Rising concerns over carbon emissions and favorable measures to promote adoption of sustainable energy will drive energy storage systems market forecast over the coming years. Carbon dioxide, the most prevalent and dangerous greenhouse gas that drives global climate change, continues to rise every year. In 2018, Hawaii’s Mauna Loa Atmospheric Baseline Observatory had reported carbon dioxide levels of nearly 411 parts per million (ppm), the highest monthly average ever registered.
Constant efforts are being made towards limiting carbon emission, which include growing investments towards deployment and expansion solar and wind energy plants to replace conventional fossil fuels. Deployment of large-scale clean energy systems will be bolstered by innovative advances in technology aimed to enhance efficiency and performance of batteries.
Browse key industry insights spread across 490 pages with 674 market data tables & 59 figures & charts from the report, “Energy Storage Systems Market Size By Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical {Flywheel, Compressed Air Energy Storage}, Thermal {Water, Molten Salt, Phase Change Material, Others}), By Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewables Capacity Firming, Frequency Regulation, Other), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Mexico) Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
Enumerated below are the three major factors that will boost energy storage systems industry share over the projected timeline:
Large-scale deployment of renewable energy systems
International Renewable Energy Agency (IRENA) reports that increased utilization of renewable energy along with intensified electrification could help meet global climate goals by 2050. Renewable technologies which are immediately deployable and cost-effective storage solutions can enhance grid efficiency and help fulfil climate commitments.
Renewables already constitute more than half of newly deployed power-generation plants. IRENA further points out very interesting statistics regarding renewable power generation. Energy-related carbon emission reductions would have to drop 70% by 2050 to meet climate goals. Renewable sources, including wind and solar, could meet more than 80% of global power demand over the period.
The International Energy Agency (IEA) suggests that renewable generation met 45% of the global energy demand growth in 2018. Energy storage will certainly play a major role in realizing the next phase of energy transition. Along with the surge in wind and solar power generation, storage solutions will significantly help achieve decarbonization across key applications segments, propelling energy storage systems market size.
Growing power demand across Asia-Pacific (APAC)
Higher electricity consumption globally can be attributed to robust industrialization in Asia-Pacific and upsurge in purchasing power of consumers, while resulting in increased utilization of electronic devices. In fact, China and United States remain two of the world’s largest electricity markets that account for roughly 70% of global power demand.
IEA has estimated that:
· China witnessed an 8.5% upsurge in electricity demand during 2018 on account of steady industrial growth.
· Electricity demand in India escalated by 5.4% in 2018 owing to massive electrification projects across rural areas
Growing integration of renewable power sources into the grid combined with stringent government norms to ensure energy efficiency will bolster APAC energy storage systems industry outlook. Acceptance of more efficient storage methods, unpredictable changes in climate conditions that affect power generation, along with consistent increase in electricity demand are expected to foster business expansion of key battery suppliers in the region.
Increased adoption of lithium ion batteries for energy storage
On account of tremendous benefits such as high energy density, long service life and low self-discharge rate, lithium-ion batteries are extensively used in several applications including electric vehicles (EVs), hybrid electric vehicles (HEVs) as well as consumer electronics.
In the past decade over 4 million EVs have been sold, with majority of the sales coming from the U.S. and China. In fact, China constituted 50% of the total EV sales worldwide in 2017. Recent studies revealed that the share of battery cost inside an EV component is estimated to drop to less than 20% by 2030.
Increasing demand for cost-effective and uninterrupted power supply across industrial, commercial and residential applications is anticipated to boost implementation of energy storage solutions by utilities. Favorable government policies to promote EV sales combined with rising concerns towards grid stability will further augment energy storage systems market size.
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