Energy Storage Systems Emerging as Essential Tools for Achieving Energy Independence in Alignment with Sustainability Goals: Fact.MR Report
Rockville, MD, July 01, 2024 (GLOBE NEWSWIRE) — Fact.MR’s updated research report estimates the valuation of the global Energy Storage System Market size at US$ 50.3 billion in 2024. Worldwide demand for energy storage systems has been evaluated to increase at a CAGR of 5.7%, to US$ 87.6 billion by the end of 2034.
The world’s need for energy storage systems is increasing at an unprecedented rate as it moves toward dependable and sustainable energy sources. Rising adoption of renewable energy sources like wind and solar power is driving demand for energy storage systems. Energy storage technologies play a crucial role in stabilizing the availability of power, thereby addressing the intermittent nature of energy sources.
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Demand for energy storage systems has risen alongside the increasing adoption of electric vehicles, necessitating a reliable infrastructure for charging. These technologies enhance grid resilience by providing backup power during blackouts and facilitating seamless integration of renewable energy sources.
Governments and businesses worldwide are recognizing the role of energy storage systems in achieving sustainability goals and ensuring energy independence. As a result, substantial investments are being made in advancing technologies such as thermal storage, flow batteries, and lithium-ion batteries. As the global focus shifts toward decarbonization and cleaner energy solutions, the importance of energy storage systems is expected to grow exponentially, transforming how energy is produced, stored, and utilized.
Key Takeaways from the Market Study
- North America is estimated to hold 24.3% of the global market share in 2024.
- The East Asia market is forecasted to expand at a steady CAGR of 5.8% from 2024 to 2034.
- Demand for energy storage systems in Mexico is analyzed to increase at a CAGR of 6.2% from 2024 to 2034.
- Japan is calculated to hold a share of 26.8% in East Asia by 2034.
- Based on technology, the electrochemicals segment is expected to reach a valuation of US$ 34.4 billion in 2024.
- As per application, the grid storage segment is projected to expand at a CAGR of 5.7% through 2034.
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“Adoption of energy storage systems is leading to cost savings through energy arbitrage. Governments worldwide are incentivizing the deployment of energy storage systems to support energy security and renewable integration and enhance grid resilience,” says a Fact.MR analyst.
Addition of Solid State Batteries Bringing New Waves of Opportunities
Solid-state batteries, which promise increased safety, greater energy density, and longer lifespans than traditional lithium-ion batteries, are one interesting advancement. The emergence of iron-air batteries, which provide a more affordable and sustainable option to conventional battery technology, is another significant breakthrough. These batteries are a desirable alternative for large-scale energy storage applications since they make use of cheap, readily available materials.
Gravity-based energy storage devices, in which extra energy is utilized to lift large weights and released when needed by decreasing the weights to produce power, are another promising technology being investigated by researchers.
The field of thermal energy storage is progressing thanks to advancements like phase-change materials and molten salt storage systems, which make it possible to store and release thermal energy efficiently for a variety of uses, such as concentrated solar power plants and building heating and cooling systems. These cutting-edge advancements in energy storage technologies are predicted to be crucial in guaranteeing dependable, effective, and affordable energy solutions as the globe moves closer to a more sustainable energy future.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the energy storage system market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (electrochemical storage, thermal storage, mechanical energy storage), application (transportation, grid storage), and end user (residential, non-residential, utilities, automotive), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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