Press release
Global Renewable Energy Storage Market: Growth and Key Developments
Global Renewable Energy Storage Market was valued at USD 949.9 million in 2023 and is projected to reach USD 2,253.0 million
Market Overview
Advanced energy storage technologies are essential for enhancing grid resilience, stability, and dependability. They provide vital grid services like frequency control, voltage support, peak shaving, load shifting, and backup power, which boost market growth. The global shift towards sustainable energy and decarbonization is a significant driver of renewable energy storage. Industries, utilities, and governments worldwide are setting ambitious targets to increase the share of renewable energy, reduce greenhouse gas emissions, and phase out fossil fuels. Energy storage plays a crucial role in achieving these sustainability goals by enabling the efficient integration of renewable energy sources.
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Market Dynamics
Integration of Renewable Energy Sources
Renewable energy sources like solar and wind power are inherently intermittent, impacting the electricity they can produce based on weather and time of day. Energy storage technologies mitigate this intermittency by storing excess electricity during high generation periods and releasing it when demand exceeds supply. This capability enhances the reliability and stability of renewable energy systems, making them more viable and attractive to end-users and grid operators.
Energy storage systems also help maintain grid stability, reduce peak loads, and optimize energy supply and consumption patterns. They allow for the most efficient use of renewable energy sources by storing excess energy during high-generation periods and using it during low renewable output or high demand periods. This maximizes the use of clean, renewable energy without relying on fossil fuel-based backup power.
Segment Analysis
Solar Power Dominance
Based on type, the renewable energy storage market is segmented into wind power, hydroelectric power, solar power, bioenergy, and others. Solar power dominates due to the global increase in solar PV installations. Energy storage technologies are essential for managing intermittent solar power, storing excess energy, and maintaining grid stability. Energy storage systems complement solar power by providing grid flexibility and stability, managing peak loads, balancing supply and demand, and reducing curtailment of excess solar power.
Technological advancements and cost reductions in energy storage, particularly lithium-ion batteries, make solar power integration more feasible and economical. Major players continue to launch new products and expand their capacities to boost market growth. For instance, First Solar Inc. launched a 3.3 GW manufacturing facility in India on January 11, 2024, enhancing its capacity to produce photovoltaic (PV) solar modules optimized for the Indian market.
Geographical Penetration
Europe
Europe dominates the renewable energy storage market due to strict renewable energy regulations and ambitious targets for energy independence, renewable energy utilization, and greenhouse gas emission reduction. Programs like the Renewable Energy Directive and the European Green Deal encourage investments in renewable energy storage, crucial for the energy transition.
Europe has made significant progress in integrating renewable energy sources like hydropower and wind into its energy mix. Energy storage systems are essential for managing intermittent renewable supply, maintaining grid stability, and optimizing energy consumption. European nations are leading in adopting advanced energy storage technologies and solutions, supported by financial incentives and R&D programs.
Major global players in the market include:
• Delta Electronics, Inc.
• General Electric Company
• Hitachi, Ltd.
• Siemens Energy
• Tesla, Inc.
• Toshiba Corporation
• Trina Solar Co., Ltd.
• ABB Ltd.
• EVLO Energy Storage Inc.
• NEC Corporation
Key Developments
March 19, 2024: Goodenough Energy launched India's first battery energy storage gigafactory in Jammu and Kashmir, aiming for a capacity of 20 GWh by 2027 to support India's target of 500 GW renewable energy capacity by 2031.
September 14, 2023: Hithium launched a 5MWh energy storage container solution using 314 Ah lithium iron phosphate (LFP) cells.
January 11, 2024: Plus Power announced its Kapolei Energy Storage facility in Oahu, Hawaii, using 158 Tesla Megapack 2 XL lithium iron phosphate batteries to support the transition from coal and oil to solar and wind energy.
View full report: https://www.datamintelligence.com/research-report/renewable-energy-storage-market
Related Reports:
https://www.datamintelligence.com/research-report/renewable-energy-integration-systems-market
https://www.datamintelligence.com/research-report/residential-energy-storage-market
https://www.datamintelligence.com/research-report/hydrogen-energy-storage-market
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Contact Person: Sai Kiran
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DataM Intelligence 4Market Research is a market intelligence platform that gives access to syndicated, customized reports and consulting to its clients in one place. As a firm with rich experience in research and consulting across multiple domains, we are a one-stop solution that willcater to the needs of clients in key business areas. DataM Intelligence has an online platform whose industries such as chemicals and materials, agriculture, health care services, animal feed, and food & beverages, among others. Our platform has Insights on markets that uncover the latest market research data that are distinct from the competition. With coverage across 10 major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will let individuals and corporations ease access and custom personalization to research and markets.
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