Energy Storage Market Overview:
The Global Energy Storage Market share 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).
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.
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.
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.
Regional Analysis
The energy storage market has experienced significant growth globally, with various regions playing a crucial role in its expansion. Here is a regional analysis of the energy storage market:
North America: North America has been a key player in the energy storage market, driven by the United States and Canada. The region has witnessed a surge in demand for grid-scale energy storage systems to enhance grid stability, accommodate renewable energy integration, and mitigate power outages.
Europe: Europe has been at the forefront of the energy storage market, primarily led by countries like Germany, the United Kingdom, and France. The region has focused on renewable energy adoption and aims to achieve energy transition and decarbonization targets.
Asia Pacific: The Asia Pacific region, including countries like China, Japan, and South Korea, has witnessed rapid growth in the energy storage market. The region has a strong focus on renewable energy integration, grid modernization, and electrification. China has emerged as a key player, with ambitious renewable energy targets and supportive government policies for energy storage deployment. Japan has been an early adopter of energy storage technologies, particularly in the form of lithium-ion batteries. South Korea has also made substantial investments in energy storage systems to support its renewable energy goals.
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.).
Covid-19 Impact on Energy Storage Market
Supply Chain Issues: The complex battery supply chain faced disruptions, impacting manufacturing and installation of storage systems.
Reduced Demand for Grid Services: Decreased electricity demand due to lockdowns and business closures led to lower demand for grid balancing services that storage can provide.
Renewed Focus on Clean Energy: The pandemic highlighted the importance of clean energy resilience, and storage is key to integrating renewables into the grid.
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