Energy Storage Systems Industry Overview
The global energy storage systems market demand was valued 211.24 GW in 2021 and is expected to reach 512.41 GW by 2030, at a CAGR of 11.0% from 2022 to 2030.
Growing demand for efficient and competitive energy resources is likely to propel market growth over the coming years. Clean & renewable energy is an affordable alternative to fossil fuel-based electricity. It’s use can help curb the overdependence on fossil fuels, reduce greenhouse gas emissions & subsequently air pollution, and diversify the power supply.
Gather more insights about the market drivers, restrains and growth of the Global Energy Storage Systems Market
An increasing number of data storage centers coupled with rapidly growing competition in numerous sectors including IT and finance is expected to augment the demand during the forecast period. In addition, changing consumer lifestyles and a rising number of power outages are projected to propel utilization in the residential sector.
Energy storage systems in the U.S. were 25.97 GW in 2021 and are expected to reach 65.32 GW by 2030. The market is estimated to expand at a CAGR of 11.4% during the forecast period. The size of the energy storage industry in the U.S. will be driven by rising electrical applications and the adoption of rigorous energy efficiency standards. The industry’s growth will be aided by a growing focus on lowering electricity costs, as well as the widespread use of renewable technology.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), in 2018, investments in renewable power production technologies, dominated by solar and wind energy, totaled USD 64.2 billion in the United States. Increased expenditures in the building of new power system networks, as well as ongoing measures to upgrade current distribution infrastructure, will support market growth in the U.S.
Energy Storage Systems Market Segmentation
Based on the Technology Insights, the market is segmented into Pumped Hydro, Electrochemical Storage, Electromechanical Storage and Thermal Storage.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
Market Share Insights:
Key Companies Profile:
The market is characterized by the presence of several key players and a few medium and small-scale regional players.
Some of the prominent players operating in the global energy storage systems market are:
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