Energy Storage Systems Market Expected To Witness A Substantial Growth Of Capacity 512.41 GW By 2030: Grand View Research Inc.
San
Francisco, 22 June 2023: The Report Energy Storage Systems Market Size, Share & Trends Analysis
Report By Technology (Pumped Storage, Electrochemical Storage,
Electromechanical Storage, Thermal Storage), By Region, And Segment Forecasts,
2023 - 2030
The global energy storage systems
market demand is expected to reach 512.41 GW by 2030, according to a new report
by Grand View Research, Inc. The market is expected to expand at a CAGR of
11.6% from 2023 to 2030. Growing demand for efficient and competitive energy
resources is likely to propel market growth over the coming years. Clean &
renewable energy is an affordable alternative to fossil fuel-based electricity.
Its use can help curb the overdependence on fossil fuels, reduce greenhouse gas
emissions & subsequently air pollution, and diversify power supply.
The pumped storage segment led the
market in 2021.The pumped hydro technology segment dominated the market and
accounted for more than 95.0% of the total market share, in terms of storage
volume in 2021.The market is likely to be boosted by ongoing expenditures in
the Asia Pacific and North America to upgrade energy infrastructure and
increase on-grid capacity. Long-term demand for pumped hydro storage (PHS) is
predicted to be driven by favorable compliance regulations and rising
electricity consumption in China and the United States.
Over the projection period, the
electrochemical storage segment is expected to grow at a CAGR of over 14.0%.
Countries such as the United Kingdom, the United States, and India are expected
to drive electrochemical storage demand. Countries in Middle East and Africa
and Central and South America are expected to drive market growth over the long
term.
Thermal energy storage (TES) systems
gather and store surplus thermal energy generated by a variety of technologies
for later use. Latent, sensible, and thermochemical TES systems are examples of
several types of TES systems. Bricks, sand, water, rock beds, air, and concrete
are some of the storage mediums employed in sensible heat storage.
The Asia Pacific was the largest
segment in 2021 and accounted for more than 46.0% of the overall market share,
owing to the presence of fast-growing economies such as China and India. Energy
storage devices are critical in applications such as UPS and data centers as this
region is prone to frequent power outages. The market in this region has been
pushed by the benefits of modern energy storage systems, such as
cost-effectiveness, environmental friendliness, and reliability.
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Report of Energy Storage Systems Market @
https://www.grandviewresearch.com/industry-analysis/energy-storage-systems-market
Energy Storage
Systems Market Report Highlights
- In terms of volume, the pumped storage
segment accounted for a prominent share in the market in 2022 and is
further expected to witness steady growth during the forecast period
- As of 2022, the Asia Pacific accounted
for more than 46.87% volume share in the overall market. Brazil,
Argentina, Peru, Colombia, and Chile are all important countries in the
region. Argentina is anticipated to see a significant slowdown in energy
investment as the country emerges from its current recession in the coming
years. Countries in the Asia Pacific region are largely developing
countries that are undergoing rapid industrialization.
- Various strategic initiatives were
recorded over the past few years to boost the market growth..For instance,
In December 2020, The Raymond Corporation announced to enter into a
Strategic Supply Agreement with Electrovaya Inc. for the supply of battery
systems for Raymond’s Energy Essentials Battery line. These battery
systems will be used for powering the Raymond lift trucks and also utilize
the latest Electrovaya NMC Ceramic lithium-ion battery technologies.
Energy storage systems (ESS) in the
U.S. was 27.57 GW in 2022 and is expected to reach 67.01 GW by 2030. The market
is estimated to grow at a CAGR of 12.4% over the forecast period. The size of
the energy storage industry in the U.S. will be driven by rising electrical
applications and the adoption of rigorous energy efficiency standards. The
industry's growth will be aided by a growing focus on lowering electricity
costs, as well as the widespread use of renewable technology. According to the
Institute for Energy Economics and Financial Analysis (IEEFA), in 2018,
investments in renewable power production technologies, dominated by solar and
wind energy, totaled USD 64.2 billion in the United States. Increased
expenditures in the building of new power system networks, as well as ongoing
measures to upgrade current distribution infrastructure, will support market
growth in the U.S.
Energy Storage Systems Market Report Scope
Report
Attribute |
Details |
Market size value in 2023 |
238.08 GW |
Revenue forecast in 2030 |
512.41 GW |
Growth rate |
CAGR of 11.6% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
List of Key
Players in the Energy Storage Systems Market
- Altairnano
- Ecoult
- Electrovaya
- GENERAL ELECTRIC
- Langley Holdings plc
- LG Chem
- Maxwell Technologies, Inc.
- Saft
- Showa Denko Materials Co., Ltd.
- The Furukawa Battery Co., Ltd.
- Kokam
- Fluence
- Samsung SDI Co., Ltd.
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Press Release of Energy Storage Systems Market@ https://www.grandviewresearch.com/press-release/global-energy-storage-systems-market
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