Press release
Rising Focus on Unconventional Energy To Propel Energy Storage Market at 3.3% CAGR between 2020 and 2030
This is the primary reason because of which the global energy storage market would reach 240,956.9 Megawatts (MW) by 2030, from 171,039.3 MW in 2019, at a CAGR of 3.3% between 2020 and 2030. This is because, though environment-friendly, such methods of electricity production don’t always have a reliable output, which makes storing the energy being generated necessary. In addition, most of the energy storage systems can feed power to the grid almost instantly, whereas conventional methods take a little time.
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The effect of the COVID-19 crisis has been quite negative on the energy storage domain, as, due to the lockdown imposed in several nations, the demand for electricity and its purchase price have fallen drastically. This is because retail and industrial activities in the under-lockdown countries have stopped for the time being. Moreover, the supply of energy storage system components from China has also taken a hit, thereby further stalling the commissioning of such projects. Only after 2021second quarter is the situation expected to improve, till which time the market stakeholders would have to grind hard.
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Asia-Pacific (APAC) currently is and is also expected to be the largest market for such technologies in the coming years. This is because regional governments are focusing on making their grid stable and smart, for which integrating energy storage systems is being deemed important. With the increasing implementation of renewable energy projects, as part of the phasing out of conventional energy sources, the demand for storage technologies in the region is set to rise massively in the coming years.
The major companies in the global energy storage market are S&C Electric Company, Greensmith Energy, Fluence Energy LLC, LG CNS, NEC Energy Solutions, Convergent Energy and Power LP, Contemporary Amerex Technology Co. Limited, Tesla Inc., Duke Energy Corporation, and NextEra Energy Inc.
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Energy Storage Market Size Breakdown by Segment
Based on Type
Mechanical
Pumped hydro storage (PHS)
Liquid air energy storage (LAES)
Compressed air energy storage (CAES)
Electrochemical
Lithium battery
Lead–acid battery
Sodium–sulfur (NaS) battery
Thermal
Chemical
Geographical Analysis
North America
U.S.
Canada
Europe
Spain
Portugal
Switzerland
Germany
Austria
Asia-Pacific (APAC)
China
Japan
India
Indonesia
South Korea
Rest of the World (RoW)
South Africa
Israel
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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