Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Energy Storage Market Analysis/Energy Storage Market Trends
The global energy storage industry is lucrative and projected to witness significant growth at a healthy 20.18% CAGR over the forecast period (2019- 2026), reveals the Market Research Future (MRFR) report. Energy storage is a key component to deliver clean energy transition. It refers to modular blocks that can store energy that is produced from renewable sources with higher efficiency and releases the same when needed. The renewable power has turned into a vital part of the world’s energy mix. The rapid construction of new renewable power capacities across the globe is a vital driving force that is boosting market growth.
Enhancing Features that Spur Market Growth
As per the MRFR report, there are numerous factors that are propelling the energy storage market size. These include the evolution in renewable energy power generation, a gradual downfall in the cost of technology, rising application of energy storage in every end user industry, growing demand for energy storage over traditional conventional energy sources like petroleum, oil, and coal as they are less polluting as well as produces less carbon emissions, help to fight climate change, and act as a source of power for off grid and remote areas. The additional factors adding to the market growth include the constant promotion of renewable energy resources energy storage systems, increasing energy consumption, heavy public-private investment, booming renewable energy sector, various supportive government policies and schemes for ESS (energy storage systems), and improving energy storage economics.
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On the contrary, the indistinct supervisory framework and high initial capital investment may have a negative impact on the global energy storage market outlook over the forecast period.
COVID-19 Analysis
The on-going COVID-19 pandemic has had a negative impact on the energy storage industry. The market faced a lot of problems, including obtaining raw material components as well as delivering end products to attract workers from quarantines. The lockdown imposed by the government worldwide has put a brake on the production of energy storage that spiked product prices, thus lowering the market demand.
On the brighter side, the industry is rapidly returning to normal, experiencing a steady increase in the demand for energy, particularly from the industrial sectors. The demand for the product in end use sectors is likely to pick up after the uplift of the lockdown in most countries. This is likely to boost the energy storage market revenue over the forecast period.
Market Segmentation
The MRFR report offers an inclusive analysis of the energy storage market based on type and end user.
By type, the global energy storage market is segmented into chemical, electro-chemical, thermal, and mechanical. Of these, the mechanical segment will lead the market over the forecast period.
By end user, the global energy storage market is segmented into residential, commercial & industrial, and utility. Of these, the residential segment will dominate the market over the forecast period.
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Regional Segmentation
Europe to Have Lions Share in Energy Storage Market
By region, the global energy storage market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Among these, Europe will have the lions share in the market over the forecast period. Rapid growth in the utility-scale energy storage industry, the presence of project developers and innovative vendors, consumer’s increasing purchasing power, and regulatory change are adding to the global energy storage market share in the region.
APAC to Grab Second-Largest Share in Energy Storage Market
In the APAC region, the global energy storage market is predicted to grab the second-largest share over the forecast period. The growing production capacities, the presence of leading energy storage manufacturers, rapid industrialization and urbanization, demand for higher operational efficiency, process control industries, and reduced production cost are adding to the global energy storage market value in the region. Besides, the rise in renewable energy shares, government initiatives to promote energy storage installation, the rise in overall renewable energy generation capacity across the region, and the growing demand for energy storage systems in India, South Korea, and China are also adding marker growth.
North America to Have Notable Growth in Energy Storage Market
In North America, the global energy storage market is predicted to have notable growth over the forecast period. Growing investments in renewable energy sectors, rising renewable energy generation, rise in grid development projects including microgrids and energy storage technologies, the presence of several leading players, and the significant industrial sector expansion are adding to the global energy storage market growth in the region.
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Competitive Landscape
The prominent players profiled in the global energy storage market report include
- SolarReserve, LLC. (US)
- Hydrogenics Corporation (Canada)
- Linde AG (Germany)
- Highview Power Storage (UK)
- Hydrostor Inc. (Canada)
- Sulzer Ltd. (Switzerland)
- Voith GmbH (Germany)
- General Electric Company (US)
- Tesla Inc. (US), and
- AES Corporation (US).
The global energy storage market is competitive and fragmented in nature due to the presence of several well-established players. These players have encompassed several strategies to stay at the forefront and also cater to the customer’s burgeoning needs such as M&A, partnerships, geographic expansions, strategic alliances, and others.
Industry Updates
- January 2021- Enel X, a global energy services company has got a green signal from the European Commission for deploying three battery storage projects. These three projects will be applied in the fields of large stationary storage systems, sustainable end of life management of lithium batteries, and electric mobility.
- January 2021- CESC, Exide has unveiled battery energy storage in Kolkata. The new battery energy storage will use the latest gel-type lead-acid technology, thus propelling a higher level of safety and efficiency.
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