Market Research Future (MRFR) presumes the global Energy storage Market size to reach USD 292.5 billion at a CAGR of 7% from 2021 – 2027 (forecast period).
Rapid Industrialization Worldwide to Boost Market Growth
The ever-increasing population and climbing urbanization rate in emerging regions fuel the expansion of the energy storage industry, escalating worldwide energy consumption. With the increase in population, global energy demand is skyrocketing. Simultaneously, rising industrialization around the world causes a significant energy demand. Metro centers, in particular, are seeing a surge in demand for energy storage systems as industrial infrastructure expands.
Growing environmental concerns highlight the necessity for renewable/clean energy generation in order to lower pollution levels. Furthermore, increased nuclear and renewable energy generation increases the size of the energy storage market.
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Traditional energy generation sources, such as coal, fossil fuels, and natural gas significantly contribute to carbon emissions. As a result, power generation businesses around the world are working to minimize their carbon footprint by increasing renewable energy output. Increased renewable energy generation capacity, driven by environmental safety concerns, boosts energy storage market share.
COVID-19 to have Temporary Impact on the Global Market
The COVID-19 outbreak had a significant influence on the energy storage industry. Energy storage industry participants faced a variety of challenges, ranging from procuring raw material components and delivering finished goods to luring staff from quarantines. The coronavirus-caused lockdown slowed energy storage production, causing product costs to rise and market demand to fall.
The good news is that the energy storage market is quickly returning to normal, owing to constantly increasing energy demand, particularly from industrial sectors. Following the lifting of the lockdown in many nations, product demand in end-use sectors is expected to increase.
Key Players
Tesla Inc. (U.S), AES Corporation (U.S), General Electric Company (U.S), Sulzer Ltd. (Switzerland), Voith GmbH (Germany), Hydrostor Inc. (Canada), Linde AG (Germany), Highview Power Storage (U.K), Hydrogenics Corporation (Canada), SolarReserve LLC. (U.S).
Industry News
In Jan 2020, MIT researchers at Oak Ridge National Laboratory reported the development of a metal-organic framework material with high electrical conductivity and energy storage capacity. Neutrons were used as a drive by scientists to boost energy storage in supercapacitors. The MOF can store and release a high quantity of electrical energy quickly, making it potentially suitable as a tough supercapacitor material.
Market Segmentation
The global energy storage market has been segmented into type and end-user.
By type, the global energy storage market has been segmented into mechanical, thermal, electrochemical, and chemical.
By end-user, the global energy storage market has been segmented into utility, commercial & industrial, and residential.
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Regional Analysis
Europe to Dominate the Global Market
Europe dominates the worldwide energy storage market, with the utility-scale energy storage business expanding rapidly. Utility-scale technology has just recently begun to touch developed early adopter sectors and new markets in the region, owing to innovative vendors and project developers. Furthermore, factors such as rising consumer purchasing power and regulatory changes are the most important drivers of the energy storage market’s expansion.
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