
Europe
Latin America
MEA
XX Million
XX Million
XX Million
XX Million
XX Million
2016
XX Million
XX Million
XX Million
XX Million
XX Million
2024
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4Energy Storage Systems Market Outlook 2016-2024
Global Energy Storage Systems Y-O-Y Growth ()
Analysis-2016-2024
Global Energy Storage Systems Market Size (USD
Billion)-2016-2024
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- Global Energy Storage Systems market is
estimated to rise XX percent per year and is
estimated to reach XX billion by 2024. The
emerging consensus on energy storage that the
pivotal technology could reshape the energy
sector by enabling widespread adoption and grid
integration of solar and wind renewables is
expected to grow the market size. Regulators are
also beginning to recognize the value of storage
and are creating policies that further improve
the business case for adoption. - Moreover, Recent advancements in materials and
manufacturing have improved the economics of
storage. Traditional storage technologies such as
pumped hydro and compressed air have limited
applicability and are losing market share to
emerging battery technologies. The various
technologies that are gaining commercial
traction, are under development that offer the
potential of step-change improvements in
performance and cost.
Global Energy Storage Systems, By
Applications(), 2016
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5Global Energy Storage Systems Market Size (USD
Billion)-2016-2024
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Global Energy Storage Systems , By Investments,
2016
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6Top 15 Countries With Penetration of Energy
Storage Systems, 2016
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- Asia-Pacific is expected to remain the largest
market with valuation of USD XX billion by 2024
with the CAGR of XX over the forecast year owing
to higher penetration in China and Japan. - Because of differences in policy environments,
power sector conditions, and consumer demand, in
2016, the main global markets for energy storage
such as the US, Germany, the UK, Australia,
Japan, and Korea all exhibited different levels
of development, application sectors, and business
models. - Local and international brands are witnessing
high sales of their products due to the rising
urbanization in the emerging regions and gaining
popularity in the market due to their offering
of affordable residential air purification
solution - Based on the total power capacity of energy
storage projects delivered to consumers, the five
global leading companies are LG Chem, Samsung
SDI, BYD, NGK, and Kokam. The capacity of the
operational projects from these companies
accounts for XX of the total new capacity
installed worldwide in 2016.
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7- Trend of Renewable Energy
- The widespread and rapid implementation of
intermittent renewable energy sources, namely
solar photovoltaic (PV) and wind, is catalyzing
efforts to modernize electricity systems around
the world. Wind and solar PV had record increases
in 2016 of installed capacity for about XX of
new generation. - Currently, increased focus on the renewable
energy production is gaining momentum due to
heavy public-private investment. - With the importance of renewable energy sources
on the power sector increasing, solutions and
appropriate measures are needed to balance the
supply and demand of energy. In addition, the
need to manage reserves of electrical energy
storage (EES) has been increasing incrementally. - Electrical Energy Storage (EES) is one of the key
technologies to have been developed, exhibiting a
high growth rate and high level of importance in
the last few years.
Global Energy Storage Systems Market, By
Commercial Application
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Global Energy Storage Systems Market Share(), By
Solar PV Global Capacity-2011-2016
Global Energy Storage Systems Market Share(), By
Wind Power Global capacity-2011-2016
- Impact Analysis-
- Massive deployment of renewable electricity
sources and the promotion of policies to
modernize electricity production and consumption
are spurring the development of electricity
storage - Falling costs and innovation mean that
electricity storage technologies are starting to
emerge at larger scales and, can be used over a
much wider range of applications and locations
than PHS.
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- Legal Factors Causing Challenges
- The lack of appropriate regulatory framework is
one of the main barriers for the development of
energy storage systems. Creating an appropriate
regulatory framework that would support energy
storage systems development has now become
crucial. - Key issues to be considered in the context of
regulatory framework design are, defining the
role of storage in the electricity value chain,
supporting storage projects without creating
undue distortions on the energy markets, and
handling challenges resulting from the mass
deployment of storage facilities. - Even the mature markets, both the US and Europe
have struggled to incorporate energy storage in
their respective regulatory frameworks due to its
ambiguous nature being a generator and a
consumer. - Understanding the economics and costs of energy
storage is challenging due to the different
technologies and applications. Thus, various
countries such as India are still relied on using
non-renewable sources of energy such as coal. - in contrast to the EU natural gas regulatory
framework, where gas storage is an established
regulatory concept, the current EU electricity
regulatory framework fails to address the energy
storage systems issue.
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Estimated Fuel Savings and System Costs of Energy
Storage Technologies in Remote Micro-grids by
Battery Type, 2016
- Impact Analysis-
- Legal regulatory factors influence the value and
utility of storage systems. It is impeding the
technology and market that are conducive to
adoption of energy storage.
Battery Type Installed Cost (USD/KW)
Flow Battery Utility Scale XX
Flow Battery Distributed XX
Advanced Lead Acid Utility-Scale XX
Advanced Lead Acid Distributed XX
Lithium Ion Utility Scale XX
Lithium Ion Distributed XX
Impact on Energy Storage Systems Market
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Global Energy Storage System Market, By Capacity
and Growth Rate - 2000-2016
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- KEY FINDINGS
- Since 2010, global energy storage capacity has
grown steadily, with a cumulative annual growth
rate of XX between 2010 and 2016. In 2016,
newly-operating energy storage capacity reached
MW, a growth of XX from the previous year.
Projects announced or under construction in 2016
totaled XX MW. We forecast that global energy
storage deployments will maintain fast growth in
the short term. - The U.S.A. energy storage capacity in 2016 was XX
MW, increased by XX between 2010-2016.
California has the largest deployment of energy
storage capacity adding 237 megawatts of new
capacity during 2016. California thus set new
record for energy storage capacity growth and
serves as the Americas energy storage leader. - The Japanese New Energy Promotion Council (NEPC)
appropriated USD XX million to develop two
Large-Scale Grid-Balancing Battery Energy
Demonstration Projects to support the Kyushu
Electric Power Co. and Tohoku Electric Power Co.
install energy storage systems allowing more
renewable energy on the grid. In 2016, Japan
total energy storage capacity was XX MW. - Germany installed XX residential energy storage
systems in 2016. There are now XX energy storage
systems in operation in Germany that serve solar
PV systems. Total energy storage capacity in 2016
was XX MW grew by XX between 2010 - 2016. - In 2016, China added XX MW of new operating
energy storage projects an annual growth rate of
XX. In 2016, companies announced an additional
XX MW of projects either in planning or under
construction. In the short term, we expect
sustained high growth rates for electrochemical
energy storage installations in China. - Pumped hydro storage technology has immense
opportunities in future for its key advantages
like low cost, reliability, and the ability to
provide power at high levels for many hours.
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- Factors Impacting Global Energy Storage Systems
Market -
- There is a range of technologies which are
either already deployed or currently under
development. These include various types of
batteries, flywheels and compressed air storage.
These technologies provide storage solutions at
all scales, from household systems through to
grid-size solutions. - costs and benefits of energy storage are in
continual flux, thus the ratio assist in
determining the feasibility of storage
technologies where benefits exceed class, by
depicting when specific technologies are likely
to warrant consideration within a certain
customer class. - A well-designed regulatory framework supporting
the development of energy storage system projects
could be viewed as a competitive advantage,
rendering a given country attractive for
investors.
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Global Energy Storage Systems Market Share (),
By Technology Type, 2016-2024
- Effective use of the worlds energy resources
depends on having the flexibility to selectively
provide energy at choice times, which is the
fundamental concept behind energy storage
technologies, the conversion of energy from one
state to another (i.e., kinetic to potential or
vice versa) so that it can be harnessed at later
or used in an alternative manner. - Pumped hydro storage(PHS), mechanical energy
storage type of technology, accounts for more
than XX of bulk storage capacity worldwide,
around XX MW across 200 large sites globally. - In 2016, most newly-operational electrochemical
energy storage projects used lithium-ion
batteries, sodium-sulfur batteries, and lead
batteries. Together, these three technologies
accounted for XX of newly-added capacity.
Lithium-ion battery deployment was largest,
accounting for XX of newly-added capacity in
2016. - The potential benefits of energy storage have
caught the attention of many stakeholders in the
power sector, leading to significant growth.
Installations associated with grid and ancillary
services are projected to grow by roughly XX
times over the next 10 years.
2024
2016
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Global Energy Storage Systems Market Y-O-Y
Growth,(), By Technology Type- 2016-2024
Global Energy Storage Systems Market Size (USD
Billion), By Technology Type-2016-2024
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12Global Energy Storage Systems Market
Attractiveness-By Technology Type, 2016-2024
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Chemical Energy Storage
Chemical energy storage systems value is expected
to increase from USD XX billion in 2016 to over
XX billion in 2024 for a CAGR of over XX. While
electromechanical energy storage systems is
expected to grow at a CAGR of XX to reach USD XX
Billion. Over the forecast period chemical energy
storage system tends to be the promising energy
storage systems market. Mechanical energy
storage system market share tends to be
sacrificed by electromechanical energy storage
system over the forecast period.
Global Energy Storage Systems Market BPS
Analysis- By Technology Type, 2016-2024
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13Energy Storage Systems Industry Analysis
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Energy Storage Systems Industry Historical
Analysis (2016-2017)
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In each of the countries survey , a significant
portion of consumers said that they would either
be a first mover in the adoption of an electric
vehicle or at least might be willing to consider
purchasing an electric. mover in the adoption of
an electric vehicle or at least might be willing
to consider purchasing an systems.
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Energy Storage Systems Industry Current Scenario
(2018)
In each of the countries survey , a significant
portion of consumers said that they would either
be a first mover in the adoption of an electric
vehicle or at least might be willing to consider
purchasing an electric c vehicle or at least
might be willing to consider purchasing an
electric
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Energy Storage market Forecast Analysis
(2019-2025)
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14U.S. Energy Storage Systems Market Size (USD
Billion), Compound Annual Growth Rate (), Y-O-Y
Growth Rate (), 2016-2024
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Fig 24 U.S. Energy Storage Systems Market Size,
Capacity (Megawatt), 2016-2024
Key Insights
In the U.S., total energy storage systems market
is expected to reach XX million in 2024, up XX
percent from XX million in 2016. Ancillary
services in the U.S. remained the leading
application sector for energy storage. The
United States has the largest market for energy
storage, both by number of projects and installed
capacity. In 2016, XX MW of energy storage have
installed, some states have implemented globally
innovative energy storage incentive programs,
and the country has adopted a XX MW target by
2020.
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The Mid-Atlantic and Midwestern regions of the
U.S. have seen significant energy storage
deployments in the past several years. One of the
most notable drivers for growth has been PJMs
competitive ancillary service market. In the PJM
and MISO grid regions, energy storage is used for
frequency regulation and improving grid
flexibility.
15North America Energy Storage Systems Market
Attractiveness, By Country, 2016-2024
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U.S.A. energy storage systems market value is
expected to increase from USD XX billion in 2016
to over XX billion in 2024 for a CAGR of over
XX. While Canada energy storage systems market
at a CAGR of XX to reach USD XX Billion t. Over
the forecast period U.S.A. tends to be the
promising energy storage systems market due to
the increasing demand of energy and to assimilate
huge capacity of energy generated. Canada has
lower capacity of energy generated in the region
as compared to the U.S.A. capacity. The adoption
rate of these energy storage systems is more
likely in U.S.A., which in present scenario
acquires larger market share and tends further
grow by compensating the market share of Canada.
North America Energy Storage Systems Market BPS
Analysis- By Country, 2016-2024
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