United Kingdom Energy Storage Systems Market Report and Forecast 2024-2032

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 2024-2032. 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