Energy Storage Market Projected to Reach USD 5.41 billion, at a 13.24% CAGR by 2030 – Report by Market Research Future (MRFR)

Energy Storage Market Research Report Information By Type (Mechanical, Thermal, Electro-Chemical, and Chemical), By End-User (Utility, Commercial & Industrial, and Residential), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Energy Storage Market Research Report Information By Type, By End-User, And By Region – Market Forecast Till 2030.”, According to projections, the energy storage market will increase from USD 2.26 billion in 2022 to USD 5.41 billion in 2030, growing at a 13.24% compound annual growth rate (CAGR) throughout the course of the forecast year (2022 - 2030).

Energy Storage Market Research Insights

Electric cars are becoming increasingly popular and widely used across the world, which has a huge impact on the worldwide market. The increase in demand for energy storage devices can be attributed to growing worries about environmental pollution brought on by vehicles. Systems for storing various forms of energy storage are tools that may be used as necessary. Energy storage systems are required by the commercial, industrial, and residential sectors. The market for energy storage systems is growing as a result of growing knowledge about the development of renewable energy sources due to increased energy demands.

Energy Storage Industry Top Key Companies are

  • SolarReserve LLC. (United States)
  • Tesla Inc. (United states of america)
  • AES Corporation (United states of america)
  • Hydrogenics Corporation (Germany)
  • Highview Power Storage (UK)
  • Sulzer Ltd. (Switzerland)
  • Voith GmbH (Germany)
  • Hydrostor Inc. (Canada)
  • Among others.

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In emerging nations, rapid industrialization and urbanization have boosted the demand for energy storage devices. Also, people all over the world are becoming more and more conscious of how destructive CO2 emissions and greenhouse gasses are for the environment. In contrast to conventional coal or fossil fuel sources, this has led to a growing interest in renewable energy sources. In the next few years, it is anticipated that this tendency would propel the market for energy storage systems globally. Energy storage solutions used in conjunction with renewable energy sources are more cost-effective and environmentally beneficial than conventional storage systems. Government-imposed strict environmental restrictions have boosted the development of electric automobiles since they emit less pollution than vehicles that run on petrol. Vehicles that run on electricity require energy storage systems. All of these elements have aided in the revenue expansion of the energy storage industry.

Report Scope:

Report Metrics Details
Market Size 2030 USD 5.41 billion
CAGR during 2022-2030 13.24% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End-User, and Region
Key Market Opportunities Rise in awareness about using renewable energy sources for power generation
Key Market Dynamics Rising prevalence of cervical spondylosis in corporate professionals Growing cases of cervical injuries in automobile crashes

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Energy Storage Market:

Moreover, during the course of the projection period, the demand for renewable energy has grown significantly. Because people are becoming more aware of green energy storage, the demand for renewable energies has been steadily rising. The market for alternative energy sources including tidal, solar, wind, and biomass has enormous potential in the years to come. Energy storage market CAGR is estimated to have increased globally in recent years because of the increasing demand for alternative energy in the residential sector. Yet, it is anticipated that the business will increase as a result of rising consumer awareness of effective energy use and the desire for smart homes with operational load management. Throughout the projected period, the expansion of the energy storage business may be fueled by rising utility demand for distributed energy integration with the main grid.

Energy Storage Market Segmentation

Mechanical, thermal, electro-chemical, and chemical categories are included in the segmentation of the energy storage market based on type. The majority of the revenue from the energy storage market in 2021 was accounted for by the electro-chemical category. This is mainly because there is a growing need for liquid electronic materials to clean and polish electronic device internals. Nevertheless, because of the escalating need for electricity, smart grids, cross-border transmission, and international measures to use non-conventional and renewable sources, mechanical will have the quickest growth over the course of the projection period. Utility, business & industrial, and residential end-users are the three categories into which the Energy Storage Market data has been divided. The utilities sector led the market in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030. An increase in funding for the construction of utility-scale power plants is to blame for this. Nonetheless, throughout the course of the projected period, commercial & industrial will see the largest growth rate because of a rise in construction projects such as decentralized renewable power plants, rural electrification initiatives, and office buildings.

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Energy Storage Market Regional Analysis

Due to growing measures to minimize carbon footprint, expanding knowledge of the advantages of renewable energy sources, and rising need for reliable and efficient power supply, the North American energy storage industry currently has the second-largest market share. Also, the US energy storage industry had the biggest market share, while the energy storage market in Canada was expanding at the quickest rate on the North American continent. The energy storage industry in Europe is predicted to expand at the greatest CAGR between 2022 and 2030. This is because electric vehicles are now more widely used in the UK, and the existence of EV producers has helped the industry expand there. Also, the UK energy storage industry had the quickest rate of growth in the European area, while the Germany energy storage industry had the greatest market share.

Energy Storage Market Competitive Analysis

Leading industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the energy storage market. With significant industry changes including new product releases, contractual agreements, higher investments, mergers and acquisitions, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. Energy storage market competitors must provide affordable products in order to grow and survive in a market that is becoming more and more competitive.Manufacturing locally to cut operational costs is one of the main business methods manufacturers use in the global energy storage industry to serve customers and grow the market sector. Major players in the energy storage industry including Tesla Inc. (US), AES Corporation (US), General Electric Company (US), and others are attempting to increase market demand by funding R&D initiatives.

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An organization that uses renewable energy is Siemens Energy AG. The company provides services for the generation and transmission of electricity as well as for operation and maintenance. Customers are served globally by Siemens Energy. Siemens Energy is a world leader in renewable energies because of its 67 percent ownership in Siemens Gamesa. In June 2020, Siemens Energy and the Norwegian technology company EnergyNest agreed on a long-term collaboration.

The startup offers methods for storing thermal energy. The cooperation seeks to provide industrial clients with modularized and standardized thermal energy storage solutions.

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