The “Advanced Energy Storage – Global Strategic Business Report” from ResearchAndMarkets.com reveals robust growth prospects for the global energy storage market. The market, currently estimated at 14 thousand megawatts in 2023, is projected to reach 22 thousand megawatts by 2030, with a compound annual growth rate (CAGR) of 6.6%. This report provides in-depth market trends, drivers, and forecasts to guide informed business decisions.
Key Drivers of Market Growth
The adoption and sophistication of advanced energy storage technologies are driven by several factors. Decreasing costs of key components, such as lithium batteries and other raw materials, make storage solutions more affordable. Increased investments in research and development by both public and private sectors are spurring further innovation and adoption.
Growing environmental awareness among consumers and businesses boosts demand for sustainable energy solutions. Additionally, the desire for energy independence, especially in remote or off-grid locations, enhances interest in energy storage systems. Utilities are investing in advanced storage to improve grid resilience and manage load fluctuations effectively.
Emerging Business Models and Technological Convergence
New business models like Energy Storage as a Service (ESaaS) lower barriers for businesses and residential consumers by offering storage solutions without upfront investments. The convergence of energy storage with the Internet of Things (IoT) allows for real-time data collection and analysis, enhancing operational efficiencies and predictive maintenance capabilities. These factors collectively create a robust ecosystem conducive to the growth and advancement of energy storage technologies.
Market Segment Insights
The report highlights significant growth in the Thermal Energy Storage segment, expected to reach 11 thousand megawatts by 2030 with a CAGR of 7.5%. The Electrochemical Energy Storage segment is also set to grow at a 6.0% CAGR over the analysis period.
Regional Market Analysis
The U.S. market is estimated at 4 thousand megawatts in 2023, while China is forecasted to grow at an impressive 6.0% CAGR, reaching 3 thousand megawatts by 2030. The report also provides insights into growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Source：globenewswire.com
