Overview and Scope
Renewable energy storage is capturing and storing energy generated from renewable sources, such as solar, wind, and hydroelectric power, for later use. It enhances the reliability, stability, and efficiency of renewable energy systems and the electrical grid.
Sizing and Forecast
The renewable energy storage market size has grown exponentially in recent years. It will grow from $93.19 billion in 2023 to $125.42 billion in 2024 at a compound annual growth rate (CAGR) of 34.6%. The growth in the historic period can be attributed to advancements in renewable energy technologies, environmental concerns and climate change, energy security and independence, grid modernization and decentralization, electric vehicle market growth.
The renewable energy storage market size is expected to see exponential growth in the next few years. It will grow to $374.21 billion in 2028 at a compound annual growth rate (CAGR) of 31.4%. The growth in the forecast period can be attributed to renewable energy expansion targets, energy transition policies, technological advancements, grid modernization initiatives. Major trends in the forecast period include integration with renewable energy projects, emerging technologies, grid services and revenue stacking, storage-as-a-service models, digitalization and smart energy management.
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Segmentation & Regional Insights
The renewable energy storage market covered in this report is segmented –
1) By Type: Wind Power, Hydroelectric Power, Solar Power, Bio Energy, Other Types
2) By Technology: Pumped Hydro, Electro-Chemical, Electro-Mechanical, Thermal
3) By End User: Residential, Industrial, Commercial
Asia-Pacific was the largest region in the renewable energy storage market in 2023. The regions covered in the renewable energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing investment in the energy sector is expected to propel the growth of the renewable energy storage market going forward. Investment in the energy sector refers to allocating financial resources, such as capital, funds, or assets, into various activities, projects, or assets related to energy production, distribution, and utilization. It arises due to climate change concerns, advancements in renewable energy technologies, improved efficiency, and lowered costs. Investments are used in renewable energy storage for various purposes across the value chain, from research and development to manufacturing scale-up, grid integration, and the deployment of commercial projects. For instance, in July 2023, according to a report published by GOV.UK, a UK-based public sector information website, investment in the energy industries in 2022 totaled $22.45 billion (£16.7 billion), a 1.4% increase compared to the previous year. Furthermore, according to the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, investments in solar power generation totaled approximately $500 billion in 2022, up $80 billion from the previous year. Therefore, investment in the energy sector is driving the growth of the renewable energy storage market.
Key Industry Players
Major companies operating in the renewable energy storage market are Hitachi Ltd., Tesla Inc., General Electric Company, BYD Company Limited, LG Chem Ltd., Siemens Energy AG, ASEA Brown Boveri Ltd., Toshiba Corporation, NextEra Energy Resources LLC, PARKER HANNIFIN CORPORATION, Samsung SDI Co. Ltd., Delta Electronics Inc., Trina Solar Co. Ltd., Commonwealth Edison Company, Fluence Energy LLC, Nippon Electric Company Limited., Vivint Solar Inc., Invenergy LLC, Greenko Group PLC, EVLO Energy Storage Inc., GreenSmith Energy Management Systems LLC, Eos Energy Storage LLC, Xtreme Power Inc., Sonnen GmbH, Renewable Energy Systems Ltd
The renewable energy storage market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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