Visiongain has published a new report entitled Energy Storage Systems (ESS) Market Report 2023-2033: Forecasts by Voltage (Low (Below 12 V), Medium (12 V-48 V), High (Above 48 V)), by Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Other), by End-user (Utility, Commercial & Industrial (C&I), Residential, Microgrids, Other), by Technology (Electro-chemical, Pumped Hydro Storage, Thermal Storage, Electro-mechanical, Hydrogen Storage, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global energy storage systems market was valued at US$24.7 billion in 2022 and is projected to grow at a CAGR of 8.0% during the forecast period 2023-2033.

Peak Shaving and Load Management is Driving the Market Growth
Energy storage systems enable peak shaving and load management, allowing consumers to reduce their electricity costs and utilities to optimize grid operations. By storing excess energy during periods of low demand and releasing it during peak hours, energy storage systems help mitigate peak demand charges and alleviate stress on the grid. Industrial and commercial facilities can significantly reduce their electricity bills by implementing energy storage systems for load shifting purposes.

Many governments worldwide are implementing supportive policies and providing financial incentives to accelerate the adoption of energy storage systems. These policies aim to promote renewable energy integration, enhance grid reliability, and reduce carbon emissions. For example, in the United States, federal tax incentives, such as the Investment Tax Credit (ITC), have encouraged the deployment of energy storage systems in conjunction with renewable energy projects.

How has COVID-19 had a significant negative impact on the Energy Storage Systems Market?
The COVID-19 pandemic has had a positive impact on the energy storage systems market for several reasons. Firstly, the pandemic highlighted the importance of resilient and reliable energy infrastructure. As countries implemented lockdown measures and faced disruptions in energy supply chains, the need for energy storage systems became evident. These systems help ensure a stable electricity supply, especially in areas with a high penetration of renewable energy sources or in regions prone to grid instability. As a result, the demand for energy storage systems has increased as governments and utilities recognize their role in enhancing energy security and grid resilience.

Secondly, the pandemic has accelerated the transition to renewable energy sources. With the temporary reduction in energy demand due to lockdown measures, there was an increased opportunity to integrate renewable energy into the grid. Energy storage systems played a crucial role in facilitating the integration of intermittent renewables by storing excess energy generated during low-demand periods and releasing it during peak demand or when renewable generation is low. This helps balance supply and demand, reduce curtailment of renewable energy, and support a smoother integration of clean energy sources into the grid.

How will this Report Benefit you?
Visiongain’s 389-page report provides 161 tables and 237 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global energy storage systems market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Energy Storage Systems. Get financial analysis of the overall market and different segments including voltage, end-user, technology, and application and capture higher market share. We believe that there are strong opportunities in this fast-growing energy storage systems market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Rising Need for Efficient and Competitive Energy Resources
The energy storage system market is experiencing significant growth driven by the growing demand for efficient and competitive energy resources. The need for reliable power supply, coupled with the increasing penetration of renewable energy sources, is propelling the market forward. Energy storage systems play a crucial role in addressing the intermittency challenges associated with renewables, ensuring a stable and continuous power supply. For instance, the tender issued by the Solar Energy Corporation of India Limited (SECI) for setting up 500 MW/1000 MWh Standalone Battery Energy Storage Systems (BESS) in India demonstrates the growing interest and investment in energy storage infrastructure in April 2022. The tender aims to provide Discoms (Distribution Companies) in India with storage facilities that can be utilized on an "on-demand" basis. This initiative aligns with the increasing need for reliable and flexible energy storage solutions to support the integration of renewable energy sources and enhance grid stability.

Where are the Market Opportunities?

Rising Energy Demand
The rapidly rising energy consumption across various sectors presents significant market opportunities for the energy storage industry. As global energy demand continues to increase, driven by population growth, urbanization, and industrialization, the need for reliable and efficient energy storage solutions becomes paramount.

One of the primary factors driving the market opportunities is the growing demand for electricity worldwide. With the expansion of digital technologies, electrification of transportation, and the increasing reliance on electronic devices, the consumption of electricity is on the rise. This surge in energy demand creates challenges for the existing grid infrastructure to deliver power consistently and manage peak loads.

Wide Scope of Development in End-User Sectors
The energy storage systems market presents wide-ranging opportunities for development across various end-user sectors. These sectors include utility, commercial and industrial (C&I), residential, microgrids, and others. Each sector offers unique opportunities for market growth and innovation such as utility sector energy storage systems play a critical role in grid optimization, enabling utilities to balance supply and demand, mitigate grid fluctuations, and integrate renewable energy sources.

Competitive Landscape
The major players operating in the energy storage systems market are ABB Ltd., Amber Kinetics, BYD Co. Ltd., CalMac Ferries Ltd, Evapco, Inc., GE Renewable Energy, Hitachi, Ltd, LG Chem Ltd, Maxwell Technologies Inc., Panasonic Holdings Corporation, Saft Groupe SAS, Samsung SDI Co.,Ltd. , Schneider Electric SE, Siemens Energy AG, Tesla Energy Operations, Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments
• 25 April 2023, GM and Samsung SDI plans to invest more than $3 billion in the construction of a new battery cell manufacturing facility in the United States, with operations set to start in 2026.
• 19 Sept 2022, Saft, a TotalEnergies subsidiary, has developed a new high-energy density storage system (ESS) optimised for time-shifting applications, which is a critical enabler for the widespread integration of low-carbon renewable energy on power grids.

Notes for Editors
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