Energy Storage Market Will Generate 410,543 MW by 2030

The energy storage market was 36,774 MW in 2022, and it will generate 410,543 MW, advancing at a 35.2% compound annual growth rate, by 2030.

The growth of the industry is mainly because of the rising focus on alternative electricity sources, the growing concerns concerning the increasing pollution levels due to fossil fuel combustion, and the high accessibility of batteries.

Request for sample pages of this report:  https://www.psmarketresearch.com/market-analysis/energy-storage-market/report-sample

Based on type, the mechanical category led the energy storage market. This is attributed to the relatively advantageous economics over a long period and the high energy volume produced through pump hydro-mechanical projects.

Moreover, the liquid air energy storage, compressed air energy storage, and commissioning of hydro projects in the years to come will also assist this category to continue its dominance.

Furthermore, in 2022, the lithium-ion battery accounted for the largest share of the electrochemical subsegment. This is because of the numerous advantages related to it, for instance, low self-discharge, low maintenance, and high-power density. Additionally, because of the decreasing prices have led to an increasing demand for lithium-ion batteries for electricity storage.

Another reason boosting the demand for energy storage systems all over the world is the rising electric power cost. Because of the increasing urbanization and population, particularly in Brazil, India, and China, there is a growing need for electricity. Therefore, power plants are functioning at full capacity, which led to a gradual rise in the prices of power.

Browse the full report at: https://www.psmarketresearch.com/market-analysis/energy-storage-market

In 2022, APAC accounted for the largest energy storage solutions user with 17,652 MW, and it will remain the largest in the years to come. This is because of the procurement, high-volume project engineering, and construction activities in Japan, China, and India.

Furthermore, the acceptance of solar energy storage systems is growing at a significant rate in APAC. This is because these systems are lucrative for grid operators in managing network instability and for consumers in controlling utility expenses.

The rising variable renewable power generation amount in APAC, mainly solar and wind power is boosting awareness of grid-tied electricity storage technologies. Therefore, it is fueling the industry growth and will grow with a compound annual growth rate of over 56% in the years to come.

The European energy storage industry will advance at a significant rate in the years to come, which is primarily boosted by local subsidies. Western European nations will observe a robust need for commercial energy storage systems, as well as the rising data centers network in the region.

Hence, with the advantageous government policies and enhancing economy, as well as the increasing renewable sector, the energy storage industry will continue to grow in the years to come.

About P&S Intelligence

P&S Intelligence is a market research and consulting firm shaping growth strategies for enterprises with a global as well as niche presence. We specialize in both syndicate and custom market research, creating insight-laden reports that allow customers to stay ahead at every curve. Our clients range from multi-billion-dollar behemoths across industries to up and coming MSMEs and startups. Moreover, with our new offering, government, and public sector advisory services, we continue to trudge ahead in our quest for revolutionizing the way economies shape themselves in these ever-changing times.

Contact:
Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blogs: https://worldwideanalysistrends.blogspot.com/
Follow Us: https://www.linkedin.com/company/pnsintelligence/

This release was published on openPR.