Energy storage will entice USD 662 bn investments by 2040
- Published | 01 August 2019
China, US, India to stand out the stationary energy market over the next two decades will require USD 662 billion of investment which will propel the energy storage market
Global: Global energy storage installations are set to proliferate exponentially, from a modest 9 Gigawatt (GW)/17 Gigawatt Hour (GWH) deployed as of 2018 to 1,095 GW/2,850 GWH through 2040 led by China, US, and India. It will be made possible by further sharp declines in the cost of lithium-ion batteries, 85% reduction during 2010-18 periods. This will also penetrate the EV market owing to the low cost of wind and solar. Only 10 nations are on course to signify around seventy five percent of the worldwide market in gigawatt terms. South Korea is the lead market in 2019, yet will before long surrender that situation, with China and the U.S. far in front by 2040. The staying huge markets incorporate India, Germany, Latin America, Southeast Asia, France, Australia and the U.K.
According to BlueWeave Consulting, the global energy storage market is boosting due to the growing renewable sector and development in electric power production. U.S energy storage companies more than a hundred building commercial energy storage systems due to higher demand. China is also supporting and developing battery manufacturing for electric vehicles, also building its grid-scale energy storage. India's energy storage market is growing as the government is supporting the renewables energy. Governments are also providing subsidies to renewables owing to high demand and environmental norms. The increase in pollution levels and poor power quality is leading the market towards renewables. Technological advancement just as energy productivity abilities has considerable impact for penetration of Energy storage systems moreover the changes in commercial energy costs has moved the tendencies towards accomplishing energy efficiencies in day by day industrial operations. Rising consumer awareness in regards to proficient energy utilization combined with expanding interest for smart homes with. Rising demand from electric utilities, by virtue of rising requirement for distributed energy mix with the main grid, is probably going to impel the growth over the forecast time frame.
According to BlueWeave consulting’s upcoming report, titled “ Global Energy Storage Systems Market Size, By Type(Batteries, Flywheel Energy Storage (FES), Thermal Energy Storage (TES), Pumped-Storage Hydroelectricity (PSH) And Others), By Application (Residential, Commercial And Industrial) By Region (North America, Europe, Asia Pacific, Middle East & Africa And Latin America); Growth Potential, Trends Analysis, Competitive Market Size And Forecast, 2019-2025” The Global energy storage market is expected to grow at a significant rate, during the forecast period 2019-2025. The energy storage market has been witnessing the major growth owing to eruptions in the supply of energy and power. Energy storage helps to fulfill the energy demand which is one of driving factor that is anticipated to grow the market. The rising demand for hydro energy, wind energy, and solar energy are the key drivers that are expected to drive the energy storage market during the forecast period. Traditional energy sources are associated with pollution and poor quality due to which is one of the reasons for the shift towards renewable energy. Supporting regulatory framework and financial incentives are fuelling the market and expected to rise further. Large scale distribution of grid energy storage system is auxiliary the development of global energy storage system market.
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