Energy Storage Market To Touch 410,543 MW by 2030

The total size of the energy storage market was 36,774 MW in 2022, and it will grow at a rate of 35.2% in the years to come, for reaching 410,543 MW by 2030, as per a report by P&S Intelligence.

One of the main drivers in the industry is the increasing emphasis on unconventional electricity generation sources. With the fast urbanization, there is an increasing demand for solar, hydro, and wind power.

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This has a lot to do with these resources being readily obtainable, producing clean power, and can effortlessly meeting the growing requirement for electricity.

Since renewable technologies, including solar and wind, have variable outputs, ESS technologies have an inordinate potential for levelling out the supply of power from these sources and guaranteeing that the supply of power generated meets the requirement. Energy storage is also valued for its speedy response in this situation.

Most of the technologies can release power to the grid rapidly, while fossil fuel sources take longer in ramping up. This quick response is significant for guaranteeing the grid stability when there is an unanticipated increase in the requirement for power.

Li-ion battery dominated the industry in the electrochemical subsegment. This can be credited to the numerous advantages associated with it, for example, high power density low self-discharge, and low maintenance.

Furthermore, because of the falling prices, lithium-ion batteries have high requirement for electricity storage. Additionally, these will also have the major share of all battery energy storage technologies because of low requirements of lightweight design, maintenance, long life, high- power density, and high charge/discharge competence.

Another factor increasing the requirement for ESSs globally is the growing cost of electric power. Because of the increasing urbanization and population, particularly in China, India and Brazil, there is a high need for electricity. Consequently, power plants are running at full capacity, subsequent in a steady increase in prices of the power.

Moreover, the inaccessibility of fuel is subsequent in the instability of prices. These factors have led to an augmented emphasis on conservation of resource, thus subsequent in the acceptance of ESSs. These systems are put to use for storing power when its cost is low or to store whatever extra is produced. The power stored can be employed when the cost of the power surges.

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APAC dominated the energy storage market with 17,652 MW in 2022, because of the high-volume project EPC activities in Japan, India and China. Furthermore, the highest capacity of storage will be added in APAC, observing the significant growth in the years to come.

It is because of the expanding renewable sector, the demand for energy storage will increase in the years to come.

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