The global demand for energy storage systems was valued at USD 420.86 Billion in 2021. This market is growing at a CAGR of 6% between 2023 and 2032.

Energy storage systems are equipment that allows the storage of various types of energy, like electrochemical and mechanical. They can be used whenever and wherever they are needed.

Covid-19 caused an economic downturn that prevented residential energy storage deployment. This was due to the financial uncertainty facing customers. However, commercial and industrial (C&I) saw a negative impact because companies avoided investing in non-essential capital. In the next few years, the market will be driven by factors like the growth of renewable energy and the support provided by government schemes and policies for energy storage (ESS). Additionally, the market will benefit from improved energy storage economics. The market’s growth is likely to be limited by mismatches between demand and supply of raw materials like Cobalt and graphite.

Driving Factors

Grids can be used to store wind and solar energy. These are the most desired alternative energy sources. The storage of renewable energies in flexible grids, due to fluctuations in wind currents or insufficient sunlight at times, is highly in demand. Due to grid modernization, there is a growing demand for grid energy storage systems worldwide. Energy Storage Market has many opportunities because of the adoption of the energy storage system.

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Restraining Factors

The high cost and difficulty of installing these systems in remote locations is a significant constraint on the Energy Storage Market.

Due to their high energy density and superior performance, battery energy storage technologies such as flow and lithium-ion batteries require higher installation investments. Because they have high energy density and low self-discharge rates, lithium-ion batteries can be expensive. They also require less maintenance. The cost of lithium-ion batteries is expected to decrease in the future. Because they are light and compact but have a large storage capacity, these batteries can be used in electric cars (EVs). The high initial investment costs for manufacturing flow batteries can impede the market’s growth.

Market Key Trends

The Batteries Market Segment Will Rule

In transitioning to a sustainable energy future, battery energy storage is a key technology. The battery storage systems manage voltage and frequency, decrease peak demand charges, integrate renewable resources, and provide a backup power source. Around 60% of the total system cost comes from batteries. But batteries will only account for a small percentage of the total installed storage capacity.

Although lead acid is the most common type of battery in the energy storage market, other chemistries such as lithium-ion, sodium, and flow batteries will offer other benefits such as longer-term storage or greater energy capacity.

Additionally, battery energy storage systems use utility grids to deliver electricity to consumers. This reduces energy bills. In addition, battery energy storage systems can be used in utilities to provide a cost-effective alternative to conventional infrastructure. This is especially true when needed substations and lines must be maintained to meet growing demand. These factors have contributed to the rise of the market for battery storage systems.

The most important segment of the battery storage market is still utilities. In their solicitations for projects that include solar energy storage, more utilities will include it. This will increase the opportunity for battery storage systems in the forecast period.

Recent development

  • Greenko Energies Pvt Ltd. signed an MOU in August 2020 with NTPC Limited to develop various renewable energy projects. Greenko has established 40 GWh hydro-storage facilities in six Indian States.
  • The Government of India invited expressions of interest in a 1000 MWh Energy Storage system. This was done in October 2021.
  • Oak Ridge National Laboratory announced in January 2020 that it had developed a framework material to store and conduct energy.
  • Greenko Energies Pvt Ltd. (Greenko), and NTPC Vidyut Vyapar Nigam Ltd., a wholly-owned subsidiary of NTPC Limited, entered into an MOU to explore the possibility of developing Renewable Energy (RE) based RTC and flexible power supply options based on the integration RE sources and Pumped Storage. Greenko has built over 40 GWh of pumped hydro storage facilities in six Indian states.
  • Siemens Energy formed a long-term partnership in June 2020 with Norwegian technology company EnergyNest. The start-up supplies thermal energy storage systems. The partnership aims to offer industrial customers modularized and standardized thermal energy storage systems.

Key Companies

  • Altair Nanotechnologies Inc.
  • Electrovaya Inc.
  • Ecoult
  • Langley Holdings PLC
  • Samsung SDI Co.
  • Eos Energy Storage
  • Saft
  • General Electric
  • AES Corporation
  • ABB Ltd.
  • Panasonic Corporation
  • Siemens Energy
  • Exide Industries Ltd.
  • Tesla Inc.
  • Maxwell Technologies Inc.
  • LG Chem Ltd.
  • Other Key Players

Segmentation

By Technology

  • Pumped Hydro
  • Electrochemical
  • Thermal
  • Electromechanical

By Application

  • Residential
  • Industrial

Frequently Asked Questions (FAQ) :

  • How big is the energy storage industry in the US Dollar?
  • Who are the major market players in the global industry of Energy storage?
  • Which sector of global Energy Storage is likely to experience the most significant growth?
  • What will be the fastest growth in the global Energy Storage vertical segment?
  • What are the main types of energy storage?

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