With rising environmental deterioration, melting polar ice caps, and increasing global average temperature, the earth is facing an unprecedented environmental and climate crisis. The generation of power from fossil fuels such as oil and gas is one of the major causes of air pollution and one of the biggest contributors to carbon emissions. As a result, many countries and organizations are rethinking their power generation strategies and opting for renewable sources such as solar and wind for energy production.
The adoption of such clean and renewable energy sources is the first step toward mitigating the pollution levels. As these energy sources have variable power outputs, they require energy storage systems and technologies for providing continuous power supply. These technologies smoothen out the power supply from these energy sources and ensure that the supply matches the energy demand. Besides the growing popularity of renewable energies, the surging power prices are also positively impacting the sales of energy storage systems.
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The rising requirement for energy is making the power plants operate and run at full capacities. In addition to this, the increasing logistics costs and the lack of availability of regular supply of fuel are causing volatility in power prices all over the globe. This is making the governments of many countries as well as power producing companies focus more on energy conservation, which is, in turn, pushing up the sales of energy storage systems.
These devices store energy when the costs are low or during the times when energy generation is very high. The stored energy is subsequently used when the power prices shoot-up. Because of these reasons, the sales of energy storage systems are climbing across the world, which is, in turn, causing the boom of the global energy storage market. As a result, the market is predicted to rise from 171,039.3 Megawatts (MW) to 69,917.6 MW from 2019 to 2030.
The energy storage market will advance at a CAGR of 3.3% between 2020 and 2030. Based on type, the market is categorized into mechanical, electrochemical, thermal, and chemical. Out of these, the mechanical category accounted for a huge share in the market in the past, on account of the large-scale adoption of mechanical utility storage systems because of their high storage capacities and the ability to maximize various natural resources and offer favorable economics over a significant period of time.
Globally, the Asia-Pacific energy storage market was very prosperous in the years gone by, as per P&S Intelligence, a market research firm based in India. The growth of the market was caused by the large-scale (EPC) equipment, procurement, and construction of energy storage systems in the regional countries in the past years. Furthermore, the market will surge in APAC in the upcoming years as well, on account of the rising adoption of energy storage systems in the region.
Thus, it can be said with conviction that the due to the ballooning requirement for continuous power supply, the rising power requirements, and the growing adoption of renewable energy sources such as wind and solar for energy generation, the sales of energy storage systems will rise steeply all around the world in the upcoming years.
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