Press release
Global Energy Storage Market Size, Share, Development, Growth and Demand Forecast to 2022 By P&S Market Research
Energy storage can be described as a technology that provides an option to supply power as and when required without reverting to fossil energy sources. Additionally, technological advancements have resulted in the integration of higher shares of variable power in economic sectors that has in turn contributed to the development and decarbonization of the whole energy system. The energy storage market has witnessed considerable growth over the past few years on account of the volatile crude oil prices and increasing concerns towards the harmful effects of greenhouse gas emissions, which have arisen the need for shifting the focus from carbon-based non-renewable resources to carbon-neutral renewable sources of energy such as solar, hydroelectric, wind power and biofuels. Initiatives and developments are being carried out on a global front for exploring safe and cost-effective solutions for energy storage.
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Market Dynamics
The global market for energy storage is expected to witness a CAGR of 46.3% during the forecast period due to the increasing number of energy storage projects and growing adoption of clean renewable sources of energy for power generation. Additionally, the growing adoption of energy storage in various end-user industries for grid and off-grid applications have led to the growth of global energy storage market. Based on type, mechanical is expected to be the largest segment in the global energy storage market during the forecast period. Ancillary services emanated the largest demand in the global energy storage market. Additionally, the segment is expected to witness the highest demand in the global market for energy storage during the forecast period. On the basis of installation, front-of-the-meter dominated the global energy storage market, while behind-the-meter is expected to witness fastest growth during the forecast period.
Trends
The key trend observed in the global energy storage market is the federal policy support for energy storage. Governments of various nations are focusing on implementing policies for supporting the growth in the energy storage market for exploiting its commercial potential. For instance, Australia executed the Smart Grid Smart City Project to demonstrate the benefits of different smart grid technologies while in California, the California Public Utilities Commission is setting up different targets for the procurement of energy storage systems under the California Law (AB 2514).
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Growth Drivers
The factors driving the growth of energy storage market are progress in renewable energy power generation, rapidly increasing grid scale energy storage market, drop in prices of lithium-ion batteries and growing application of energy storage in various end-user industries. As of 2015, over 118 nations worldwide took the initiative of generating power through renewable energy sources and its storage in a cost-efficient manner. In terms of leveled cost basis, renewable energy sources such as solar and wind is expected to contribute significantly in the coming years in comparison to conventional energy sources such as coal, nuclear or gas. This trend is expected to continue in the long term as the cost for renewable energy sources would continue to fall.
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
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