openPR Logo
Press release

Global Renewable Energy Storage Market: Growth and Key Developments

05-23-2024 02:24 PM CET | Energy & Environment

Press release from: DataM Intelligence 4market Research LLP

Global Renewable Energy Storage Market was valued at USD 949.9 million in 2023 and is projected to reach USD 2,253.0 million

Global Renewable Energy Storage Market was valued at USD 949.9 million in 2023 and is projected to reach USD 2,253.0 million

The Global Renewable Energy Storage Market was valued at USD 949.9 million in 2023 and is projected to reach USD 2,253.0 million by 2031, growing at a CAGR of 11.4% from 2024 to 2031.

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.

Download full report: https://www.datamintelligence.com/download-sample/renewable-energy-storage-market

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

Contact Us -
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

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.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Global Renewable Energy Storage Market: Growth and Key Developments here

News-ID: 3510206 • Views:

More Releases from DataM Intelligence 4market Research LLP

Pharmaceutical Suppositories Market Booming Worldwide With Leading Key Players - Pfizer Inc, Bliss Gvs Pharma Ltd, Cadila Healthcare Ltd, Church And Dwight UK Ltd.
Pharmaceutical Suppositories Market Booming Worldwide With Leading Key Players - …
DataM Intelligence has published a new research report on "Pharmaceutical Suppositories Market Size 2024". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status. Get a Free Sample Research PDF -
Nephrology Drugs Market Report Analysis, Research Studies | Astra Zeneca, Amgen Inc, Pfizer, Fierce Pharma, Teva Pharmaceutical, Akebia Therapeutics inc.
Nephrology Drugs Market Report Analysis, Research Studies | Astra Zeneca, Amgen …
DataM Intelligence has published a new research report on "Nephrology Drugs Market Size 2024". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status. Get a Free Sample Research PDF -
Vegetarian Tacos Market Report Analysis, Research Studies | Chipotle Mexican Grill, Del Taco Restaurants, El Meson Sandwiches, Food Concepts International
Vegetarian Tacos Market Report Analysis, Research Studies | Chipotle Mexican Gri …
DataM Intelligence has published a new research report on " Vegetarian Tacos Market Size 2024". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status. Get a Free Sample Research PDF
Protein Cookie Market Growing Rapidly by - Justine's Limited, Lenny & Larry's LLC, Munk Pack, MuscleTech,
Protein Cookie Market Growing Rapidly by - Justine's Limited, Lenny & Larry's LL …
DataM Intelligence has published a new research report on "Protein Cookie Market Size 2024". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status. Get a Free Sample Research PDF -

All 5 Releases


More Releases for Energy

Decentralized Energy Storage Market Is Booming Worldwide | Fuelcell Energy, Enph …
A new business intelligence report released by AMA with title "Decentralized Energy Storage Market" has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy. The Global Decentralized Energy Storage Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics
Waste-To-Energy Technologies Market Top Growing Companies: Xcel Energy, Novo Ene …
Qurate Business Intelligence’s up-to-date research study on Waste-To-Energy Technologies was performed by highly qualified research professionals and industry experts. This is to provide an in-depth analysis on the Waste-To-Energy Technologies. The report is comprehensive and includes over 120 pages. The global energy market is witnessing a shift toward waste to energy technologies due to growing energy demands worldwide, the rapid depletion of conventional sources of energy, and concerns over
Waste To Energy Market ||Novo Energy Ltd., Hitachi Zosen, Foster Wheeler A.G., S …
Zion Market Research published a new 110+ pages industry research "Global Waste to Energy Market Set For Rapid Growth, To Reach Value Around USD 42.74 Billion By 2024" is exhaustively researched and analyzed in the report to help market players to improve their business tactics and ensure long-term success. The authors of the report have used easy-to-understand language and uncomplicated statistical images but provided thorough information and detailed data on
Energy As A Service Market by Top Manufacturers – WGL Energy Services, Engie, …
Global Energy as a service Market to reach USD 19,607.8 million by 2025. Global energy as a service market valued approximately USD 965.5 billion in 2017 is anticipated to grow with a healthy growth rate of 45.70 % over the forecast period 2018-2025. Growing potential of renewable energy is considered as a key trend for the Energy as a service market over the forecast period. As renewable energy is driving energy
In-Pipe Hydro Systems Market | key player - Lucid Energy, Rentricity, Tecnoturbi …
Looking at the current market trends as well as the promising demand status of the “In-Pipe Hydro Systems Market” it can be projected that the future years will bring out positive outcomes. This research report added by MRRSE on its online portal delivers clear insight about the changing tendencies across the global market. Readers can gather prime facets connected to the target market which includes product, end-use and application; assisting
Global In-pipe Hydro Systems Market to 2025| Lucid Energy, Rentricity, Tecnoturb …
Albany, NY, 30th January : Recent research and the current scenario as well as future market potential of "In-Pipe Hydro Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025" globally. Global In-pipe Hydro Systems Market: Overview This report analyzes and forecasts the market for in-pipe hydro systems at the global and regional level. The market has been forecast based on market share (percentages) and revenue (US$