Energy storage technology plays an important role to our desire for a more stable and sustainable energy system. It functions much like a bigger, massive rechargeable battery. Storing excess energy generated when renewable energy sources, like the sun and wind, are plentiful is the aim. This stored energy can be used to keep a steady and uninterrupted power supply during periods when these renewable energy sources are less productive. In order to effectively utilize green power and mitigate the intermittent nature of renewable energy sources, energy storage is necessary.
Global Energy Storage Technology Market Driving Factors and Challenges
Drivers: The market for energy storage systems is driven by a growing focus on producing renewable energy on a global scale. Over the upcoming years, the market is anticipated to grow at a rapid pace due to the growing demand for affordable, efficient energy resources. An inexpensive substitute for electricity produced using fossil fuels is clean and renewable energy. By using it, you can lessen your reliance on fossil fuels, diversify your energy sources, and cut down on greenhouse gas emissions, which in turn reduce air pollution. Over the course of the forecast period, the number of data storage centers is expected to increase, and competition in a number of industries, including IT and finance, is expected to grow quickly. Furthermore, Energy storage technology also has a lot of potential to alter the way that energy is produced, distributed, and used. First of all, it enables the electrical grid to integrate intermittent renewable energy sources like solar and wind. This encourages a more sustainable and greener energy ecosystem.
Challenges: There are several challenges facing the market for energy storage technologies. One of the main obstacles is the cost of developing and putting into use innovative energy storage systems. Emerging innovations, lithium-ion batteries, and pumped hydro storage are examples of technologies that might be difficult to widely adopt due to their high initial costs. Furthermore, because regulatory frameworks usually struggle to keep up with the industry's rapid advancements in energy storage, the lack of uniform policies and regulations poses a problem. Energy density and storage length are additional concerns; developing technologies that can store large amounts of energy for extended periods of time is still a challenging undertaking.
Impact of COVID-19 on Global Energy Storage Technology Market
A temporary ban on import and export, as well as manufacturing and processing operations in a number of industries, including electrical utilities, resulted from the COVID-19 pandemic lockdown. This lowered the need for power among consumers. Additionally, it is predicted that the pandemic will impede market expansion by stopping the development of new grid networks, renewable energy plants, and other power plants, as well as by creating a labor shortage and widening the gap between supply and demand. As a result, in the second, third, and fourth quarters of 2020, market growth declined.
Global Energy Storage Technology Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AES Corporation, LG Chem, BYD Company Ltd., Samsung SDI Co. Ltd, Siemens, Panasonic Corporation, ABB Ltd, General Electric, Fluence Energy, Saft, Others.
Global Energy Storage Technology Market Segmentation:
By Process Type: Based on the Process Type, Global Energy Storage Technology Market is segmented as; Electrochemical Storage, Mechanical Storage, Thermal Storage.
By Storage Medium: Based on the Storage Medium, Global Energy Storage Technology Market is segmented as; Gaseous Storage, Liquid Storage, Solid-State Storage.
By Application: Based on the Application, Global Energy Storage Technology Market is segmented as; Commercial & Industrial, Grid Storage, Residential, Transportation, Utility.
By Level of Integration: Based on the Level of Integration, Global Energy Storage Technology Market is segmented as; Standalone Systems, Integrated Systems.
By End User: Based on the Level of End User, Global Energy Storage Technology Market is segmented as; Commercial & Industrial, Government, Residential, Transportation, Utilities, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.