Rising Environment Concerns Paces Up Energy Storage Industry

Energy Storage 1
Market to Register
3.3% CAGR during
2020–2030

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According to a research conducted by P&S Intelligence, the global energy
storage market is predicted to increase by 69,917.6 megawatts (MW) of capacity
in 2030, from the capacity of 171,039.3 MW in 2019. The market is further
expected to progress at a 3.3% CAGR during the forecast period (2020–2030).
The market is being driven by the higher costs for securing energy supply,
growing focus on unconventional sources of energy, international outcry over the
surging pollutions levels from traditional energy sources, and falling prices of
batteries across the globe.

On the basis of type, the energy storage market is divided into chemical,
mechanical, thermal, and electrochemical, among which, the mechanical division
held the largest share of the market in 2019. This is due to the fact that
mechanical energy storage systems have been the mainstream choice for a long
time. These storage systems have various advantages such as favorable
economics over a period, sheer storage capacity, and ability to maximize natural
resources. Mechanical energy storage systems are of different types, namely
compressed air energy storage, pumped hydro storage, and liquid air energy
storage.

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Geographically, Asia-Pacific (APAC) dominated the energy storage market during
the historical period (2015–2019, which can be ascribed to the high-volume
project equipment, procurement, and construction (EPC) activities in countries
including Japan, China, and India. The APAC region is further predicted to hold
the largest revenue share of the market during the forecast period as well, as
governments of various countries are opting for smart grid community systems
for electrical delivery. The surging amount of renewable energy generation and
shift from traditional ways of energy generation are driving the regional market.

Moreover, the expeditious surge that is predicted in EPC in African and Latin
American (LATAM) countries is further projected to drive the market in the years
to come. The market is expected to register a 12.0% CAGR in the LATAM and
African region during the forecast period. This is due to the rising interest in the
potential of energy storage systems, particularly PHES and battery storage
systems, in different countries of these regions. In addition to this, the
decreasing cost of raw materials are encouraging governments to employ such
systems in LATAM and Africa.

A key driving factor of the energy storage market is the growing focus on
unconventional sources of power generation across the globe. The need to
lessening the dependence on traditional energy sources, including coal, oil, and
has been increasing rapidly across the globe. Moreover, renewable energy
sources, including solar and wind have variable outputs, a problem for which

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storage technologies can provide an effective solution, as these systems
smoothen the electricity supply from such sources, thereby ensuring that it
matched the requirement.

Another factor resulting in the growth of the energy storage market is the rising
cost of traditionally produced power. The surging need for energy is compelling
power plants to run at full capacity, thereby leading to the gradual rise in power
prices. Furthermore, obstacles such as higher logistics and downstream costs
and lack in the availability of regular fuel supply are leading to the volatility of
energy prices. Such factors have increased the inclination towards energy
conservation and, in turn, the increased adoption of energy storage systems.

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In conclusion, the demand for energy storage systems is growing due to the
rising focus on renewable sources of energy and increasing cost of traditional
energy supply.

Energy Storage Market Size Breakdown by Segment

Based on Type
• Mechanical
o Pumped hydro storage (PHS)
o Liquid air energy storage (LAES)
o Compressed air energy storage (CAES)
• Electrochemical
o Lithium battery
o Lead–acid battery
o Sodium–sulfur (NaS) battery
• Thermal
• Chemical

Geographical Analysis
• North America
o U.S.
o Canada
• Europe
o Spain
o Portugal
o Switzerland

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o Germany
o Austria
• Asia-Pacific
o China
o Japan
o India
o Indonesia
o South Korea
• Rest of the World
o South Africa
o Israel

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