Showing posts with label Energy Storage Market Share. Show all posts
Showing posts with label Energy Storage Market Share. Show all posts

Energy Storage Market To Touch 410,543 MW by 2030

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.


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Increasing Popularity of Renewable Energy Sources Fueling Demand for Energy Storage Systems

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.

To learn more about this report: https://bit.ly/3l2k97D

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.

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