NEW YORK, July 18, 2023 /PRNewswire/ -- The energy storage market stood at 36,774 MW in 2022, and capacity addition is projected to reach 410,543 MW by 2030, at a CAGR of 35.2% between 2022 and 2030, according to the research report by P&S Intelligence.
The growth of the market can be ascribed to the rising focus on alternative power sources, easy availability of batteries, and growing concerns over the increasing pollution levels due to the combustion of fossil fuels.
Increasing Concentration on Renewable Sources of Energy
The advance of the global market is majorly encouraged by the growing concentration on unconventional sources of power generation. Because of the rapid urbanization, the demand for hydro, wind, and solar power is increasing.
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This growth can be credited to the fact that such resources are easily obtainable, generate clean power, and can comfortably meet the snowballing need for electricity.
As renewable technologies, including solar and wind, have flexible outputs, ESS offers a huge potential for smoothing out their energy supply and guaranteeing that the output meets the requirement.
Lithium-Ion Batteries Are Demanded the Most
On the basis of electrochemical technology, the Li-ion battery category had the largest market share in 2022, owing to the several benefits of these systems, including low maintenance, high power density, and low self-discharge.
Furthermore, because of the decreasing prices, such batteries are highly demanded for electricity storage. Additionally, they hold the largest share among all battery energy storage technologies because they are light in weight, require low maintenance, have a high power density, and offer efficient and rapid charging/discharging.
Escalating Electricity Prices Making Energy Storage Imperative
Another reason fueling the demand for ESSs worldwide is the skyrocketing prices of electricity. Because of the rising populace and rapid urbanization, particularly in India, Brazil, and China, there is a high need for electricity. Consequently, power plants are working at their full capacities, thus resulting in a steady growth in power prices and carbon emissions. Moreover, the potential unattainability of fossil fuels in the future would be a key reason for the volatility of prices. Such factors have directed the global concentration toward resource conservation, thus resulting in the acceptance of ESSs.
Browse detailed report on Energy Storage Market Size, Share, Growth, Development and Demand Forecast to 2030
APAC Accounts for Highest ESS Capacity and Additions
In 2022, APAC added the largest ESS capacity, of 17,652 MW. This can be credited to the high-volume EPC activities in China, Japan, and India.
Presently, Asian power utilities see ESSs as the next step toward achieving a smart grid, which would be built around the idea of efficient energy transmission and reduced losses.
Energy Storage Market Segmentation Coverage in the Report
Energy Storage Market Segmentation Analysis by Type
- Mechanical
- Pumped hydro storage (PHS)
- Liquid air energy storage (LAES)
- Compressed air energy storage (CAES)
- Others
- Electrochemical
- Lithium battery
- Lead-acid battery
- Sodium-sulfur (NaS) battery
- Others
- Thermal
Energy Storage Market Segmentation Analysis by Application
- Residential
- Commercial
- Distribution
- Transmission
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