Distributed Energy Storage System Market Size Will Expand USD 10.32 BN by 2030

Ottawa, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global market size of distributed energy storage system was accounted for USD 4.89 billion in 2022 and will hit around USD 12.44 billion by 2032 with a CAGR of 9.79% from 2023 and 2032. Distributed energy storage systems enable the smooth integration of renewable energy sources into the main grid by reducing variability. Additionally, distributed energy storage systems help to store excess renewable energy for use during peak demand. As a result, rising demand for clean energy and increased renewable energy adoption are expected to be major drivers of the distributed energy storage system market.

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During peak hours, distributed energy storage systems provide backup power, voltage support, frequency support, power quality, and peak shaving, all of which help to support and reduce stress on grid infrastructure. This enables power companies to meet increased electricity demand with relative ease at any time. As a result, rising power demand is expected to be a major driving force in the distributed energy storage system market.

Regional snapshots

Due to rising electricity demand and investment in renewable energy projects, as well as an increase in purchasing power, Asia-Pacific will dominate the distributed energy storage market in 2022.

• According to an IEA report, India energy outlook 2021, the Indian residential sector's electricity consumption will rise from around 1000 kWh per household in 2019 to 1500 kWh in 2030, as the country's disposable income rises. Such increases in electricity demand benefit the rate of adoption of distributed energy storage systems.
• Similarly, Neyveli Lignite Corporation (NLC) India Limited announced in July 2020 that the Andaman and Nicobar electricity department had confirmed the commissioning of a 20MW solar power project integrated with an 8MWh BESS. Such projects, which use renewable energy sources and energy storage systems, help to boost growth.

Aside from that, urbanization, industrialization, and the growing need for electrification in remote areas are propelling this market's growth in this region. Furthermore, rising environmental consciousness among the public contributes significantly to the market's expansion.

• According to a January 2020 International Energy Agency (IEA) report, solar PV capacity in India alone could reach 800 GW by 2040, lowering power-related CO2 emissions and air pollution.
  
  

This type of progress will hasten the deployment of distributed energy storage systems. As a result of the aforementioned factors, the APAC distributed energy storage system market is poised for massive growth.

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Scope of this report

Report highlights

• Based on technology, the distributed energy storage market is segmented into thermal storage technology, mechanical technology, and electro chemical technology. During the forecast period, the thermal storage technology segment is expected to grow at a significant rate.
• Based on application, water treatment chemicals market is segmented into product finishes, packaging, wood, high-performance, industrial, automotive, and architectural. During the forecast period, the automotive segment accounted for the largest share.
• Based on geography, the water treatment chemicals market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific dominated the distributed energy storage market in 2022.
  
  

Market Dynamics of Distributed Energy Storage System Market

Drivers

Increased investment in renewable energy is one of the major factors driving the growth of the distributed energy storage market. Most countries now rely on and heavily invest in renewable energy sources to generate electricity, resulting in a high demand for distributed energy storage technology, which aids in the storage of excess energy generated by renewable sources for use during peak demand.

• ACEN announced an investment plan in April 2021 to develop wind, solar, and Battery Energy Storage System (BESS) projects in order to expand its renewable energy portfolio. Similarly, ACEN has already made an investment in BESS through its renewable energy laboratory in Bataan, Mariveles, where various solar and battery energy storage technologies will be tested.
  
  

The adoption rate of distributed energy storage systems will accelerate during the forecast period because of these investments in renewable energy and its high usage rate.

The incorporation of advanced technologies, synergetic digital communication, and smart control strategies into existing power grids has resulted in smart grids, a new phenomenon in the power sector. Smart grid development has altered how power is generated, distributed, and consumed. Customers and power companies have benefited from increased grid utilization, reliability, and security. Smart grids are now viewed as future energy infrastructure solutions for smart cities. A distributed energy storage system helps to balance power generation and demand across a grid, supporting and playing an important role in the implementation and operation of smart grids. In addition, distributed energy storage systems allow for the integration of distributed energy generation systems into the main grid, increasing grid resilience and reliability. As a result, the global distributed energy storage system market is expected to benefit from the emergence of smart grid.

Opportunities

As living standards have improved, consumer preference has shifted away from traditional vehicles and towards electric vehicles. The vast majority of EVs are equipped with massive batteries that can store far more energy than is required for a typical commute. In addition to commuting, these vehicles will have more than enough energy to power a typical household. Installing a bidirectional charging infrastructure will allow it to be used at home, where EVs can be charged when there is an electrical supply and home appliances can be powered when there isn't. Once connected, the infrastructure can use the EV's battery bank to store excess energy from the grid or, if needed, extract and return it to the grid to compensate for variations. As a result, during the forecast period, demand for distributed battery energy storage systems is expected to increase. Many policies have been released by governments in various countries, including the United States and Europe, to aid in the production of electric vehicles.

• By 2021, global electric vehicle sales will have more than doubled to 6.6 million units, accounting for 10% of total global car sales. There will be approximately 16.5 million electric vehicles on the road by the end of 2021. As a result, demand for distributed energy storage systems is expected to increase dramatically in the coming years.
  
  

Recent developments

In October 2020, Fluence, a system integrator and provider of energy storage technology, has acquired Advanced Microgrid Solutions, a California-based company known for its artificial intelligence (AI)-driven optimization software platform for energy storage and flexible generation assets. This acquisition will combine AMS's digital intelligence platform with energy storage company's sixth-generation battery storage hardware, allowing asset owners to cut investment payback time in half, from six to three years.

Market Segmentation

By Technology

• Mechanical Technology
• Thermal Storage Technology
• Electro Chemical Technology
  
  

By Application

• Renewable Energy Storage 
• Grid Storage
• Transportation
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  
  

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