Press Release

Rising electrical applications and the adoption of stringent energy efficiency regulations will help to grow the size of the energy storage systems in the world. A growing focus on cutting electricity costs, as well as broad adoption of renewable technology will escalate the business growth. During the projection period, an expanding number of data storage centres, combined with fast developing rivalry in a variety of industries, such as IT and finance, is likely to boost demand. In addition, changing consumer lifestyles and an increase in the number of power outages are expected to boost household usage. In 2021, the United States had 25.97 GW of energy storage systems, with 65.32 GW predicted by 2030. During the forecast period, the market is expected to grow at a CAGR of 11.4 percent.

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Growing demand for cost-effective and efficient energy resources is expected to drive market expansion in the coming years. Clean and renewable energy is a cost-effective substitute for fossil-fuel-based electricity. Its use can assist minimise overreliance on fossil fuels, reduce greenhouse gas emissions and, as a result, air pollution, and diversify power supplies. The energy storage industry is predicted to be driven by factors such as the rising renewable energy sector, favourable government policies and schemes for energy storage systems (ESS), and better energy storage economics in the future years. However, over the projection period, a mismatch in demand and availability of raw materials such as Cobalt, lithium, and graphite is expected to limit market growth.

The pumped hydro segment has dominated the market share in 2020 of global energy storage systems market owing to the rising demand for pumped hydro storage power generation is increasing around the world. Furthermore, government initiatives to promote renewable energy generation are projected to fuel market expansion over the forecast period. The stationary segment has dominated the market share in 2020 of global energy storage systems market owing to the rapid rise of major industries and projects such as dams, power plants, power grids, refineries, and mills is to blame for this. The utility segment is dominated the market share in 2020 of global energy storage systems market owing to the increased spending for the construction of utility-scale power facilities.

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Asia Pacific region is dominating the market share of global energy storage systems market owing to the presence of a large customer base, the quick development of the renewable energy sector, and the presence of regional significant actors in the region's increasing industrialization and urbanization Furthermore, the government's policies are drawing significant FDI to the region. Asia Pacific has become a manufacturing hub due to the accessible and affordable availability of production factors in key nations such as India and China. Due to increased energy consumption, the robust growth of industries is boosting demand for energy storage systems.

Key Developments:

August 2021- Tata Power launched 50MWh battery energy storage system at Phyang village in Leh, Ladakh with a value of ÌNR 386 crores.

June 2021- Wärtsilä has signed multiple energy storage contracts with Universal Power Solutions with a capacity of 20 MW / 20 MWh and 40 MW / 40MWh respectively in Philippines.

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