The energy storage market size is likely to advance at a CAGR of 3.3% during the forecast period of 2020–2030. This advancement will be driven by the international concern over the pollution from conventional energy sources, increasing focus on unconventional sources of energy, high costs of securing energy supply, and decreasing prices of batteries. The market had a storage capacity of 171,039.3 Megawatts (MW) in 2019, and it is projected to increase by 69,917.6 MW by 2030.
The energy storage market will grow during the forecast period because of the quick shift toward unconventional sources of energy. However, solar panels cannot produce energy at night, dams are ineffective during droughts, and the wind speed is not always favorable. Hence, the output of these renewable sources of power is variable, and storing the energy generated can be a good solution. In addition, storage technologies can discharge the power to the grid quickly, which will cater to the increasing demand for electricity.
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Additionally, the higher costs of power than before have led to the adoption of energy storage technologies. The cost of power generation is increasing gradually due to the high-volume demand for energy, which coerces power plants to run at full capacity. Irregular fuel supply and high costs of downstream services and logistics add to the fluctuating prices of power. The issues of volatile costs and conservation of energy necessitate the adoption of storage systems. These technologies are deployed to store excess energy, which can be used when the price of power rises.
Geographically, the Asia-Pacific (APAC) region held the largest market share during the historical period because of the high-volume project equipment, procurement, and construction (EPC) activities across Japan, China, and India. The increasing focus of governments on smart grids and rising demand for stable grids will boost the growth of the APAC energy storage market during the forecast period. APAC countries will add the highest storage capacity in the future because of the increase in the investments in the market.
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