The rapid environmental degradation, global warming, and deteriorating air quality levels in many countries are fueling the usage of renewable sources of energy such as wind and solar in industries, residential buildings, and commercial settings. As these energy sources have variable power outputs, their growing usage is pushing up the demand for energy storage technologies. These storage technologies smoothen out the power supply from the sources and ensure that the power requirements are met at all times.
These technologies also provide several other benefits such as the ability to discharge power quickly to the grid, which are not possible in the conventional energy systems involving fossil fuels. The traditional systems take longer to ramp up and deliver power to the grid. The rapid power delivering characteristic of the energy storage systems plays a major role in ensuring the stability of the grid during peak hours or when the energy demand suddenly increases.
Apart from the aforementioned
factors, the escalating power prices in several countries are also pushing up
the requirement for energy storage systems and technologies. The increasing
energy demands have made the power plants run at full capacities, which is, in
turn, causing a sharp surge in the power prices. In addition to this, the lack
of a regular fuel supply and numerous constraints associated with logistics are
augmenting the costs of power across the world.
As a result, the capacity of the market is predicted to grow from 171,039.3 Megawatts (MW) to 240,956.9 MW from 2019 to 2030. The energy storage market will add a capacity of as much as 69,917.6 MW by 2030, exhibiting a CAGR of 3.3% between 2020 and 2030. Based on type, the market is divided into mechanical, electrochemical, thermal, and chemical. Amongst these, the mechanical category recorded the highest growth in the market in the past.
This was mainly because of the large-scale project equipment, procurement, and construction (EPC) activities in countries such as China, Japan, and India in the past years. In the coming years, the APAC market would witness the highest increment in storage capacity across the world. This is credited to the rising requirement for smart grids and the surging investments being made by the governments of regional countries in the development of smart grids.
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