The size of the energy storage market was 36,774 MW in 2022, and it will grow at a rate of 35.2% in the years to come, for reaching 410,543 MW by 2030, as said in a report by a market research company, P&S Intelligence.
One of the key drivers of the industry is the increasing emphasis on alternative sources of generating electricity. With the quick urbanization, there is a growing requirement for solar, hydro, and wind power.
This has a lot to do with the fact that these resources are easily available, produce clean power, and can effortlessly meet the snowballing electricity requirement. Since renewable technologies, such as wind and solar, have variable outputs.
Li-ion battery dominated the industry in 2022 in the electrochemical subsegment. This has a lot to do with the numerous advantages related to it, for example low self-discharge, high-power density, and low maintenance.
Furthermore, because of the reduction in prices, lithium-ion batteries are preferred by people as a source for energy storage.
Besides, these products will also dominate battery energy storage technologies by reason of their low maintenance necessities, long-life, lightweight design, high-power density, and high charge/discharge competence.
One more factor powering the requirement for ESSs all over the world is the growing electric power cost. As a result of the increasing population and development, particularly in Brazil, China, and India, there is a high prerequisite for electricity.
Consequently, power plants are running at full-throttle, resultant in a steady increase in the prices of power.
Also, the absence of fuel is resultant in the instability of prices. These factors have brought about an increased focus on resource conservation, thus ensuing in the acceptance of ESSs. These systems are put to use for storing power when its price is low or for storing the excess. The power stored can be put to use when the power prices go-up.
APAC led the energy storage market with 17,652 MW in 2022, on account of the high-volume project EPC activities in Japan, India and China.
Furthermore, the highest storage capacity will be added in this region, which will witness the substantial growth in the years to come.
Presently, Asian power utilities take into consideration power storage systems the next upgrade in smart grid technologies. With the growing requirement for stable grids and snowballing emphasis of governments on smart grids, the region will increase its fundings on these technologies in the years to come.
It is because of the budding renewable sector all over the world, the demand for energy storage utilities will continue to grow at a considerable rate in the years to come.
