Driven by the increasing pollution caused due to the use of fossil fuels for power generation, reducing prices of batteries, increasing energy supply costs, and growing popularity of renewable energy sources such as sunlight, and wind, the global energy storage market attained a capacity of 171,039.3 MW (Megawatts) in 2019. Furthermore, as per the predictions of P&S Intelligence, a market research company based in India, the market will exhibit a CAGR of 3.3% from 2020 to 2030 and demonstrate a capacity growth of 69,917.6 MW by 2030.
The increasing costs of power and the growing volatility in their prices have significantly propelled the demand for energy storage all over the world. The soaring urbanization and industrialization has tremendously increased the requirement of power in several countries. Additionally, the reducing availability of regular fuel supplies and the increasing costs of logistics have caused a sharp rise in power prices, which has, in turn, boosted the demand for energy storage. This is mainly done so that power can be provided in times of peak demand and steep energy costs.
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This category is further divided into liquid air energy storage (LAES), compressed air energy storage (CAES), pump hydro storage (PHS), and various other systems such as flywheels. Out of these, the PHS sub-category held a significant share in the energy storage market over the last several years. This is primarily because of the presence of a sizeable number of energy storage devices using the various water reservoirs for generating power across the world.
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Historically, the Asia-Pacific (APAC) energy storage market exhibited the highest growth in the world. This is attributed to the high number of engineering, procurement, and construction (EPC) projects in Japan, China, and India. Furthermore, the market is predicted to register major advancement in the region in the forthcoming years, on account of the increasing installation of energy storage systems in the region. Additionally, the storage capacity added by the APAC region in the market over the next several years is predicted to be the highest across the world.
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