Data Center Energy Storage Market Set to Surge - Key Insights You Must Know

Data Center Energy Storage Market

Energy storage in a data center is primarily used to fail-over diesel generators during power outages. Growing demand from OTT platforms, big data, and mobile applications along with the ever-increasing internet traffic have resulted in a rise in the number of datacenters. This growth in the data centers is leading to an increase in electricity demand, which supplements the need for efficient power backup solutions, thereby driving the market growth.

The global Data Center Energy Storage market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030, witnessing a CAGR of % during the forecast period 2024-2030.

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Due to the rapid development of the wind power and photovoltaic industry, as well as the increasing awareness of environmental protection in various countries, the energy storage industry is becoming one of the key technologies, which is used in many countries to advance the carbon neutral target process today. The United States, China and Japan occupied the leading position in the installed capacity of energy storage projects, among which the United States is the world's largest energy storage market. The European Union established the European Battery Alliance (EBA) in 2017, aiming to escape the EU's dependence on Asian manufacturers in the battery storage field. According to Data Europa's statistics, the cumulative installed capacity has reached 48.38GW in 2020. At present, pumped storage accounts for 94% of the energy storage market in Europe, with Spain and Germany having the largest capacity. According to BNEF data, electrochemical energy storage in the United States added 3.97GW / 10.88 GWh in 2021. In terms of power, it accounted for 40% of the global increase. In 2022, the United States passed the IRA, which subsidized independent energy storage for the first time. Under the ITC, new energy storage projects could offset up to 58% of the investment. The effect of the policy has initially appeared, and the energy storage industry in the United States shows an upward trend.

This report aims to provide a comprehensive presentation of the global market for Data Center Energy Storage, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Data Center Energy Storage.

By Type
• Batteries
• Super Capacitors
• Flywheels
• Compressed Air Energy Storage (CAES)

By Application
• Small Scale Enterprise
• Medium Scale Enterprise
• Hyperscale Enterprise

Key Companies
ABB, Delta Electronics, Eaton Corporation, General Electric, Huawei Technologies, Legrand, Mitsubishi Electric Corporation, Saft, Schneider Electric, Vertiv Group

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This release was published on openPR.