Richmond, Feb. 08, 2024 (GLOBE NEWSWIRE) -- According to a research report "Energy Storage Market’’ by Type (Mechanical, Thermal, Electro Chemical, Chemical), Capacity (Small scale, large scale), Application (Residential, Non-Residential, Utility, Others), and Region - Global Forecast to 2030.
Global Energy Storage Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 51.10 Billion |
| Market size value in 2030 | USD 99.72 Billion |
| CAGR (2023-2030) | 14.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Energy Storage Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The world is rapidly adopting renewable energy alternatives at a remarkable rate to address the ever-increasing environmental crisis of CO2 emissions. Renewable energy system offers enormous potential to decarbonize the environment because they produce no greenhouse gases or other polluting emissions. However, the RES relies on natural resources for energy generation, such as sunlight, wind, water, geothermal, which are generally unpredictable and reliant on weather, season, and year. To account for these intermittencies, renewable energy can be stored using various techniques and then used in a consistent and controlled manner as needed. Several researchers from around the world have made substantial contributions over the last century to developing novel methods of energy storage that are efficient enough to meet increasing energy demand and technological breakthroughs.
The world’s energy landscape is very complex. Fossil fuels, especially because of hydraulic fracturing, are still a mainstay of global energy production, but renewable energy sources, such as wind, solar, and others, are increasing in importance for global energy sustainability. Experts and non-experts agree that the next game-changer in this area will be energy storage. Energy storage is crucial for continuous operation of power plants and can supplement basic power generation sources over a stand-alone system. It can enhance capacity and leads to greater security, including continuous electricity supply and other applications. A dependable energy storage system not only guarantees that the grid will not go down, but also increases efficacy and efficiency of any energy system. This groundbreaking new volume in this forward-thinking series addresses all of these issues, laying out the latest advances and addressing the most serious current concerns in energy storage.
Major vendors in the global Energy storage market:
- ABB
- Black and Veatch
- BYD Company
- EVAPCO
- EVE Energy
- Fluence
- GE (General Electric)
- Hitachi ABB Power Grid
- Hitachi Chemical
- Narada
- Samsung SDI
- Siemens Energy
- Total
- VRB Energy
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Increasing demand for Lithium-Ion Batteries
The ever-growing demands for advanced rechargeable lithium-ion batteries in portable electronics, smart grids, and electric vehicles have spurred intensive research efforts during the last few decades. It is of great significance to develop clean and new energy sources with high-efficient energy storage technologies, due to the excessive use of fossil energy that has caused severe environmental damage. There is great interest in exploring advanced rechargeable lithium batteries with desirable energy and power capabilities for applications in portable electronics, smart grids, and electric vehicles. In practice, high-capacity and low-cost electrode materials play an important role in sustaining the progresses in lithium-ion batteries. This review aims at giving an account of recent advances on emerging high-capacity electrode materials and summarizing key barriers and corresponding strategies for the practical viability of these electrode materials. Effective approaches to enhance energy density of lithium-ion batteries are to increase the capacity of electrode materials and the output operation voltage. On account of major bottlenecks of the power lithium-ion battery, authors come up with the concept of integrated battery systems, which will be a promising future for high-energy lithium-ion batteries to improve energy density and alleviate anxiety of electric vehicles
Market Dynamics
Drivers:
- Rising renewable sources of power
- Increasing demand for Lithium-Ion Batteries
- Increasing awareness of harmful environmental impact
- Rising demand of electric utilities
Opportunities:
- Rising requirements for alternative energy
- Rise in new power generation technologies
- Increase consumer awareness
- Rapid urbanization and industrialization
Advancements in alternative energy Technologies
Future energy supply needs to satisfy factors such as sustainability, economy, efficiency and low environmental impact in order to reduce global energy crises, climate change and energy poverty, simultaneously. Presently, the efficiency of some of the renewable energy technologies (RETs) are yet to be optimised; but, demand for renewable energy (RE) sources has continued to increase globally because of its clean, sustainable, futuristic, environmentally benign and inexhaustible nature. Focus on RETs by governments, industrialists and users means that the advancements of functional materials, technologies for harvesting, converting, storing and conserving energy from renewable sources would continue to increase. Also, the attention on low carbon development would subsist as long as the emissions of greenhouse gases (GHG), which cause anthropogenic interferences on the climate system continue. The increasing world population and the escalating need to power more homes, offices, industries and public infrastructures have put more pressure on the conventional energy resources such as coal, lignite, natural gas, crude oil, etc
North America dominates the market for Energy storage.
North America stands out as the dominating region in the global energy storage market, with the United States leading in consumption and market share. The increase in industrialization & urbanization, new electrification targets, renewable energy generation capacity. The U.S. market particularly benefits from favorable government policies, tax benefits on renewable deployment.
Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the energy storage market. The region consists of two main types of power grids, each with different characteristics and opportunities for energy storage systems. India's market is driven by a rising urban population, increasing disposable incomes, and a shift towards Westernized eating habits. The convenience factor aligns well with the fast-paced urban life in countries like India, making energy storage s increasingly popular. Additionally, government initiatives promoting the food processing sector and improvements in distribution channels contribute to the market's growth.
Another noteworthy region is the Middle East and Africa, where the demand for convenient alternative energy solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient options.
The TES Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Energy Storage market, the segment comprises various categories categories: sensible heat, latent heat, and thermo-chemical heat storage. Thermal energy storage (TES) is achieved with widely different technologies. Depending on the specific technology, it allows excess thermal energy to be stored and used hours, days, months later, at scales ranging from the individual process, building, multiuser-building, district, town, or region. The balancing of energy demand between daytime and nighttime, storing summer heat for winter heating, or winter cold for summer air conditioning (Seasonal thermal energy storage). Storage media include water or ice-slush tanks, masses of native earth or bedrock accessed with heat exchangers by means of boreholes, deep aquifers contained between impermeable strata; shallow, lined pits filled with gravel and water and insulated at the top, as well as eutectic solutions and phase-change materials.
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