According to a new report by UnivDatos, The Energy Storage Market was valued at around USD 2.00 BN in 2022 and grow at a strong CAGR of around 13.5 % during the forecast period 2023-2030. The demand for energy storage systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation in order to reduce the carbon emission. In 2019, transportation and electricity generation were responsible for nearly 54% of greenhouse gas emission in US. As a result, nations across the globe are shifting towards renewable energy sources. However, fluctuating power requirements during different time of a day propelling the demand for energy storage systems from renewable energy power plants. These energy storage devices store the generated energy from power plants during low energy demand and supply the energy during the peak hours.

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Adoption of electric vehicles have been linearly increasing due to supporting government policies and very less carbon emission. For instance, in 2020 an increase of nearly 45% was observed in stock of plug-in electric vehicle (PHEV) in Europe. This shift will accelerate dramatically in the years to come and electrified vehicles are likely to witness double digit growth in the sales of light vehicles sold globally. Increasing demand for EV’s would increase the electricity demand from grid during peak hours. Thus, to fulfil the need of electricity for fast EV charging station during the peak hours, installation of energy storage system near EV charging station would lessen the burden of electricity from grid. Therefore, with increasing demand for EV’s, demand of energy storage devices would also propel.

Asia Pacific held the significant share in the market

Based on regions, the report provides detailed analysis for overall adoption of energy storage in the global region including North America, Europe, Asia-Pacific, and Rest of World. Asia Pacific is expected to grow at an influential rate in the market of energy storage during the forecast period. This can be attributed to the rising demand of electric vehicles. Region is highly focusing and investing in advancements in compressed air and pumped hydro storage systems. For instance, The Australian Renewable Energy Agency (ARENA) provided USD 449,000 to support a broader study, which aims to develop a nation-wide atlas of potential off-river pumped hydro storage sites. Furthermore, Indian government aims to install 60 GW of wind energy by 2022, therefore, installation of wind turbines would lead to rise in demand for compressed air energy storage systems, thereby increasing the market size for energy storage systems.

The key players with a considerable market share in the global energy storage market are Contemporary Amperex Technology Co. Limited, Convergent Energy and Power, Duke Energy, Fluence, General Electric, Hitachi Ltd, NextEra Energy Inc., NEC Corporation, S&C Electric Company, Tesla Inc. These companies are investing heavily on energy storage production & technology to increase their customer base.

Some Recent developments include: -

·        In May 2021, General Electric Renewable Energy awarded a contract from Verbund AG, an Austria based electricity provider, to supply and commission one 45MW generator for the extension of the Reisseck II pumped hydro storage power plant in Austria.

·        In May 2021, General Electric Renewable Energy is selected by ÖBB, national railway operator of Austria, to supply and commission two 85 MW variable speed pumped storage turbines for the new Tauernmoos Pumped Hydro Storage Power Plant located in Austria. As part of the project, GE Renewable Energy is responsible for the design, engineering, model testing, manufacturing, supply, erection supervision and the commissioning of the two 85 MW variable speed pumped storage turbines and generators.

“Global Energy Storage Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings. 

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Conclusion, the energy storage market is a rapidly growing industry with significant market opportunity. The demand for renewable energy sources, the need to improve the reliability and efficiency of the electric grid, and the need to reduce greenhouse gas emissions are driving the growth of the market. Companies and individuals who are able to capitalize on this opportunity will be well-positioned to succeed in the energy storage industry.

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