Energy Storage Market to Acquire Size of 240,957 MW by 2030, Globally: P&S Intelligence

NEW YORK, Nov. 10, 2020 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the global energy storage market reached a size of 171,039.3 Megawatts (MW) in 2019 and is predicted to advance at a CAGR of 3.3% between 2020 and 2030. Furthermore, the market would witness an increment of as much as 69,917.6 MW by 2030. The key factors driving the progress of the market are the increasing usage of unconventional sources of energy, reducing prices of batteries, and the higher costs of securing power supply.

Besides the aforementioned factors, the growing concerns being raised all over the world over the pollution caused due to the usage of non-renewable energy sources is also fueling the expansion of the market. With the environment degrading rapidly and the signs of climate change becoming more prevalent, industries, governments, and people are increasingly reducing the dependence on conventional energy sources such as gas, coal, and oil and adopting renewable sources of energy such as solar and wind for power generation.

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The renewable energy sources have variable power outputs and as a result, the growing usage of these energy sources is positively impacting the global demand for energy storage technologies. Apart from storing excess energy so that it can be used during the times of high demand, these storage technologies also smoothen out the power supply from these sources. Additionally, these technologies discharge power to the grid at a faster rate than the fossil fuels.

Another key factor causing the market boom is the increasing cost of the power produced from renewable sources across the world. Due to the escalating power requirements in several countries, the power plants are being made to run at full capacities. This is pushing up the power prices globally. Moreover, the various constraints associated with power supply such as high logistics costs and the lack of availability of regular fuel supply are boosting the power prices across the globe.

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Depending on type, the energy storage market is divided into mechanical, electrochemical, thermal, and chemical categories. Out of these, the mechanical category recorded considerably high growth in the market in the years gone by. This is because of the large-scale usage of mechanical utility storage systems throughout the world over the last several years, on account of their high energy storage capacity and their ability to maximize the energy production from natural resources and provide favorable economics.

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Globally, the Asia-Pacific (APAC) energy storage market was the most lucrative one in the past years, as per the findings of P&S Intelligence, a market research company based in India. This was credited to the huge volume of engineering, procurement, and construction (EPC) activities that were conducted in the regional countries such as China, Japan, and India in the last few years. In the future years, the market will exhibit the second-fastest growth in APAC.

Hence, it can be said with full surety that the market will demonstrate huge growth all over the world in the forthcoming years, mainly because of the growing usage of non-renewable energy sources for power generation and the increasing power prices around the world.

Browse More Report

Mechanical Energy Storage Market

Mechanical Energy Storage Market Research Report: By Type (Pumped Hydro Storage, Compressed Air Energy Storage, Flywheel Energy Storage), Application (Residential, Commercial, Industrial, Utility) - Global Industry Analysis and Growth Forecast to 2030

https://www.psmarketresearch.com/market-analysis/mechanical-energy-storage-market

Thermal Energy Storage Market

The thermal energy storage market is expected to witness the fastest growth in APAC, with 44.7% CAGR in terms of value. The market in the region is mainly driven by the increasing energy demand resulting from population growth. With fast depleting fuels such as oil and natural gas, renewable energy sources have gained traction in the APAC region in recent years.

https://www.psmarketresearch.com/market-analysis/thermal-energy-storage-market

About P&S Intelligence

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SOURCE P&S Intelligence