The energy storage systems market is anticipated to witness record growth on the back of rising concerns regarding carbon emissions and transition to renewable energy sources. Increasing requirement for continuous power supply and effective load management may accelerate the deployment of renewable energy infrastructure. A report by IEA states that power generation from renewable source is projected to rise by 40% until 2040.
According to Global Market Insights, the energy storage systems market share may surpass USD 500 billion by the year 2025. Some of the industry players operating in the energy storage systems market are RusHydro, Axiom Energy, Alstom, FAFCO, Finetex EnE, DN tanks, Inc, Panasonic, Steffes Corporation, Samsung SDI, Solar Reserve, Brightsource Energy, Inc, Cryogel, Voith, Genex Power Lmt., Beacon Power, Inc, Toshiba, J-Power, LLC, Sunwell Technologies, Schluchseewerk AG, and Northland Power, amongst others.
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Detailing few of the treads progressing energy storage systems (ESS) industry size:
- Japan to emerge as a promising market
The demand for energy storage systems is intensifying across Japan, majorly across solar photovoltaic plants. These plants can limit carbon emissions as well as help lessen electricity bills. As per a report, the Japan ESS market is projected to surpass USD 65 billion by 2025. This growth can also be credited to expansion of electrical networks at the local and regional level and a wide-scale application in small grid technologies.
- Rising awareness regarding clean energy
Growing adoption of sustainable energy technologies, rising concerns regarding carbon emissions along with decreasing energy storage system costs may enhance ESS industry share. Governments across many regions are taking strategic initiatives to encourage the utilization of clean energy sources.
Several plans have been proposed by policymakers to offer financial incentives to inspire the utilization of clean energy sources. For Instance, The Government of Italy, in 2017, proposed a 50% tax reduction for the deployment of residential ESS. The demand for ESS may also boost followed by predominant R&D activities to improve energy density and life cycle of storage technologies.
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- Electro-chemical ESS gaining prominence
The electro-chemical ESS are capable of providing high energy density and temperature stability during operation. Cost-effectiveness, safe operation, and high-power conversion are a few of the vital features inspiring product adoption. Components like lead acid, flow batteries, lithium-Ion, and sodium sulphur are some of the commonly used materials in electro-chemical ESS.
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