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United Kingdom Energy Storage Systems Market Size, Price, Trends, Forecast: By Technology: Pumped Hydro, Electrochemical Storage, Electromechanical Storage, Thermal Storage; By Application: Grid Storage, Transportation; By End-Use : Residential, Non-Residential; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2023-2028
United Kingdom Energy Storage Systems Market Outlook
The United Kingdom energy storage systems market size is projected to grow at a CAGR of 13.50% in the forecast period of 2023-2028. The market growth is being driven by increasing energy demands in the country and rising adoption of distributed power generation systems.
Key Trends in the Market
Energy storage systems are devices or combinations of devices that are utilised to store energy reliably and supply as needed. They can save energy in different forms, including electrochemical, mechanical, and thermal, converting back into electricity, thereby providing greater reliability in energy supply. Energy storage systems are available in various sizes, shapes, and storage capacities for long and short-term energy storage.
Improvements in energy storage system technologies and capacities is a key trend contributing to the United Kingdom energy storage systems market growth. Energy storage systems have become more efficient and reliable and are available in various sizes, catering to the needs of different end users.
Rising sales and demand for electric vehicles is also aiding the expansion of the energy storage systems market in the United Kingdom. Electric vehicles are being encouraged due to their environmental-friendliness, and energy storage systems are useful for setting up efficient electric vehicle charging infrastructure.
The cost-savings offered by energy storage systems is further augmenting the United Kingdom energy storage systems market demand. During peak hours energy storage systems can be used to avoid additional surcharges, and low-cost renewable energy, such as solar, can be used reliably even at night.
Market Analysis
Based on technology, the market is divided into pumped hydro, electrochemical storage, electromechanical storage, and thermal storage. On the basis of application, the United Kingdom energy storage systems market segmentation is grid storage and transportation. By end use, the market is bifurcated into residential and non-residential.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the UK energy storage systems market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ABB Ltd
- SAMSUNG SDI Co., Ltd.
- General Electric Company
- Delta Electronics, Inc.
- Hitachi Energy Ltd
- BYD Company Limited
- Eaton Corporation plc
- Connected Energy Ltd.
- Harmony Energy Limited
- Albion Technologies UK
- Others
Market Share by Application
Grid storage accounts for a substantial portion of the United Kingdom energy storage systems market share due to the increasing importance of grid stability and reliable electricity supply. Increasing population and growing use of energy-intensive devices is leading to a higher demand for electricity, and adverse weather events are also causing frequent power outages. While generators are often used as an alternative for power generation, rising fuel costs are discouraging users from investing in generators. Accordingly, there is a greater demand for adequate power supply from the vast power grid network in the country, surging the demand for the UK energy storage systems market. These systems enable storage of additional energy which can then be used during times of shortages or outages, facilitating uninterrupted power supply to users.
Market Share by End Use
Residential occupies a sizable share of the United Kingdom energy storage systems market by end-use industry. This can be attributed to the increasing adoption of renewable energy sources, particularly in distributed power systems, in residential areas. Government initiatives to encourage the use of renewable energy sources has led to a surge in their adoption in residential settings, however, due to their intermittent nature, renewable energy is supplemented with energy storage systems. Moreover, energy needs and dependency in residential settings is relatively lower than in non-residential, so they can be supported reliably with energy storage systems, increasing the demand for the United Kingdom energy storage systems market. Non-residential end-use industries typically have energy-sensitive operations and greater energy demands which are supported by backup power supply and generation options.
Competitive Landscape
ABB Ltd, established in 1988 and currently headquartered in Zurich, Switzerland, is a technology leader, working towards a resource-efficient and more sustainable future. The company offers a wide range of services and products, including control room solutions and industrial software.
SAMSUNG SDI Co., Ltd. is an electronic materials and battery manufacturer founded in 1970 and based in Gyeonggi-do, South Korea. A part of Samsung Electronics, Samsung SDI provides power devices, automotive batteries, electronic materials, IT devices, and energy storage devices.
General Electric Company, founded in 1892 with headquarters in Massachusetts in the United States, provides equipment, services, and solutions throughout the energy value chain. The core businesses of the company include power, renewable energy, digital, additive, capital, research, and aerospace.
Other market players include Delta Electronics, Inc., Hitachi Energy Ltd, BYD Company Limited, Eaton Corporation plc, Connected Energy Ltd., Harmony Energy Limited, and Albion Technologies UK, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by End-Use Industry |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Energy Storage Systems Market Overview
8.1 Key Industry Highlights
8.2 Global Energy Storage Systems Historical Market (2018-2022)
8.3 Global Energy Storage Systems Market Forecast (2023-2028)
8.4 Global Energy Storage Systems Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 United Kingdom Energy Storage Systems Market Overview
9.1 Key Industry Highlights
9.2 United Kingdom Energy Storage Systems Historical Market (2018-2022)
9.3 United Kingdom Energy Storage Systems Market Forecast (2023-2028)
10 United Kingdom Energy Storage Systems Market by Technology
10.1 Pumped Hydro
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Electrochemical Storage
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 Electromechanical Storage
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Thermal Storage
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
11 United Kingdom Energy Storage Systems Market by Application
11.1 Stationary
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Transportation
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
12 United Kingdom Energy Storage Systems Market by End Use
12.1 Residential
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Non-Residential
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 ABB Ltd
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 SAMSUNG SDI Co., Ltd.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 General Electric Company
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Delta Electronics, Inc.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Hitachi Energy Ltd
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 BYD Company Limited
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Eaton Corporation plc
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Connected Energy Ltd.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Harmony Energy Limited
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Albion Technologies UK
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. United Kingdom Energy Storage Systems Market: Key Industry Highlights, 2018 and 2028
2. United Kingdom Energy Storage Systems Historical Market: Breakup by Technology (USD Million), 2018-2022
3. United Kingdom Energy Storage Systems Market Forecast: Breakup by Technology (USD Million), 2023-2028
4. United Kingdom Energy Storage Systems Historical Market: Breakup by Application (USD Million), 2018-2022
5. United Kingdom Energy Storage Systems Market Forecast: Breakup by Application (USD Million), 2023-2028
6. United Kingdom Energy Storage Systems Historical Market: Breakup by End Use (USD Million), 2018-2022
7. United Kingdom Energy Storage Systems Market Forecast: Breakup by End Use (USD Million), 2023-2028
8. United Kingdom Energy Storage Systems Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 13.50% between 2023 and 2028.
The major drivers of the market include increasing energy demands in the country, rising adoption of distributed power generation systems, and need for grid stability.
The key United Kingdom energy storage systems market trends include increasing generation of renewable energy, cost-savings offered by energy storage systems, and improvements in energy storage system technology.
The leading technologies for energy storage systems in the market are pumped hydro, electrochemical storage, electromechanical storage, and thermal storage.
The primary applications in the energy storage systems market in the United Kingdom are grid storage and transportation.
The significant end-use industries for energy storage systems in the market are residential and non-residential.
Energy storage systems provide greater stability and reliability to distributed generation as well as electricity delivery operations.
The major players in the market, according to the report, are ABB Ltd, SAMSUNG SDI CO., LTD., General Electric Company, Delta Electronics, Inc., Hitachi Energy Ltd, BYD Company Limited, Eaton Corporation plc, Connected Energy Ltd., Harmony Energy Limited, and Albion Technologies UK, among others.
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