Energy Storage Market Overview
The growth of the energy storage market was steady as the increase in the numbers of setups of renewable power. In covid 19 pandemic, due to lockdown restrictions there was a problem in the production of the market. In the last 2 years, the growth of the energy storage market was hampered by the low demand and increase in its prices.
The global energy storage market was reached to the USD of 5501.2 million with a CAGR of 13.24% by 2030 during the forecast period. The energy storage plays a very significant role in storing the renewable energy. These are type of modular blocks which are used in store the energy which was produced by any renewable source and released it at the time of requirement.
The wind and solar energy are stored in the grids which are alternative sources of the energy. Because of the fluctuation in wind currents or insufficient sunlight availability, there was a high demand of the renewable energies in the flexible grids. In the world, there was high requirement for the grid energy storage systems of the grid modernization. There are many opportunities which are created by the adoption of energy storage systems for energy storage market. The high price and difficulty of deploying these types of systems in remote areas restraints the energy storage market.
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The renewable energy sector witnessed the tremendous growth in the recent years. Because of the increase in awareness of green energy the demand of renewable energies was continuously increasing. In the coming years, the market has huge potential for the alternative energy resources such as biomass, solar, wind and tide energy market. In the coming years, the energy storage market growth was increased by increase in the requirement of alternative energy in the residential sector.
The energy storage market share was expanded by the increasing the levels of the pollution because of conventional energy sources, supportive policies of the government, and increase in the production of the renewable energy. The technologies which are used for energy storage are high installation investments such as flow batteries, lithium-ion batteries and lead acid batteries. The lithium-ion batteries are more expensive because of minimum maintenance and offer the high storage of energy. For the growth of global energy storage market the high initial cost was a major challenge.
Market Segmentation
The global energy storage market was segmented on the basis of type, end user and region.
On the basis of type, the global energy storage market was divided into Chemical, Mechanical, Electrochemical and Thermal.
On the basis of end user, the global energy storage market was divided into Residential, Utility and Commercial Industrial.
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Regional Classification
The global energy storage market was spread in the following regions – Europe, North America, Asia Pacific and Rest of the World.
Industry News
The key players involved in the global energy storage market are – Linde AG (Germany), Tesla Inc. (US), Highview Power Storage (UK), AES Corporation (US), Sulzer Ltd. (Switzerland), Hydrogenics Corporation (Canada), Voith GmbH (Germany), Solar Reserve LLC (US), Hydrostor Inc. (Canada), and General Electric Company (US).
