Visiongain has published a new report entitled Energy Storage Technologies (EST) Market Report 2024-2034: Forecasts by Integration Type (On-Grid, Off-Grid), by Duration (Short Duration Storage, Medium Duration Storage, Long Duration Storage), by Application (Ancillary Services, Peaking Capacity, Energy Shifting, Transmission & Distribution Level), by End-use (Residential, Commercial, Industrial, Utility (Grid-scale), Other), by Technology Type (Battery Energy Storage Systems (BESS), Pumped Hydro Storage (PHS), Thermal Energy Storage (TES), Flywheel Energy Storage, Compressed-Air Energy Storage (CAES), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global energy storage technologies market was valued at US$45.9 billion in 2023 and is projected to grow at a CAGR of 5.6% during the forecast period 2024-2034.
Grid Modernization and Decentralization Initiatives
Grid modernization and decentralization initiatives undertaken by utilities and governments worldwide are driving the demand for energy storage technologies. The traditional centralized electricity grid is being transformed into a more flexible and resilient network with distributed energy resources (DERs) such as rooftop solar panels, wind turbines, and energy storage systems. Energy storage technologies enable grid operators to balance supply and demand, manage voltage fluctuations, and enhance overall grid stability. For example, virtual power plants (VPPs) leverage aggregated energy storage assets and renewable generation to provide grid services, optimize energy dispatch, and support the transition to a decentralized energy system.
Electrification of Transportation and EV Adoption
The electrification of transportation and the widespread adoption of electric vehicles (EVs) are driving the demand for energy storage technologies. EVs rely on high-capacity batteries to store and deliver energy for propulsion, creating opportunities for synergies between the transportation and energy sectors. Energy storage systems, such as vehicle-to-grid (V2G) and vehicle-to-home (V2H) solutions, enable EVs to serve as mobile energy storage units that can feed power back into the grid during peak demand or emergency situations. For example, Nissan's Leaf EV is equipped with bi-directional charging capabilities, allowing owners to use their vehicle's battery to power their homes or sell excess energy back to the grid, contributing to grid stability and resilience.
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How has COVID-19 had a significant negative impact on the Energy Storage Technologies Market?
The COVID-19 pandemic has significantly impacted the Global energy storage technologies market, introducing challenges and opportunities across the industry. The initial phases of the pandemic disrupted supply chains, leading to delays in manufacturing and construction activities related to energy storage projects. Travel restrictions and lockdowns impeded workforce mobility, affecting on-site installations and project timelines.
Despite these challenges, the pandemic underscored the importance of resilient and sustainable energy systems, driving governments and businesses to prioritize energy storage solutions. The increased focus on renewable energy sources, coupled with the recognition of energy storage as an enabler for grid stability and reliability, accelerated investment and innovation in the sector.
The demand for energy storage technologies witnessed a shift in emphasis, with a growing recognition of their role in enhancing grid resilience, supporting remote power supply, and ensuring uninterrupted energy access in critical facilities such as healthcare facilities and data centres. The pandemic highlighted the need for robust and flexible energy infrastructure, leading to a surge in interest and investments in grid modernization and energy storage projects.
How will this Report Benefit you?
Visiongain’s 398-page report provides 118 tables and 194 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global energy storage technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Energy Storage Technologies. Get financial analysis of the overall market and different segments including integration type, duration, application, end-use, and technology type and capture higher market share. We believe that there are strong opportunities in this fast-growing energy storage technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Demand for Off-Grid and Remote Power Solutions
The demand for off-grid and remote power solutions in areas without access to centralized electricity grids is driving the adoption of energy storage technologies. Off-grid communities, remote industrial sites, and military installations rely on energy storage systems to meet their power needs independently of traditional grid infrastructure. Standalone solar-plus-storage systems, hybrid microgrids, and portable energy storage units enable off-grid users to generate, store, and manage their electricity supply efficiently. For example, Tesla's Powerpack and Powerwall systems are deployed in remote regions and island communities to provide reliable, clean power and reduce dependence on costly diesel generators.
Integration of Artificial Intelligence and Data Analytics
The integration of artificial intelligence (AI) and data analytics into energy storage systems is driving efficiency improvements and performance optimization in the market. AI algorithms and predictive analytics enable energy storage assets to forecast demand patterns, optimize charging and discharging schedules, and maximize revenue opportunities through participation in energy markets. Additionally, machine learning algorithms can enhance battery management systems by identifying degradation trends, optimizing operating parameters, and prolonging battery lifespan. For example, Fluence, a joint venture between Siemens and AES, leverages AI-based optimization software to manage its energy storage portfolio, improve asset performance, and deliver value to customers in various markets worldwide.
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Where are the Market Opportunities?
Emergence of Community Energy Storage Projects
The emergence of community energy storage projects is fostering local resilience, energy equity, and community engagement in the transition to a sustainable energy future. Community-based energy storage initiatives empower residents, businesses, and municipalities to collectively invest in and benefit from shared energy storage assets deployed within their neighbourhoods. These projects enable peer-to-peer energy trading, demand response programs, and renewable energy integration at the community level, promoting energy independence and social cohesion. For example, the Brooklyn Microgrid project in New York allows residents to buy and sell solar-generated electricity using blockchain technology, creating a localized energy marketplace and strengthening community ties.
Environmental Awareness and Sustainability Goals
Growing environmental awareness and sustainability goals are driving the adoption of energy storage technologies as part of broader efforts to reduce carbon emissions and mitigate climate change. Energy storage systems facilitate the integration of renewable energy, reduce reliance on fossil fuels, and enable the transition to a low-carbon energy system. By storing excess renewable energy for later use and providing grid stabilization services, energy storage technologies contribute to decarbonizing the electricity sector and achieving climate targets. For instance, the Green New Deal initiatives in the United States prioritize investments in clean energy infrastructure, including energy storage, to accelerate the transition to a carbon-neutral economy and create green jobs.
Competitive Landscape
The major players operating in the energy storage technologies market are ABB Ltd., Beacon Power, LLC, BYD Co. Ltd, Convergent Energy and Power Inc., Eos Energy Enterprises Inc, Exide Industries Limited, Greensmith Energy Management Systems, LG Chem, S&C Electric Company, Schneider Electric SE, Seeo, Inc., SMA Solar Technology AG, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 16 Jan 2024, Grenergy and the high-tech multinational business BYD have inked a strategic agreement for the delivery of large-scale energy storage systems (ESS) via batteries with a 1.1 GWh capacity. BYD will supply Grenergy with 2,136 units of its MC Cube ESS model as part of this partnership.
- 11 Dec 2023, In order to investigate how hoist experience and technologies may hasten the development and installation of gravity energy storage systems in old mines, ABB and Gravitricity, a UK-based gravity energy storage company, have inked an agreement.
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To find more Visiongain research reports on the energy sector, click on the following links:
- Energy Storage Systems (ESS) Market Report 2023-2033
- EV On-Board Battery Charger Market Report 2022-2032
- Battery Electric Vehicle (BEV) Market Report 2022-2032
- Sodium Sulphur Battery Market Report 2022-2032
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