The global energy storage systems marketwas valued at USD 486.2 billion in 2023 and is expected to grow at a CAGR of 15.2% from 2024 to 2032, as reported in the latest study by Global Market Insights, Inc.
With the increasing rollout of solar and wind energy projects, there is an escalating demand for energy storage solutions to counteract the intermittent nature of these resources. For example, in June 2024, BSES initiated the development of India's inaugural large-scale standalone Battery Energy Storage System.
Growth factors:
· Rising Demand for Renewable Energy
· Technological Advancements
· Grid Modernization and Stability
· Falling Costs of Energy Storage
· Government Policies and Incentives
· Electric Vehicle (EV) Growth
· Increasing Energy Demand in Emerging Economies
· Decentralization of Energy Systems
· Corporate and Industrial Demand
· Energy Storage as a Service (ESaaS)
Advancements in battery technology, particularly in lithium-ion and solid-state variants, have bolstered performance, energy density, and lifespan, rendering storage systems more economically feasible. Coupled with declining manufacturing costs and the heightened scalability of storage solutions, these factors are propelling market growth.
Based on technology, the energy storage systems market size from the pumped hydro segment will record a decent growth rate between 2024 and 2032 due to its established reliability for large-scale energy storage. Pumped hydro systems, which utilize surplus electricity to elevate water and subsequently release it for electricity generation during peak demand, boast advantages in capacity, efficiency, and longevity.
Energy storage systems market from the electric supply capacity application segment is anticipated to witness significant growth during 2024-2032. This surge is attributed to the escalating capacity demands for advanced storage solutions that manage and optimize energy consumption. As electrical grids expand and face heightened demand, energy storage systems play a pivotal role in ensuring a stable and reliable supply.
North America energy storage systems industry size will record substantial growth through 2032 attributed to the increasing focus on grid modernization and energy resilience. With a growing emphasis on integrating diverse renewable energy sources and transitioning away from fossil fuels, there is a heightened need for advanced storage solutions to support grid stability and reliability across the region.
Source: https://www.gminsights.com/industry-analysis/energy-storage-systems-market
