Electrical Energy Storage Market is projected to reach the value of $15.02 billion by 2030

According to the report published by Virtue Market Research, the Global Electrical Energy Storage Market was valued at $2.52 billion in 2022 and is projected to reach a market capitalization of $15.02 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 25%. Government initiatives encouraging the use of energy storage systems, the propelling need for renewable energy sources and grid stability, the need for energy management and cost reduction, as well as a number of other factors, are all having an influence on the rising CAGR of the global electrical energy storage market. Technology advancements and an increase in the use of electric vehicles are both contributing to the sector's growth.

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A significant market driver for battery energy storage systems is the rising need for a stable and adaptable power supply system. The demand for effective storage solutions has increased significantly as the use of renewable energy sources like solar and wind power has grown. Weather-related variations in energy production can lead to grid imbalances that energy storage systems can efficiently correct. In addition, the market for battery energy storage is expanding due to the desire for off-grid power options in distant locations and rural electrification. Particularly developing countries are making significant investments in these systems to improve their power infrastructure and achieve energy security. Battery energy storage devices are being adopted in a variety of applications, including the industrial, residential, and commercial sectors, due to their low cost and capacity to continuously increase system efficiency. As a result, the market for battery energy storage is anticipated to experience rapid expansion in the years to come.

The COVID-19 outbreak had an effect on the market for battery energy storage systems, delaying the installation of these systems in utility projects until 2021 as a result of supply chain snags and a drop in demand. The market is likely to rebound, however, as a result of rising battery consumption and the government's commitment to modernizing the electrical sector. In the future years, it is predicted that the use of battery energy storage devices will increase as society moves towards a low-carbon, renewable energy-based economy, and rural electrification initiatives are implemented. However, despite obstacles like installing such systems in remote areas and the costly initial investment, there are growing opportunities as lithium-ion battery prices fall. Overheating and battery ageing are problems for producers, but grid modernization and the growing use of lithium-ion batteries in renewable energy give the potential for growth. Despite the fact that it won't be until 2030 before market value returns to pre-COVID-19 levels, the government's focus on modernizing the electrical sector and the growing usage of battery energy storage technologies offer a promising prognosis for growth.

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Segmentation Analysis:
The global Electrical Energy Storage Market segmentation includes:

By Battery Type:
• Lithium-Ion Batteries
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others.

There are four main battery types that may be used to segment the global electrical energy storage market: lithium-ion batteries, advanced lead-acid batteries, flow batteries, and others. The most popular battery type at the moment is lithium-ion, and this trend is anticipated to remain for the foreseeable future. This is explained by a number of its benefits, including high energy and power density, a lifespan of 5 to 15 years, up to 98% efficiency, and lower standby losses. Suitable for on-grid connections, lithium-ion-sulfur battery energy storage systems can assist in frequency regulation, demand charge reduction, grid-buffering, and renewable energy integration. Due to the increasing demand for dependable and affordable energy storage solutions, improved lead-acid batteries and flow batteries are increasingly becoming more popular on the market.

By Application:
• Residential
• Commercial
• Utility

Electrical energy storage market categories can be divided into residential, commercial, and utility applications. It is projected that market dominance would happen in the utility application industry in 2022. The necessity to satisfy peak electricity demand is causing this business to grow. In the event of a sudden change in an energy source, battery energy storage systems (BESS) provide control services for power quality, frequency, and voltage. Battery energy storage systems can aid grid operators in reducing their energy use in times of abundant renewable energy sources. Battery energy storage systems are becoming more and more important in the utility sector because of the rising need for a dependable and efficient supply of electricity as well as the developing need for renewable energy sources.

Regional Analysis:
North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa make up the geographical segments of the market for electrical energy storage. Between 2023 and 2030, market share growth for battery energy storage systems is anticipated to occur most quickly in the APAC region. The government's initiatives to provide electricity to off-grid distant areas and the implementation of new rules to raise the standard of power distribution facilities for residential consumers may be credited with the market expansion in APAC. The region's various governments' efforts to lessen the negative environmental effects of the energy sector are also supporting the use of battery energy storage devices in both residential and business settings. In order to increase access to electricity, it is predicted that domestic energy storage technology would become more popular in isolated island villages in the APAC region.

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Latest Industry Developments:
• In November 2021, The Epsilon-5 Launch Vehicle was powered by "common lithium-ion batteries for launch vehicles," according to GS Yuasa Company (Tokyo Stock Exchange: 6674), a group participant, and the launch was successful. Epsilon Launch Vehicles have used GYT lithium-ion batteries since their first launch in 2013. The criteria under which the batteries are made are laid forth in a contract with IHI Aerospace Co., Ltd. Several industries, including those in the automotive, industrial, and aerospace sectors, use these GS Yuasa lithium-ion batteries.

• In January 2023, an agreement for a five-year comprehensive strategic collaboration between NIO and CATL was made. Together, they will elevate each other's standards and provide the auto industry with game-changing solutions.

• In February 2023, GS Yuasa Corporation announced that batteries developed and manufactured by their Group company, GS Yuasa Technology Ltd. ("GYT"), are to be used in the H3 Launch Vehicle (H3 TF1: Test Flight No.1). The H3 Launch Vehicle is a joint venture of Mitsubishi Heavy Industries, Ltd. (Tokyo Stock Exchange: 7011; "MHI") and the Japan Aerospace Exploration Agency ("JAXA"), and is set to launch from the Tanegashima Space Center.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.