Energy Storage Market Business Insights, Scope, Revenue Share, Forecast By 2030
Research Reports
Sep 11, 2023
Energy Storage Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), Energy Storage Market Information by Type, End-User, and Region – Forecast till 2030, According to projections by Market Research Future (MRFR), by 2030, the energy storage industry will have surged from USD 25,038.4 Million in 2022 to USD 153,663.4 Million by 2030. Over the duration of the study period (from 2022 to 2030), this expansion will likely be perceptible at an astounding rate of 25.46%
The technique of storing energy produced at one time for use at a later time in order to balance out the imbalance between energy production and demand is known as energy storage. An energy-storing device is referred to as an accumulator or battery.
The transition to a sustainable energy system depends heavily on battery energy storage. Battery energy storage systems regulate voltage and frequency, reduce peak demand costs, include renewable energy sources, and provide a backup power source. Batteries, which make up around 60% of the system’s total cost, are a major component of energy storage systems. However, it is projected that fewer batteries would make up the total installed storage capacity.
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Market Competitive Landscape:
- Tesla Inc. (US)
- AES Corporation (US)
- General Electric Company (US)
- Sulzer Ltd. (Switzerland)
- Voith GmbH (Germany)
- Hydrostor Inc. (Canada)
- Linde AG (Germany)
- Highview Power Storage (UK)
- Hydrogenics Corporation (Canada)
- SolarReserve LLC. (US)
Market Drivers:
Electric vehicles are gaining widespread acceptance and utilization, which has a significant impact on the market. Growing concerns about the environmental damage caused by vehicles are to blame for the rise in demand for energy storage devices. Systems for storing different types of energy storage can be employed as tools when appropriate. Commercial, industrial, and residential sectors all need energy storage systems. As a result of rising awareness of the development of renewable energy sources and rising energy demands, the market for energy storage systems is expanding. Rapid urbanization and industrialization in developing countries have increased the demand for energy storage systems.
More people are becoming aware of the damaging impact of CO2 emissions and other greenhouse gases on the environment. As opposed to conventional coal or fossil fuel sources, this has increased interest in renewable energy sources. This trend is expected to increase demand for energy storage systems internationally in the coming years. It is more economical and environmentally friendly to use energy storage options than conventional storage systems to support renewable energy sources. Governments’ severe environmental regulations have accelerated the development of electric vehicles since they emit less pollution than vehicles powered by petroleum. Electric cars require energy storage systems. All of these elements have helped to increase income in the energy storage business.
Market Restraints:
The mismatch between the supply and demand for raw materials including cobalt, lithium, and graphite is expected to restrain market growth for the duration of the forecast period.
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Market Segmentation
The various types of energy storage systems that are offered on the market include mechanical, thermal, electro-chemical, and chemical ones. In terms of revenue, the electro-chemical market segment dominated in 2021. This is mostly due to the increased demand for liquid electronic materials for internal electronic device cleaning and polishing.
The Energy Storage Market data was divided into utility, business and industrial, and residential end-user sectors. Utility, which dominated the market in 2021, is anticipated to grow more quickly throughout the course of the projection period, 2022-2030. The rise in funding for the development of utility-scale power facilities provides an explanation for this.
Regional Insights
The Asia-Pacific energy storage market touched USD 0.88 billion in 2021, and will most likely attain a significant CAGR over the research period. Increased government spending on electrifying rural areas, increased government initiatives to encourage businesses to adopt renewable energy sources, and increased government investments in the adoption of sustainable energy sources are the main factors propelling the growth of the energy storage systems market in the region.
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The North American energy storage market has the second-largest share as a result of the increasing number of initiatives to lessen carbon footprint, growing knowledge of the benefits of renewable energy sources, and growing demand for a stable and efficient power supply. These elements are projected to stimulate market expansion in this area.
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