Energy Storage Market Share, Key Players, Growth and Future Scope

Due to the increasing adoption of renewable sources of energy, the demand for energy storage systems is growing rapidly across the world. With the rise in the pollution levels, the public preference for renewable energy sources such as solar and wind is increasing explosively over the conventionally used energy sources such as coal, gas, and oil. Furthermore, as the renewable energy sources have extremely variable outputs, their growing usage is positively impacting the demand for energy storage technologies. 

This is because these technologies smoothen out the power supply from these energy sources, which ensures that the power supply from them matches the energy demand. Moreover, storage technologies also have various other benefits such as the ability to quickly discharge power to the grid, which is not possible when fossil fuel sources are used as they take a long period of time for ramping up and delivering full power.

Due to the above-mentioned factors, the popularity of energy storage technologies is soaring all over the world. This is propelling the growth of the global energy storage market. As per P&S Intelligence, a market research company based in India, the size of the market was 171,039.3 Megawatts (MW) in 2019. The size of the energy storage market is predicted to rise by 69,917.6 MW between 2020 and 2030. Furthermore, the market will progress at a CAGR of 3.3% from 2020 to 2030.

Geographically, the sales of energy storage systems were observed to be the highest in the Asia-Pacific (APAC) region during the past few years. This was because of the large number of project equipment, procurement, and construction (EPC) activities in regional countries such as China, Japan, and India. Furthermore, the demand for energy storage is predicted to grow sharply in APAC in the coming years, on account of the mushrooming requirement for stable grids in the region. 

Hence, it can be said with full surety that the demand for energy storage systems will skyrocket all over the world in the upcoming years, primarily because of the rising adoption of renewable energy sources and the increasing costs of conventionally generated power in several countries. 

Report this Page