Rise in Global Power Demand Signifies High Future Needs for Energy Storage Systems (ESS)
The global energy storage market is likely to generate a substantial revenue pocket. Vast investments in developing sophisticated analytical tools for electricity systems planning and operation impact the market growth positively. According to Market Research Future (MRFR), the market will reach USD 5501.2 Million by 2030, growing at a 13.24% CAGR throughout the review period (2022 – 2030).
Energy Storage Market Overview
Besides, government regulations to deploy and use the storage efficiently demonstrate that the energy storage market has great potential to grow further. Energy storage systems are critical components in any power distribution system to create an affordable, reliable, thoroughly decarbonized electricity supply that can respond to the growing energy demand and climate crises the world is struggling with.
Energy storage technology providers have gone one step further in modularizing and developing a new containerized grid-scale energy storage solution. Smart energy storage solutions maximize energy production and consumption. Most utilities are increasingly deploying energy management systems, driving market growth. Besides, substantial investments in clean energy generation boost the market size.
Players leading the global energy storage market are,
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Substantial investments by the governments influence the market value. Additionally, the increasing market demand due to the rising awareness worldwide for improved green environmental quality substantiates market growth. Also, the rapid implementation of energy storage systems in production units substantiates market revenues. Increasing renewable power generation worldwide and government mandates & updated policies drive the market demand.
Industry Trends
Renewable energy generation has been growing rapidly over recent years, mainly due to the continually rising energy demand. Moreover, the rising awareness for clean energy/ green energy generation using renewable sources, such as solar, biomass, and wind & tide energy, is projected to offer significant energy storage market opportunities. Energy storage demand is huge in the residential solar market.
Increasing renewable energy share presents robust opportunities and indicates that the energy storage market demand will remain resilient. While solar storage system is expected to continue to grow in popularity, the overall energy storage market is projected to demonstrate significant growth opportunities. Subsequently, energy storage market players would witness more opportunities to advance solar energy and increase homeowners’ control over their home energy systems.
Additionally, emerging markets worldwide present untapped opportunities for energy storage uses due to significantly rising pollution levels and rapid industrialization & urbanization. Growing government mandates and updated policies, alongside the increasing renewable power generation in emerging countries, offer lucrative opportunities to international players.
The wide application of energy storage across the end-user verticals is creating substantial energy storage market demand. Besides, advancements in storage capacities and technologies would provide prudent substitute options to the end-users. Moreover, government initiatives and funding support would certainly boost the economic viability of energy storage. The rise in energy consumption and volatility in global fuel prices are projected to drive the global energy storage market share.
Energy Storage Market Segments
The report is segmented into types, end-users, and regions. Among these, the type segment is sub-segmented into thermal, mechanical, chemical, electrochemical, and others. Similarly, the end-user segment is sub-segmented into residential, commercial & industrial, utility, and others. The region segment is bifurcated into the MEA, Americas, Asia Pacific, Europe, and the Rest-of-the-World.
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Energy Storage Market Geographical Analysis
Europe is the largest market for energy storage solutions. The increasing demand for advanced energy storage solutions and the accelerating adoption of advanced technologies in energy management drive regional market growth. Also, government initiatives & utility-scale policy and the increasing energy demand increase the market size.
Furthermore, increasing renewable sources and energy consumption adoption creates considerable market demand. Growing renewable energy generation system deployments in the residential areas and increasing investments in grid and transmission infrastructures boost the region’s market shares. Moreover, the presence of leading industry players and energy service providers influences market revenues.
Energy Storage Market Competitive Analysis
This market appears highly competitive, with several well-established players forming a competitive landscape. Industry players strive to offer a wide range of energy storage systems. Due to the expected innovations and improvements in product, service, and product innovations, the market is soon expected to witness intensified competition. Players incorporate strategic initiatives such as collaboration, acquisition, partnership, product & technology launch, and expansion to gain a larger competitive share.
For instance, on June 01, 2022, e-Zinc, the zinc-air battery company, announced a pilot project collaboration with Toyota Tsusho Canada (TTCI) to trial its energy storage system at a wind farm in Texas. TTCI will support installation, integration, and system operation & maintenance (O&M) on the project.
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It is a paid demonstration project which will test and validate how e-Zinc’s commercial-scale solution can provide long-duration energy storage. The project is estimated to launch in the spring 2023 at wind Power Company Eurus Energy America Corporation’s (EEAC) Bull Creek wind facility in Texas.
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