The global energy storage market has been multiplying over the past couple of years, mainly due to the potentially aggressive policies that are supporting and allowing its evolvement further. Energy storage has emerged as a more viable option, which is offering stretched-out energy output. Also, these breakthrough energy storage technologies promise cost savings and improved efficiency to the providers racing to make larger scale ROI for batteries. All these advantages of energy storage are commutatively escalating the market on the global platform.
Considering the ascending graph of the growth, the market is climbing continually, Market Research Future (MRFR) in its recently published study analysis asserts that the global energy storage market is expected register a double-digit CAGR of over 20.18% throughout the estimated period (2017 – 2023), demonstrating a voluminous growth by 2023.
Key players leading the global energy storage market include Tesla Inc. (US), AES Corporation (US), General Electric Company (US), Sulzer Ltd. (Switzerland), Voith GmbH (Germany), Hydrostor Inc. (Canada), Linde AG (Germany), Hydrogenics Corporation (Canada), SolarReserve, LLC. (US), and Highview Power Storage (UK) among others.
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Huge technological advancements account for a key driving force behind the growth of the market, evolving energy storage technologies further. Moreover, factors such as the increasing renewable penetration alongside the falling costs of lithium-ion batteries are increasing the size of the market rapidly.
Value stacking or revenue stacking will play an increasingly important role in the future of energy storage market, with industry stakeholders determining the best ways to monetize the various use-case applications of storage, currently.
While utilities and regulators across the globe have dallied with the idea of value stacking and have even incorporated minor changes to capitalize on the technology’s different applications, value stacking on a large scale is yet to happen.
Moreover, other benefits of energy storage such as lower capital investment and the high output efficiency as compared to other storage technologies are fostering the growth of the market.
Additionally, continually increasing installations of concentrating solar power (CSP) alongside the increasing demand for energy storage in HVAC systems are some of the factors that act as major tailwind pushing up the growth of the market.
Conversely, extra cost & complexities occurring due to the additional infrastructure & space requirements are some of the factors impeding the growth of the market. Nevertheless, increasing investments in solar energy are expected to fuel the growth of the market during the review period.
May 15, 2019 –– Two major countries Saudi Arabia and Australia, announced their partnership to plan future of long-duration flow battery deployment. The partnership has been formed to use flow battery technology and its extended duration energy storage capabilities to support the network. Saudi Arabia plans major renewable energy uptake in years to come whereas, Australia, due to the limited renewables penetration struggles with grid stability.
Saudi Arabia targets 57.5GW of renewable capacity by 2030 and seeks to ensure it maintains a stable grid.
During the announcement, the authorities of KSA also mentioned that German tech firm Schmid Group is forming a joint venture (JV) with two local entities, Nusaned Investment, an investment company and RIWAQ Industrial Development Company, an investment firm.
The JV will be focusing on developing and manufacturing Vanadium Redox Flow Batteries. In addition to the R&D facilities in Germany as well as in Saudi Arabia, the companies plan to build a Gigawatt-scale manufacturing facility in the Kingdom to get involved in the production by the next year.
Energy Storage Market – Segments
The analysis is segmented into three key dynamics:
By Type : Thermal, Mechanical, Chemical, and Electro-Chemical Energy Storages.
By End-user : Utility, Residential, Commercial, and Industrial among others.
By Region : Asia Pacific, Europe, North America, and Rest-of-the-World (RoW).
Global Energy Storage Market – Regional Analysis
The European region, heading with the increasing emphasis on the low-cost power generation, is expected to retain its dominance over the global energy storage market throughout the forecast period. Higher investments in solar energy are acting as key contributors to the growth of the market. The region also demonstrates a higher potential for energy storage due to the utilization of waste heat.
Moreover, technological developments that have brought forward Molten Salt Storage and Seasonal Storage are supporting the growth of the regional market, curtailing the consumption of energy during summer as well as in winters. While factors such as reluctance to shift from the traditional methods of storage might challenge the growth of the regional market.
The energy storage market in the Asia Pacific region accounts for another lucrative market, globally. Rapid industrialization alongside the ever-increasing population is fuelling the growth of the regional market, increasing the demand for energy, massively. China, Japan, and India are some of the countries that account for key contributors to the growth of the energy storage market in the APAC, which is expected to grow significantly throughout the forecast period.
The North America energy storage market has emerged as a promising market, globally, experiencing a broad uptake across the commercial sector. Besides, the massive uptake of Lathermal power generation technologies and energy storage method that can offer higher efficiency at much lower costs are some of the key factors behind the growth of the regional market. Additionally, factors such as the strong governmental initiatives that are emphasizing on costs and higher efficiency of power generation are acting as significant tailwinds pushing up the growth of the regional market.
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