Global ESRI Market Projected to Reach USD 405.02 Million by 2032 due to Increased Use of Renewable Energy

The global Energy Storage for Renewable Energy Grid Integration (ESRI) market, which stood at USD 130.21 Million in 2023, is projected to hit the USD 405.02 Million mark by 2032, revealing a promising expansion at a CAGR of 15.01% during the period (2024-2032), according to the recent report published by Dataintelo. This substantial market growth is primarily attributed to the rising usage of renewable energy across the globe.

Energy storage for renewable energy grid integration (ESRI) has emerged as a critical aspect in the global transformation towards eco-friendly energy. Fusing renewable energy resources into the grid needs sturdy and efficient energy storage mechanisms to ensure a steady energy supply, irrespective of the irregular nature of renewable energy production. ESRI devices such as advanced batteries, flywheels, and thermal storage are critical in facilitating this equilibrium, thereby augmenting the grid's reliability and potency.

Renewable energy is being exploited increasingly all over the world wherein ESRI systems play a definitive role. Thereby implying, the global market for ESRI systems will continue to bloom on the back of escalating renewable energy usage and the urgent need for effective and efficient energy storage systems

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://dataintelo.com/request-sample/92019

𝐓𝐡𝐢𝐬 𝐢𝐬 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐜𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬:

The energy storage for renewable energy grid integration (ESRI) market has been segmented on the basis of𝐓𝐲𝐩𝐞
● Li-ion Battery
● Lead Acid Battery
● NaS Battery
● Flow Battery
● CAES

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
● Agriculture
● Construction
● Power & Water Utility
● Real Estate
● Journalism
● Cinematography
● Transportation
● Energy Sector
● Industrial & Commercial
● Residential

𝐑𝐞𝐠𝐢𝐨𝐧
● Asia Pacific
● North America
● Latin America
● Europe
● Middle East & Africa

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
● ABB Ltd
● Fairchild Semiconductor International Inc
● Hitachi Power Semiconductor Device Ltd
● Infineon Technologies AG
● 𝐌𝐢𝐭𝐬𝐮𝐛𝐢𝐬𝐡𝐢 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧
● STMicroelectronics
● 𝐓𝐎𝐒𝐇𝐈𝐁𝐀 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍



Segment Analysis:

The Energy Storage for Renewable Energy Grid Integration (ESRI) market is categorized into different types and applications based on the type of storage technology and the area of application. Under the type segment, the market can be divided into Li-ion Battery, Lead Acid Battery, NaS Battery, Flow Battery, and Compressed Air Energy Storage (CAES). While Li-ion batteries are preferred for their higher energy efficiency and longer lifecycle, Lead Acid and NaS batteries are used for their cost-effectiveness and high energy density respectively. Flow Batteries, on the other hand, are favored for grid applications due to their ability to provide power for a longer duration. CAES systems are utilized where there is a requirement for large-scale energy storage.

The application segment of the ESRI market includes Agriculture, Construction, Power & Water Utility, Real Estate, Journalism, Cinematography, Energy Sector, Transportation, Industrial & Commercial, and Residential. The power & water utility sector is predicted to dominate the market due to the increasing deployment of renewable energy plants which necessitates energy storage. The residential sector is also expected to grow rapidly as household consumers are increasingly adopting solar power systems coupled with battery storage. The other sectors like Agriculture, Real Estate, and Industrial & Commercial are also witnessing a surge in demand for energy storage solutions for renewable grid integration.

Regional Analysis:

Geographically, the ESRI market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The Asia Pacific region is poised to dominate the market owing to the rapid industrialization and growing renewable energy installations in countries like China and India. The North America region, particularly the US, is also anticipated to have significant growth due to the increasing government support towards renewable energy usage and the consequent need for grid integration.

Europe is expected to grow substantially, driven by the European Union's renewable energy directives and targets for member countries. On the other hand, Latin America, and Middle East & Africa regions are still emerging markets with potential for growth due to their increasing investments in renewable energy projects.

Key market players in the ESRI industry include ABB Ltd, Fairchild Semiconductor International Inc, Hitachi Power Semiconductor Device Ltd, Infineon Technologies AG, Mitsubishi Electric Corporation, STMicroelectronics, and TOSHIBA CORPORATION. These businesses are strategizing for enhancements in technology, collaborations, and mergers & acquisitions to maintain their positions in the market

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://dataintelo.com/request-sample/92019

Market Drivers for ESRI Market:

1. Increasing Renewable Energy Generation: The increase in renewable energy generation, especially from solar and wind sources, brings the need for energy storage systems for effective grid integration.

2. Government Policies and Regulations: Supportive government policies, incentives, and subsidies for renewable energy projects also drive the ESRI market growth. For example, clean energy mandates and tax credits have encouraged more usage of renewable energy.

3. Technological Advancements: Continuous advancements in storage technologies such as lithium-ion batteries, flow batteries, and advanced lead-acid batteries also drive the market.

4. Increasing Electricity Demand: The escalating electricity demand worldwide, particularly in developing countries, is expected to foster the ESRI market growth.

5. Grid Stability and Reliability: Energy storage systems can provide grid stability and reliability, which are critical due to the intermittent nature of renewable energy sources.

Opportunities for ESRI Market:

1. Major Economic Growth in Developing Economies: The growing economies like India, China, and Brazil are aggressively promoting renewable energy generation to meet their increasing energy demand and reduce greenhouse gas emissions. These countries present enormous opportunities for the ESRI market.

2. Off-Grid Solutions: Another excellent opportunity lies in providing energy storage solutions for off-grid or microgrid systems, especially in remote areas where grid connectivity is difficult.

3. Electric Vehicle Market: The rise in electric vehicles, which uses large-scale batteries, is expected to provide opportunities for the development of new and improved energy storage technologies for grid integration.

4. Investment in Research & Development: There is a significant opportunity for market players who invest in R&D to develop more efficient and cost-effective energy storage technologies.

5. Utility-Scale Energy Storage Projects: With utilities realizing the benefit of storage systems with renewable energy, there is potential for large scale energy storage projects. For example, grid ancillary services, peak-shaving, and demand response are prospective opportunities.

6. Digitalization and Artificial Intelligence: The integration of digital technologies and AI in energy storage systems can increase efficiencies and identify potential problems before they become significant issues. This would offer significant growth opportunities

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