The increasing focus on renewable energy sources, dipping cost of batteries, and rising international outcry over pollution caused by conventional energy sources will drive the market for energy storage at a CAGR of 3.3% during the forecast period (2020–2030). The market had a capacity of 171,039.3 megawatts (MW) in 2019 and it is expected to expand its capacity to 69,917.6 MW by 2030. Additionally, high costs for securing energy will facilitate the market growth in the coming years.
One of the key factors boosting the demand for energy storage systems is the international outcry regarding pollution from non-renewable energy sources. Conventional power sources like natural gas, coal, and oil have an adverse impact on the environment. Governments and international organizations have started encouraging the adoption of power storage systems employing less-polluting and renewable forms of energy generation. These systems are used to store surplus power for later use, as per the requirement. The deployment of energy storage systems is escalating with the increasing shift toward pollution-free and sustainable energy sources.
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Moreover, high cost of power generation from traditional sources has been steering the adoption of energy storage systems. The soaring demand for energy has coerced the power plants to run at maximum capacity, thereby, resulting in gradual rise in power prices. Besides, constraints like irregular supply of fossil fuels and higher logistics and downstream costs have also accounted for fluctuation in prices. Thus, these systems are deployed to store energy when supply is surplus or the prices are low. The energy stored in these systems can, therefore, be used when there is a spike in power demand or price.
Categories under the type segment of the energy storage market include mechanical, electrochemical, thermal, and chemical. The mechanical category is further classified into liquid air energy storage (LAES), pumped hydro storage (PHS), and compressed air energy storage (CAES). The mechanical category led the market in 2019 and it is expected to continue its dominance in the forecast years as well. This is attributed to the high volume of energy generated through pump hydro mechanical plants and viable economics over a long-time duration.
According to P&S Intelligence, the Asia-Pacific (APAC) region led the market in 2019, due to the rise in engineering, procurement, and construction (EPC) activities in Japan, India, and China. Governments of these nations are rapidly installing smart grid community systems for electricity delivery. On the other hand, in the coming years, the Latin American and African energy storage market will register significant growth, due to the growing inclination toward battery storage systems and pump hydro electrical systems (PHESs).
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The major companies in the global energy storage market are S&C Electric Company, Greensmith Energy, Fluence Energy LLC, LG CNS, NEC Energy Solutions, Convergent Energy and Power LP, Contemporary Amerex Technology Co. Limited, Tesla Inc., Duke Energy Corporation, and NextEra Energy Inc.
Market Size Breakdown by Segment
Based on Type
- Pumped hydro storage
- Liquid air energy storage
- Compressed air energy storage
- Lithium battery
- Lead–acid battery
- Sodium–sulfur (NaS) battery
- North America
- South Korea
- Rest of the World
- South Africa
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