Energy Storage Market Overview
Energy Storage Market revenue is estimated to reach up to USD 5501.2 Million at a driving CAGR of 13.24% by the end of the forecast period.
Energy storage term defines the way of storage of renewable energy. This storage comes in the form of modular blocks used to store and release energies generated by any renewable source. The Energy Storage Market is to grow steadily as the number of renewable energy setups increases. The COVID-19 outbreak harmed the Energy Storage Industry. There were issues obtaining raw materials due to strict lockdown measures that impact production delivery. Low market demand and rising prices are two factors that have hampered market growth over the last two years.
The Grids are the most in-demand alternate energy sources where wind and solar energies are stored. The storage of renewable energies in flexible grids is in high demand due to fluctuations in wind currents or insufficient availability of natural light at times. Grid energy storage systems are becoming increasingly important because of modernization. The global Energy Storage Market has benefited from the adoption of energy storage systems. The constraints like the high cost and difficulty of deployment in the system harm the market. Renewable energy grids have grown dramatically in recent years, which has resulted in increasing public awareness.
The market for alternative energy resources such as solar, wind, biomass, and tide energy has enormous potential in the coming years. The growing demand for sustainable fuels in the residential sector is expected to drive growth in the Energy Storage Industry in the coming years. Rising pollution levels from conventional energy sources increased renewable energy production, and supportive government policies will expand market share.
Regional analysis:
Based on the region, the Energy Storage Market is classified into Asia-Pacific, North America, Europe, and the rest of the world. Among all of them, the Asia-Pacific region is expected to show steady growth in the market. After this, the market is dominated by the European region. The European region has grown due to increased purchasing capacity, new project developments, innovative vendors, and government policies.
The global Energy Storage Market indicates the growth in the North American Region is growing rapidly. Because of the generation of renewable energy, increasing investments, rising numbers of grid projects, and adoption of microgrid technologies, the market is showing positive growth. Additionally, the expansion of the industrial sector and the presence of major market players in this region will help in the region's significant growth.
Market Segmentations
The market is segmented based on type, region, and end-users. Based on the type, the market is segmented into flywheel energy storage, hydroelectricity, and batteries. Among all of them, the batteries sector is going to dominate the largest Energy Storage industry. The battery-storage systems used are nickel-cadmium, lithium-ion, nickel-zinc, nickel-metal hydride, lead-acid, and others. The lithium-ion battery sector witnessed maximum growth and expected a huge demand in the market. Based on the end-users, the market is divided into the residential and commercial Industrial sectors.
Recent Development
- In September 2022, Canadian Solar presents an all-in-one residential battery inverter solution
- In August, Sunpower launched two new batteries for residential applications
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Key Players
- Tesla Inc. (U.S)
- AES Corporation (U.S)
- General Electric Company (U.S)
- Sulzer Ltd. (Switzerland)
- Voith GmbH (Germany)
- Hydrostor Inc. (Canada)
- Linde AG (Germany)
- Highview Power Storage (U.K)
- Hydrogenics Corporation (Canada)
- SolarReserve LLC. (U.S)
