Energy Storage Market Overview:
The Global Energy Storage Market revenue is estimated to reach up to USD 153,663.4 Million by 2030, at a driving CAGR of ~25.46% by the end of the forecast period(2022 – 2030).
The energy storage market has been growing rapidly in recent years, driven by the increasing deployment of renewable energy sources such as wind and solar power. Energy storage systems are used to store excess energy generated by renewable sources and release it when demand is high or when the renewable sources are not generating electricity.
Energy storage systems are appertained to equipment that can store multiple forms of energy and can be used as per the requirements. Energy Storage plays a truly important role in storing renewable energy. These are modular blocks utilized to store energy produced by any renewable source and release it when needed.
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The rearing energy consumption across the world, uprising demand for effective energy sources, raising demand for batteries, and shifting focus towards clean energy are increasing the growth of the market across the world. The blistering growth in the demand for effective grid management, regular load management, and efficient and continuous power supply are the prominent factors that affect market growth. The blistering industrialization and urbanization of the developing regions, uprising air pollution, growing concerns regarding carbon emissions, and boosting investments towards sustainable energy sources are the substantial factors that are evaluated to drive the growth of the energy storage systems market in the upcoming years. Additionally, the surging economic activities, uprising production facilities, and expanding adoption of digital technologies are significantly increasing the demand for effective and continuous power supply across various industries. Additionally, the surging acceptance of hybrid and electric vehicles among global consumers is another substantial factor behind the growth of the energy storage systems market. The surging penetration of electric vehicles across the world is punching the demand for batteries.
Covid-19 Impact on Energy Storage Market
Supply Chain Disruptions: The energy storage industry, like many others, experienced supply chain disruptions during the pandemic. These disruptions led to delays in the manufacturing and delivery of energy storage systems. The closure of factories, restrictions on international trade, and reduced availability of raw materials all contributed to these challenges.
Reduced Installation and Project Delays: Lockdowns and social distancing measures caused delays in the installation of energy storage projects. Many projects were put on hold or slowed down due to a shortage of labor and difficulties in obtaining necessary permits. This impacted the deployment of energy storage solutions, particularly in the commercial and industrial sectors.
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Economic Uncertainty: The economic downturn resulting from the pandemic raised concerns about the affordability of energy storage solutions. Both residential and commercial customers faced financial constraints, which affected their ability to invest in energy storage systems. This uncertainty hindered market growth.
Shift in Energy Demand Patterns: As lockdowns were imposed and people started working from home, there was a noticeable shift in energy consumption patterns. Some areas experienced decreased demand, while others saw increased residential energy consumption. This shift influenced the need for energy storage solutions in different regions.
Regional Analysis
The global Energy Storage Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia Pacific pacified the global energy storage systems market in 2020. Asia Pacific is witnessing strong economic growth owing to the blistering industrialization and fast urbanization in the region. China is the top manufacturer and the presiding consumer of energy storage systems. Further, the promoting investments in the infrastructure of electric vehicles are anticipated to have a significant impact on market growth in the upcoming years.
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North America is anticipated to have an expressive impact on market growth during the forecast period.
Europe’s industry outlook will be strong over the coming few years, owing to the uprising installation of improved power generation technologies. It’s worth mentioning that the U.K., France, Germany, and Italy have flaunted an augmented inclination for grid infrastructure projects and strict energy security policies.
Market Segmentations
The market is segmented based on type, region, and end-users. Based on the type, the market is segmented into flywheel energy storage, hydroelectricity, and batteries. Among all of them, the batteries sector is going to dominate the largest Energy Storage industry. The battery-storage systems used are nickel-cadmium, lithium-ion, nickel-zinc, nickel-metal hydride, lead-acid, and others. The lithium-ion battery sector witnessed maximum growth and expected a huge demand in the market. Based on the end-users, the market is divided into the residential and commercial & Industrial sectors.
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Key Players
The global Energy Storage Market’s prominent key players are
- Tesla Inc. (U.S.),
- AES Corporation (U.S.),
- General Electric Company (U.S),
- Sulzer Ltd. (Switzerland),
- Voith GmbH (Germany),
- Hydrostor Inc. (Canada),
- Linde AG (Germany),
- Highview Power Storage (U.K.),
- Hydrogenics Corporation (Canada),
- SolarReserve LLC. (U.S.).
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