High Need for Battery Storage to Set Stage for Distributed Energy Storage Systems

Highlights :

  • The global market for distributed energy storage systems is projected to grow 2.5X and reach US$ 10.6 billion by 2032.
  • The market exhibited a 7.2% CAGR between 2017 and 2021.
  • Under battery type, lithium-ion batteries dominate with a US$ 1.5 billion valuation in 2022.
  • North America accounted for a market of 27.5% market in 2021.
  • East Asia represents 21.5% market share in 2022.
  • Distributed energy storage system sales are expected to increase at CAGRs of 11.4% and 9.4% in East Asia and North America, respectively.

According to Fact.MR, the global market for distributed energy storage systems is now valued at US$ 4.2 billion and is anticipated to grow quickly from 2022 to 2032, with a CAGR of 9.6%. The market is expected to expand as a result of rising per capita energy consumption and the move toward renewable sources of energy.

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Global power demand has significantly expanded as a result of quick urbanisation, industrialisation, and increased usage of electronic equipment. There are several risks associated with the production of electricity using fossil fuels, and renewable energy sources are not always accessible. Systems for distributed energy storage can assist in storing any excess electricity produced and distributing it as needed.

The flexibility and dependability of grid systems can be improved by integrating distributed energy storage technologies into the main grid. When integrated into the distribution system, distributed energy storage can stop power sags and issues with power quality.

The ability to install distributed energy storage systems in remote places away from the primary electrical grid is anticipated to boost revenue production for market participants. In the upcoming years, sales of distributed energy storage systems are anticipated to increase significantly due to the rising need for electricity and power.

Key Takeaways from Market Study

  •  The global market for distributed energy storage systems is projected to grow 2.5X and reach US$ 10.6 billion by 2032.
  •  The market exhibited a 7.2% CAGR between 2017 and 2021.
  •  Under battery type, lithium-ion batteries dominate with a US$ 1.5 billion valuation in 2022.
  •  North America accounted for a market of 27.5% market in 2021.
  •  East Asia represents 21.5% market share in 2022.
  •  Distributed energy storage system sales are expected to increase at CAGRs of 11.4% and 9.4% in East Asia and North America, respectively.

Market Expansion

Collaborations between numerous businesses in the fields of power, batteries, electric vehicles, and distributed energy storage have significantly impacted the market’s overall growth. The use of synthetic hydrogen and methane, various distributed energy resources, integration of smart features like control and monitoring of power output and consumption, and other advancements in storage systems have opened up considerable market potential opportunities.

Competitive Landscape

Prominent distributed energy storage system manufacturers are ABB, Antora Energy, AutoGrid Systems, Inc. Black & Veatch Holding Company, BYD Motors Inc., Cision US Inc., Eos Energy Enterprises, Inc., Fluence, GENERAL ELECTRIC, Hitachi Energy Ltd., Jabil Inc., Johnson Controls, NEC Corporation, NextEra Energy Resources, LLC, Panasonic Corporation, SAMSUNG SDI CO., LTD., Schneider Electric, Tesla, and TOSHIBA CORPORATION.

  • Tensorpack T 200kWh/100kW distributed energy storage DES system, battery, and energy management system from Lingtan Intelligence was made available in June 2022. It integrated batteries, a thermal management system, a DC/AC bidirectional converter, and a fire safety system inside the cabinet.
  • Gogoro, Taipower, and Enel X joined together in October 2021 to provide bidirectional charging through their battery-swapping stations. Utilising more varied sources will widen distributed energy storage systems.
  • SimpliPhi Power and Lumin joined up in September 2021 to release a user-friendly app to track the production, use, and management of storage systems.

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