Global Energy Storage Market Overview:
According to MarkNtel Advisors study the Global Energy Storage Market size is valued at nearly USD 221.5 billion in 2023 & is predicted to reach about USD 435.4 billion by 2030. Along with this, the market is also estimated to grow at a CAGR of around 9.12% during the forecast period, i.e., 2024-30. The market’s growth is driven by the increasing support from governments for the adoption of robust & resilient global energy grids. The government initiatives in the energy storage sector are on the rise, underpinned by a surge in policies & regulations. These measures are designed to facilitate the transition from fossil fuels to renewable energy sources, a critical strategy for mitigating climate change & curbing greenhouse gas emissions.
Global Energy Storage Market Driver:
Growing Adoption of Renewable Energy Storage – The Energy Storage Market has been significantly propelled by the expanding adoption of renewable energy sources, notably solar & wind, in recent years. The intermittent nature of these renewable sources necessitates the usage of energy storage systems to capture surplus energy during periods of high generation & release it when demand peaks, ensuring a more dependable & consistent supply of renewable energy. The growing prevalence of renewable energy sources, marked by their intermittency & variability, has resulted in a supplemented need for energy storage solutions.
Moreover, the integration of large-scale renewable energy into power grids has introduced challenges related to grid stability, voltage control, and frequency regulation. Energy storage systems offer a viable solution by allowing grid operators to mitigate fluctuations in power generation and consumption, thereby enhancing grid stability and facilitating the seamless integration of renewables. As Europe, the Middle East, and the Asia-Pacific region embark on ambitious renewable energy projects to meet their clean energy targets, the demand for energy storage systems is expected to witness a notable upswing in the forecast period.
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Scope of the Energy Storage Market Report Segmentation
-By Type
- Battery- Market Size & Forecast 2019-2030, USD Million
- Pumped Storage Hydropower – Market Size & Forecast 2019-2030, USD Million
- Compressed Air Energy Storage – Market Size & Forecast 2019-2030, USD Million
- Gravity-based Energy Storage – Market Size & Forecast 2019-2030, USD Million
- Liquid Air Energy Storage (LAES) – Market Size & Forecast 2019-2030, USD Million
- Flywheel Energy Storage (FES) – Market Size & Forecast 2019-2030, USD Million
-By End User
- Residential- Market Size & Forecast 2019-2030, USD Million
- Commercial – Market Size & Forecast 2019-2030, USD Million
- Utilities- Market Size & Forecast 2019-2030, USD Million
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Geographical analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Asia-Pacific region is poised for substantial growth in the Energy Storage Market in the coming years. This growth is primarily driven by rapid urbanization, population expansion, and increasing industrialization, all of which contribute to a surging demand for energy. There has been a notable rise in the deployment of renewable energy sources in the region, aligning with the transition toward cleaner energy generation. According to the International Energy Agency (IEA), India witnessed an 8% increase in power demand in 2022 compared to the previous year, exemplifying the heightened energy requirements.
Current Landscape of Energy Storage Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Energy Storage market. The research report profiles major players, including
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Global Energy Storage Industry Recent Development:
- 2023: G. Yuasa Corporation received an incentive of approximately USD 1.7 billion from the Japanese government to establish lithium-ion battery manufacturing facilities in Japan.
- 2023: Voith Hydro secured a contract to expand lithuania’s kruonis pumped storage plant, with an investment of approximately USD 161 million by the state-owned Ignitis Group
- Contemporary Amperex Technology Ltd
- NextEra Energy
- Toshiba Corporation
- GS Yuasa Corporation
- Siemens
- ABB
- LG Chem.
- Voith GmbH & Co. KGaA
- Hitachi Energy
- Mitsubishi Electric Corporation
- Tesla
- Samsung SDI
- UniEnergy Technologies, LLC
- General Electric
- ANDRITZ HYDRO GmbH
- Others
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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