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Energy Storage Market to Set remarkable growth in future

Due to the soaring energy costs, rising popularity of unconventional methods of power production, and increasing concerns over the pollution caused because of the large-scale usage of conventional energy sources, the global energy storage market is expected to attain size of 240,956.9 MW by 2030, with a CAGR of 3.3% during 2020—2030.

Historically, the mechanical category recorded the highest growth in the energy storage market. The key factors responsible for the considerable market share of the category are the huge volumes of energy produced via the pump hydro mechanical systems and the presence of favorable economics over the last several years. The category is also predicted to dominate the market over the next few years, on account of the launch of various compressed air energy storage (CAES) and liquid air energy storage (LAES) projects in several countries around the world.

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A majority of the players operating in the market are increasingly getting into partnerships with each other and launching collaborations with one another. These are being done for limiting the liabilities and sharing the costs associated with the massive energy storage projects being launched across the world. In addition to this, there has been a huge rise in the implementation of numerous energy storage projects all over the world, which have, in turn, propelled the advancement of the market. For instance, a contract was signed by NEC Energy Solutions with VLC Energy, which is a joint venture between VPI Immingham and Low Carbon, for building and operating 50 MW lithium-ion battery-powered energy storage plants and facilities. The project aims to provide a much improved frequency response to the electricity grid of the U.K.

During the historical period (2015–2019), APAC held the largest energy storage market share, due to the high-volume project equipment, procurement, and construction (EPC) activities across countries such as India, China, and Japan. Additionally, the APAC region is projected to add the highest amount of storage capacity and witness the second-fastest growth in the energy storage industry during 2020–2 ...

News Release: Energy Storage Market to Set remarkable growth in future
Submitted on: July 31, 2020 10:33:42 AM
Submitted by: Manish Baghel
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