Energy Storage Market Review, Size, Share, Trends, Opportunities, Growth, Demand and Forecast to 2030
Research Reports
Mar 08, 2022
According to Market Research Future (MRFR), the global Energy Storage Market size is expected to garner a CAGR of more than 20.18% from 2022 to 2030(forecast period). The study gives a systematic and detailed analysis of the COVID-19 pandemic impact on the global energy storage market.
Energy storage is a very diverse subject area, ranging from small to very large systems. Energy storage is widely categorized into mechanical energy storage, electrochemical energy storage, thermal storage, and chemical storage. Energy storage systems have dominated the market for renewable energy as well as the conventional market in recent years due to the ability to store energy in different forms and supply according to end-user needs.
Energy storage can be defined as a technology that gives preference to source power without falling back on traditional energy sources. These energy systems are highly efficient and act as a flexible generation when required. Energy storage systems will lead to the efficient use of generation and grid assets and help reduce emissions in a variety of economic sectors.
Key Players
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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Industry News
In Jan 2020, MIT researchers at Oak Ridge National Laboratory reported the development of a metal-organic framework material with high electrical conductivity and energy storage capacity. Neutrons were used as a drive by scientists to boost energy storage in supercapacitors. The MOF can store and release a high quantity of electrical energy quickly, making it potentially suitable as a tough supercapacitor material.
COVID-19 to have Temporary Impact on the Global Market
The COVID-19 outbreak had a significant influence on the energy storage industry. Energy storage industry participants faced a variety of challenges, ranging from procuring raw material components and delivering finished goods to luring staff from quarantines. The coronavirus-caused lockdown slowed energy storage production, causing product costs to rise and market demand to fall.
The good news is that the energy storage market is quickly returning to normal, owing to constantly increasing energy demand, particularly from industrial sectors. Following the lifting of the lockdown in many nations, product demand in end-use sectors is expected to increase.
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Market Segmentation
The global energy storage market has been segmented into type and end-user.
By type, the global energy storage market has been segmented into mechanical, thermal, electrochemical, and chemical.
By end-user, the global energy storage market has been segmented into utility, commercial & industrial, and residential.
Regional Analysis
Europe to Dominate the Global Market
Europe dominates the worldwide energy storage market, with the utility-scale energy storage business expanding rapidly. Utility-scale technology has just recently begun to touch developed early adopter sectors and new markets in the region, owing to innovative vendors and project developers. Furthermore, factors such as rising consumer purchasing power and regulatory changes are the most important drivers of the energy storage market’s expansion.
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