Global Energy Storage Market To Reach 240,956.9 MW by 2030

The total energy storage market was 171,039.3 Megawatts in 2019, and it is predicted to reach 240,956.9 MW by 2030. The growing focus on adopting alternative modes of power generation, increasing energy cost, and growing pollution allied with the traditional sources of energy are the major factors that have a positive impact on the growth in energy storage usage around the world. Due to these factors, the market growth will be at a CAGR of 3.3% during the coming years.

The energy storage market also faced a negative impact during the pandemic like most of the other industries due to delays, cancellations of orders, difficulties in the procurement of materials, and many other factors. Though, the impact of the pandemic is bound to reduce in the future owing to the government support for transmission system operators (TOSs) and distribution system operators (DSOs) and the increasing focus on generating power with the help of a clean source.

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The mechanical category had the most share in the energy storage market in the past. The increasing use of mechanical storage systems is because of their high storage capacity, promising economics, and ability to maximize electricity generation from natural resources. This category is divided into pumped hydro storage (PHS), liquid air energy storage (LAES) compressed air energy storage (CAES). Among these, the PHS category had the largest size because of the presence of a fairly high number of storage systems using water reservoirs.

It is predicted that the LATAM and African regions will experience a sharp rise in the market revenue in the near future. The main reason for this is the increasing interest in the potential of battery storage systems and PHSs in the regions. In addition, the dipping prices of raw materials have stimulated local governments to make use of these systems and lessen the power deficit. In the coming years, these countries are expected to increase the installation of such systems, which will improve the energy storage market in the remaining world.

The demand for energy storage systems is increasing due to the rising need to lessen the dependence on oil, gas, and coal for generating power. Renewable-energy power plants use storage technologies to cope with the unreliable outputs offered by these energy sources, as these knowledges ease the electricity supply and guarantee that the demand for the same is met. These technologies aid save a lot of time in feeding the electricity to the grid, unlike fossil fuels.

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Power plants are running full-throttle to cope with the high electricity demand; thus, the overall electricity cost is increasing. Besides, factors like the absence of a consistent fuel supply and high costs of logistics have resulted in the unstable prices of energy. Because of these factors, the world has started concentrating more on energy conservation, which is why the energy storage market is developing. These kinds of systems are installed to store energy when the prices are low or excess energy is generated, and the stored energy can be used when the price or the demand for power increases.

Hence, the market is growing because of the bent of people toward cleaner sources of energy.

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