The global energy storage technology market demand is expected to witness considerable growth over the forecast period. Conversion of energy from conventional sources to a certain form that can be stored and then converted back to the original state, when it is required, is the latest energy storage technology. It helps in storing energy that can be used in cases of low energy demand, low generation cost, or from random energy storage to be utilized during high energy demand or generation cost.
Increase in the global demand for energy has led to a substantial growth of the market. Rapidly developing low-carbon energy technologies will lead to an increase in the energy storage technology market demand over the forecast period.
The ability of energy storage technology in providing electricity and improved heat networks helps in the de-carbonization of the energy sector, which will increase the growth of this sector. In addition, these technologies increase the energy access and efficiency of energy resources. As a result, this will help in achieving a sustainable and secure energy system globally.
Energy storage technologies are able to shift energy demand and supply on a short term basis which will avoid blackouts and brownouts and in turn improve load imbalances. This technology also consists of large centralized systems in addition to off-grid units. However, higher capital costs involved in energy storage technologies may restrict advancements in the energy storage technologies market. Research & development coupled with increasing investments is likely to result in enhanced performance, lifetime of the product, and reduction in overall costs. This factor is expected to play a crucial role in driving energy storage technology market growth over the next seven years.
Pumped hydropower, compressed air energy storage, flow batteries, flywheels, solid-state batteries, and thermal energy storage technology are some of the commonly used techniques that are commercially viable. Few of the most commonly used technologies in the energy storage technologies market are few battery technologies, compressed air energy storage, and pumped storage hydropower.
In addition to the increasing demand for global energy and the surging requirements for low-carbon technologies, the overall demand for energy storage technologies is expected to be significantly higher in the forecast period. They have the ability to cut down imbalances in the demand and supply of energy as well as the optimization of different parts of the global energy storage systems. The energy storage technologies are used in various applications including electricity grids, dedicated heating and cooling networks, and off-grid applications. Research and development of the energy storage technology industry will provide a wide range of opportunities in order to drive growth. However, the market may face stringent regulatory government policies that may hinder growth in the long run.
The amalgamation of the electricity grid with an increase in requirement of renewable energy sources has led to growing demand for energy storage technologies globally. North America is expected to take the lead having the largest storage capacity in the near future. Asia Pacific and Europe are expected to follow the lead in the global energy storage technologies market. Rising consumer awareness regarding the technologies and their benefits in the long term is expected to drive energy storage technology market growth. However, presence of stringent regulations in North America and Europe is expected to restrain growth in these regions over the forecast period. Moreover, low rate of adoption among consumers in emerging economies of Asia Pacific and Latin America is expected to hamper growth over the forecast period.
Prominent players in the global energy storage technologies market include Convergent Energy + Power Hawaiian Electric Company, Inc. Alstom, ABB Ltd., General Electric, AES Corporation, Eos Energy Storage, S&C Electric Company, and SEEO, Inc. Few other competitors include Aquion Energy, Green Charge Networks, LG chem., Princeton Power, NEC Corporation, and NRG Energy.
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