Visiongain has published a new report entitled Energy Storage Technologies Market Report Forecast 2021-2031. Forecasts by Type (Pumped Hydro, Electrochemical, Flywheels, Thermal, Compressed Air, Liquid Air, Hydrogen Fuel Cells, Others), by Electrochemical (Lithium Ion Batteries, Lead Acid Batteries, Flow Batteries, Solid State Batteries, Others), by Application (Grid Storage, Transportation). PLUS Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
The Global energy storage technologies market is estimated to be valued at US$242.80 billion in 2021 and is projected to reach at a market value of US$343.55 billion by 2031. One of the major factors expected to positively influence demand is rising installation of renewable energy plus storage integration. Growing implementation of grid modernization and rural electrification projects is expected provide further boost to the energy storage systems (ESS) market. Governments in several countries have developed initiatives to support the supply of uninterrupted power across the nation. Favourable financing options and subsidies rates are also expected to benefit the market.
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COVID-19 impact on the Energy Storage Technologies Market?
Visiongain has anticipated four scenarios for the energy storage technologies market to recover over the forecast period, namely, V, U, W, and L. The most favourable scenario for this market is anticipated to be the “V” shaped recovery pattern which is dependent on industries and organizations opening up to enable a range of full-fledged services to their customers. This scenario is considered most probable as several countries have eased down on lockdown implementations and have effective treatment and vaccines in place. Energy storage solutions is considered an important investment by many companies as it provides critical power backup to several healthcare facilities, data centres, and manufacturing industries which works in favour for a “V” shaped recovery of the market.
What are the current market drivers?
Demand for Uninterrupted Power Supply in Critical Industries
According to a survey conducted by Uptime Institute’s Data Centre Industry that comprised of more than 1,000 datacentres, it was reported that UPS system failure was one of the root causes of outages in datacentres. It was also reported by managers that 80% of these power outages were preventable. According to a report by Information Technology Intelligence Consulting, an hour of downtime on average costs data centre operators $260,000, while a five-minute outage costs $2,600. Similarly, in the healthcare sector the impact of power failure is even more fatal, as it could put a patient’s life at risk, cause lack of access to patients’ medical records, disturbance in emergency preparedness and response, and medical surveillance.
Renewable Energy Generation and Grid Modernization
With renewable energy production on the rise, such as wind and solar, reliable energy storage solutions have become a necessity. Feasible storage solutions are evolving to help mitigate issues in distribution of power. Continual adjustments to the grid are essential in order to maintain stability, and efficient storage systems will play a significant role in that critical balancing act, providing more flexibility and reliability to the system. There are various different storage solutions that have been developed over the past decade that can be incorporated into the grid no matter the energy requirements from generation till consumer end use. Similarly, energy demand is expected to rise exponentially in the future, which is one of the main reasons governments of various countries are investing in grid plus storage modernization.
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Rural Electrification Projects
The deployment of energy storage projects is highly concentrated in select markets, most favourably in regions that have highly developed economies. Despite the falling cost of ESS, deploying energy storage systems is a capital-intensive project which requires significant upfront investment and therefore would definitely require government support or subsidized financing. Emerging economies such as India, South Africa, Latin America, etc. are expected to invest heavily in energy storage technologies for granting reliable electricity services to more than 1.2 billion people who currently lack access. Isolated communities that rely on remote power systems primarily fuelled by diesel generators have been some of the first communities to adopt energy storage technologies.
Rapidly Evolving Technologies
Several companies operating in the energy storage market are engaged in organic and inorganic activities that aim to expand their product offering through better and sustainable technologies. Investment in research & development activities is considered very crucial to this industry as there are several entrants in this market that reap funding for institutions and organizations to experiment with new technologies. The energy storage market is expected to experience changing dynamics over frequent durations as several new developments in otherwise dormant products push the market to a new stage.
Some of the companies profiled in the report include Active Power Inc. (Piller Group GmbH), Fluence Energy, LLC, Samsung SDI Co., Ltd., Exide Industries Ltd., NEC Energy Solutions, Inc., Amber Kinetics, Inc., Saft Groupe S.A., Tesla Inc., GS Yuasa International Ltd., ABB Ltd., General Electric Company, Invinity Energy Systems, EaglePicher Technologies, Altairnano, Inc., and East Penn Manufacturing Company. The key companies operating in the energy storage market are engaged in mergers & acquisitions and new/upgraded product developments. Companies are also venturing into providing digital solutions, artificial intelligence and machine learning characteristics integrated with their storage system
- In July 2020, Hitachi completed the acquisition of ABB Power Grids division for US$ 7.8 billion
- In February 2019, Tesla acquired energy storage solution provider Maxwell Technologies for US$ 218 million
- In October 2020, Deka HRC battery was launched by East Penn Manufacturing which enables advanced AGM technology using Compu-Press. These batteries are specifically designed for data centre applications.
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