Distributed Energy Storage System Market Share Analysis Report, 2023-2032
The global distributed energy storage system market size was exhibited at USD 8.92 billion in 2022 and is projected to hit around USD 22.74billion by 2032, growing at a CAGR of 9.81% during the forecast period 2023 to 2032.
Key Pointers:
COVID-19 Impact Analysis on Power Demand
Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. This has adversely affected the demand for electricity for commercial purposes. In turn, this has hampered the global distributed energy storage system market.
Distributed Energy Storage System Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 9.8 Billion |
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Market Size by 2032 |
USD 22.74 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 9.81% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
By Technology and By Application |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
Repsol, Neste, GS Caltex Corporation, Bharat Petroleum Corporation Limited, H&R OWS Chemie GmbH & Co. KG, SK Lubricants Co., Ltd., LUKOIL, Bahrain Lube Distributed energy storage system Company, Sepahan Oil, Saudi Arabian Oil Co., BP p.l.c, Indian Oil Corporation Ltd., Shell plc., Chevron Corporation, Abu Dhabi National Oil Company, ExxonMobil Corporation, PetroChina Co., Ltd., PT Pertamina (Persero), Petroleum & Chemical Corp. (SINOPEC), PetroCanada Lubricants Inc., CNOOC Limited. and Others. |
Distributed Energy Storage System: Introduction
Distributed energy storage system enables smooth integration of renewable energy sources to the main grid by reducing their variability. Furthermore, distributed energy storage system helps in storing excess power generated by renewable sources in order to be used during peak demand. Therefore, increase in adoption of renewable energy and rise in demand for clean power are anticipated to be major drivers of the distributed energy storage system market.
Distributed energy storage system provides support and reduces stress on grid infrastructure during peak hours by providing back-up power, voltage support, frequency support, power quality, and peak shaving in the grid. This enables power companies to meet the rise in demand for electricity with relative ease at any possible time. Therefore, increase in demand for power is estimated to be a key driver of the distributed energy storage system market.
Key Drivers and Restraints of Distributed Energy Storage System
Integration of advanced technologies, synergetic digital communication, and smart control strategies in existing power grid have resulted in a new phenomenon, known as smart grids, in the power sector. Development of smart grids has transformed the way in which power is generated, distributed, and consumed. It has resulted in better and improved grid utilization, reliability, and security for customers and power companies. Smart grids are now viewed as energy infrastructure solutions for future intelligent cities. Distributed energy storage system helps in balancing power generation and demand across a grid, thereby supporting and playing a crucial role in smart grid implementation and operation. Furthermore, distributed energy storage system enables integration of distributed energy generation systems into main grid, thereby increasing the resilience and reliability of grid operations. Thus, emergence of smart grid is expected to offer lucrative opportunities for global distributed energy storage system market.
Ratification of the Paris Agreement to curb the rise of global temperature below 2?C has resulted in significant investment in renewable energy sources across the globe. Governments and concerned authorities are investing substantially in order to increase their share of renewables in the energy mix. Sources of renewable energy such as solar, wind, biomass, gas-driven microturbines, fuel cells, and hydropower are gaining momentum in energy generation mix. They are expected to play an important role in power generation. Significant portion of power generated from these renewables is off-grid, and can be intermittent and variable. Such unpredictable nature and abrupt fluctuations in power & voltage necessitate the requirement of energy storage solutions for the effective implementation of these resources. This has resulted in development of distributed energy storage system across the globe.
Some of the prominent players in the Distributed Energy Storage System Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Distributed Energy Storage System market.
By Technology
By Application
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers