Tremendous Growth Expected in Global Energy Storage Market 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.

One of the major factors responsible for driving the energy storage market growth in the LATAM and African region, at a CAGR of 12.0% during the forecast period, would be the increasing interest in the potential of such systems, primarily PHES (pump hydro electrical systems) and battery storage systems, across the African and LATAM regions. Moreover, the falling raw material costs have incentivized governments to employ these systems and improve the base power deficits in these countries.

Globally, the Asia-Pacific (APAC) energy storage market was found to be the most lucrative one during the last few years, on account of the launch of several energy storage projects and high energy requirements in the commercial, industrial, and residential sectors across the region. Furthermore, the governments of various APAC countries are rapidly enacting numerous policies for mitigating the reliance on fossil fuels for power production and promoting the use of alternative energy sources, which will, in turn, bolster the growth of the market in the region in the coming years.

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Additionally, the declining prices of the lithium-ion (Li-ion) batteries, strengthening of the battery supply networks, and compatible battery chemistries are predicted to boost the popularity of the mechanical storage systems in the utilities sector in the future years.

 

Although the energy storage market is currently experiencing significant disruptions because of the outbreak of the COVID-19 infection and the subsequent suspension of travel and shipments across the various North American and European countries, the market will soon start advancing, with rapid progress expected during the Q2 of 2021.

Greensmith Energy, LG CNS, Contemporary Amerex Technology Co. Limited, S&C Electric Company, Convergent Energy and Power LP, NextEra Energy Inc., NEC Energy Solutions, Tesla Inc., Duke Energy Corporation, and Fluence Energy LLC are a few leading companies operating in the energy storage market across the world.