Distributed Energy Storage Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033


Distributed Energy Storage Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033: SPER Market Research

 Category : Power & Energy

 Published: Nov-2023
 Author: SPER Analyst

Global Distributed Energy Storage System Market is projected to be worth USD 13.67 billion by 2033 and is anticipated to surge at a CAGR of 9.89%.

Distributed energy storage, or DES, is the use of power storage devices close to end users that can react quickly and supply energy as needed. Distributed energy storage systems are installed close to the final customers, such as in houses or businesses. Although this technology has been around for a while, technological developments have assisted in making this type of energy storage fulfill the appropriate requirements and laws. The system's two most important components are the bidirectional inverter and the DC-charged batteries. A smart grid's energy distribution is appropriate for this energy storage system.

Global Distributed Energy Storage System Market Driving Factors and Challenges
Growth Drivers:
  • A micro grid is a network of distributed energy sources and loads that operate as a single, controlled entity in relation to the grid. Depending on its ability to connect to and disconnect from the grid, it can function in grid-connected or island mode. Microgrids are becoming more popular due to their capacity to improve consumer reliability and resilience to grid outages. Local power generating resources such as storage, renewable energy sources, and conventional generators can keep the local grid running even if the main system is disrupted by the usage of modern microgrids.
  • The most environmentally friendly forms of energy are those derived from renewable resources such as solar and wind power. Green energy is non-harmful to the environment, which is why investments in it have skyrocketed.

Challenges: The market for distributed energy storage devices is expanding, but one of the key issues with lithium-ion batteries is thermal runaway. Internal cell faults, mechanical malfunctions or damage, and high voltage are the main reasons of thermal runaway. Thermal runaway causes high temperatures, gas buildup, and potentially catastrophic battery cell rupture that results in fire or explosion. If the thermal runaway is not stopped, it can inflict even more damage by spreading from one cell to the next. As a result, it is projected that this factor would limit market expansion in the next years.

Impact of COVID-19 on Global Distributed Energy Storage System Market
The ongoing COVID-19 outbreak has had an impact on the global power industry. As a result of the current situation, several gadget manufacturing companies around the world have been forced to close their operations and facilities, with some even going so far as to institute complete lockdowns to combat the epidemic. Despite an increase in the consumption of electricity in residential buildings, the COVID-19 epidemic has resulted in a significant decrease in power demand. To mitigate the effects of the coronavirus, governments around the world were forced to limit commercial activities. In the short term, the drop in firm operations has harmed distributed energy resource management system solutions.

Distributed Energy Storage System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB Ltd, Advanced Control Systems, LLC, Hitachi, Ltd, Johnson Controls International Plc, LG Energy Solution Ltd, NEC Corporation, The General Electric Company, Jabil Inc, Others.

Global Distributed Energy Storage System Market Segmentation:

By Capacity Type: Based on the Capacity Type, Global Distributed Energy Storage System Market is segmented as; Single-phase Type, Three-Phase Type, Double-phase Fire Line Type.

By Battery: Based on the Battery, Global Distributed Energy Storage System Market is segmented as; Nickel-Cadmium, Lead Acid, Lithium-Ion, Others.

By Application: Based on the Application, Global Distributed Energy Storage System Market is segmented as; Transportation, Grid Storage, Renewable Energy Storage, Others.

By End User: Based on the End User, Global Distributed Energy Storage System Market is segmented as; Commercial, Residential.

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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