Energy Storage System Market to Reach $329.1 billion, Globally, by 2032 at 5.2% CAGR

Allied Market Research - Seite 2

Technology, Application, and End-Use.

Region Scope

North America, Europe, Asia-Pacific, and LAMEA

Country Scope

U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa.

Drivers

Renewable energy integration

Regulatory support and incentives

Decentralization and microgrids

Opportunities

Electric vehicle charging infrastructure

Rural electrification initiatives

Restraints

Lack of standardization

Perception of risk

The flywheel energy storage segment is expected to grow faster throughout the forecast period.

By technology, the pumped hydro storage segment held the highest market share in 2022, accounting for more than four-fifths of energy storage system market revenue. It is estimated to maintain its leadership status throughout the forecast period The combination of reliability, efficiency, scalability, and cost-effectiveness has positioned pumped hydro storage as a dominant technology in the energy storage system market, particularly for grid-scale applications where long-duration storage and grid support services are critical. However, the flywheel energy storage segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. The increase in innovation and development of medical devices for diagnosis in hospitals have led to an increase in the demand for flywheel energy storage devices which has a positive impact on the energy storage system market.