Due to the increasing adoption of renewable sources of energy, the demand for energy storage systems is growing rapidly across the world. With the rise in the pollution levels, the public preference for renewable energy sources such as solar and wind is increasing explosively over the conventionally used energy sources such as coal, gas, and oil. Furthermore, as the renewable energy sources have extremely variable outputs, their growing usage is positively impacting the demand for energy storage technologies.
Due to the above-mentioned factors, the popularity of energy storage technologies is soaring all over the world. This is propelling the growth of the energy storage market. As per P&S Intelligence, a market research company based in India, the size of the market was 171,039.3 Megawatts (MW) in 2019. The size of the market is predicted to rise by 69,917.6 MW between 2020 and 2030. Furthermore, the market will progress at a CAGR of 3.3% from 2020 to 2030.
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Based on type, the energy storage market is divided into electrochemical, mechanical, thermal, and chemical categories. Out of these, the mechanical category had a considerable share in the market during the last few years. This is credited to the fact that the usage of the mechanical utility storage devices has been traditionally very high all over the world, predominantly because of their very high storage capacities and the vast volumes of energy produced from the pump hydro mechanical systems.
Historically, the Asia-Pacific (APAC) energy storage market exhibited the highest growth in the world. This is attributed to the high number of engineering, procurement, and construction (EPC) projects in Japan, China, and India. Furthermore, the market is predicted to register major advancement in the region in the forthcoming years, on account of the increasing installation of energy storage systems in the region. Additionally, the storage capacity added by the APAC region in the market over the next several years is predicted to be the highest across the world.
Hence, it can be concluded that the market will demonstrate tremendous growth in the upcoming years, primarily because of the increasing requirement of energy storage, on account of the rising power prices, environmental damage caused from conventional energy generation, and growing adoption of renewable energy sources such as wind and sunlight for power production throughout the world.
