Energy Storage Market Growth Analysis, Opportunities, Trends, Developments, and Forecast to 2030

Power plants operating on conventional fuels, such as coal, oil, and natural gas, are detrimental to the environment, as the combustion of such fossil fuels generates harmful pollutants. Owing to the surging air pollution levels across the world, international organizations and governments are encouraging the usage of energy storage systems employing cleaner and non-conventional forms of power generation. Such systems are used to store the surplus electricity for future needs, in situations of extensive power demand or low energy production.

Moreover, the mounting cost of conventionally produced power will drive the energy storage market at a CAGR of 3.3% during the forecast period (2020–2030). The market size is expected to grow from 171,039.3 Megawatts (MW) in 2019 to 69,917.6 MW by 2030. Most of the power plants are running at full capacity to cater to the high electricity demand, owing to which electricity cost is surging exponentially. To overcome this issue, governments are encouraging the adoption of energy storage systems to store the power generated in surplus or in lower quantities than required.

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According to P&S Intelligence, the Asia-Pacific (APAC) region has emerged as the largest user of energy storage systems in recent years owing to the increasing number of project engineering, procurement, and construction (EPC) activities in China, India, and Japan. Currently, power utilities in Asia are viewing these systems as the next level of upgradation in smart grid technologies. Thus, the mounting investments in energy storage solutions on account of the burgeoning demand for stable grids and rising government focus on smart grids will boost their adoption in the region.

Furthermore, Latin America (LATAM) and Africa are expected to demonstrate rapid growth in the energy storage market during the forecast period due to the increasing public and government interest in the potential of battery storage systems and PHES in these regions. Additionally, the plunging raw material prices are encouraging regional governments to install these systems and reduce the base power deficit. In recent years, Argentina and South Africa have installed a large number of PHSs, whereas Haiti has installed a series of battery-based systems in its energy mix.

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Thus, the increasing international concern about air pollution and escalating electricity prices are encouraging the adoption of energy storage systems worldwide.

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