The 2026 Energy Storage Market Would Total $125 Billion, According to a New Report
The 1st report that presents a bottom-up analysis of hundreds (311) Energy Storage submarkets
WASHINGTON, DC, USA, July 25, 2022
The new market report (326 pages, 271 tables & figures) published by HSRC, Energy Storage Market & Technologies – 2022-2030 – With Corona & COP26 Impacts, concludes that the 2022–2030 market growth is driven by the following factors:
- To reach Net-Zero, we must invest in Energy Storage technologies
- The invasion of Ukraine has raised the cost of natural gas and oil prices have pushed heating bills higher. Similarly, the cost of transportation is moving higher as fuel becomes more expensive, resulting in higher investments in climate change mitigation.
- The May – June 2022 heatwaves, that affected more than 500 million people across the globe, drive public and government understanding that climate change must be addressed as soon as possible
- Energy storage is a must-have energy source at times of peak power demand
- To address the grid peak demand, Solar, Wind, and several other electric energy sources require large scale investments in energy storage facilities
- The Russian – Ukraine war presents a threat to Europe’s energy security, resulting in accelerated investments in renewable energy and storage projects.
- Investors’ eagerness for financing the green revolution
- The multi-trillion USD market offers dozens of business opportunities to the private sector
- Unprecedented public support (> 60%) drives governments and the private sector to invest in the green revolution.
- Multi-Billion investments in EV battery manufacturing and R&D will reduce the price of battery-based storage installations
- Government subsidies and investments
Energy Storage Market Segmentation Vectors
The report thoroughly analyzes 5 technologies, 5 regional, 5 revenue sources and 60 national Energy Storage related markets. It is an open secret that Energy Storage is a Game Changer in the Electric Industry.
Increasing peak electricity demand and an increasing share of renewable electricity generation are stressing the electric power industry. Residential and commercial buildings consume about 70% of the electricity generated and peak power demand. Additionally, they will contribute to the 70% growth in electricity demand through 2040.
According to the report:
- Grid-Scale Battery Storage will dominate the 2024-2030 storage systems market
- Despite the raw material price rising, battery costs continued to drop. Globally, capacity additions continue to surpass projections with no slowdown in sight. While most of the expansion has been in utility-scale storage projects, residential, microgrids and commercial storage projects continue to grow steadily.
- The energy storage Industry will achieve by 2030 the following Levelized Cost of Storage (LCOS) targets: (1) A $0.05/KWh LCOS for long-duration stationary applications, a 90% reduction from 2020 baseline costs. Realizing this LCOS would enable commercial feasibility for energy storage, including load supply during peak demand and other applications to ensure energy reliability. (2) An $80/KWh cost of production for a battery pack by 2030 for a 500 Km range electric cars, a 43% reduction from the current cost of $140 per KWh. It would lead to cost-competitive electric vehicles and stationary storage applications. (3) A $200/KWh LCOS for Flow batteries – a 45% reduction from the 2020 baseline.
- The U.S. and China (which emitted 36% of the world’s GHG in 2021) will spend >37% of the global Energy Storage expenditure.
- In 2021 pumped storage hydropower dominated (>96%) in total megawatts deployed worldwide.
- The private sector will finance > 90% of the market.
What does the Energy Storage Market & Technologies – 2022-2030 – With Corona & COP26 Impacts report give you?
A. The Energy Storage market size data is analyzed via four independent perspectives.
- By 5 Energy Storage Technologies:
- Grid-Scale Battery Storage
- Thermal Energy Storage
- Compressed-Air Energy Storage
- Pumped Storage Hydropower
- Other Energy Storage Technologies (e.g., Mechanical Storage, EV & Residential battery storage)
2. By 5 Revenue Source Markets:
- Product Sales
3. By 5 Regional Markets:
- North America
- Latin America
- Middle East & Africa
- Asia Pacific
4. By 60 National Markets:
The U.S., Canada, Argentina, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Peru, Puerto Rico, Venezuela, Rest of Latin America, Austria, Belarus Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Italy, Netherlands, Norway, Poland, Portugal, Romania Russia, Serbia, Slovakia, Spain, Sweden, Switzerland, UK, Ukraine, Rest of Europe, Algeria, Egypt, Iran, Israel, Kuwait, Saudi Arabia, South Africa Turkey, UAE, Rest of MEA, Australia, China, India, Indonesia, Japan, Kazakhstan, Philippines, South Korea, Thailand, Vietnam, Rest of Asia-Pacific
B. Detailed market analysis frameworks are provided, including:
- Market drivers & inhibitors
- Business opportunities
- SWOT analysis
- Competitive analysis
- Business environment
- The 2020-2030 market
- Industry Value Chain
- Financing & Loans
- Governmental R&D Funding
C. Companies mentioned in the report:
ABB, Abengoa Solar, AEG Power Solutions, AES Energy Storage LLC, ALACAES, Alstom Power, Inc., Apex CAES, Babcock Power, Baltimore Aircoil Company, Bath County Pumped Storage, Burns & Mcdonnel, BYD, Calmac, Castaic Power Plant, Chaira Hydropower Cascade, Climate Change Technologies, DC Pro Engineering, Delta Electronics, Inc., Dinorwig Power, DN Tanks, Entracque Power, General Compression, General Electric, Grand`Maison, Guangdong Pumped Storage, Hitachi, Huizhou Pumped Storage, Hydrostor Inc., Ice Energy Technologies Inc., Ingula Pumped Storage Scheme, Johnson Controls, La Muela II Pumped Storage, LG Chem, Liyang Pumped Storage, Ludington, Magnum Development LLC, MAN SE, Mingtan, NEC Corporation, NG Advantage, Pacific Gas and Electric Company, Panasonic, Presa de Aldead, Primus Power, Qingyuan, Raccoon Mountain, Samsung SDI, Sardar Sarovar, Sener Group, Shin Takasegawa, Siemens AG, Solar Turbines, Inc., Storelectric Ltd., Tesla, Tianhuangping, Toshiba, TrinaBESS, Vattenfall
HSRC™ is an American Israeli market intelligence & technology research firm specializing in Homeland Security, Transformational Technologies, High Growth and Climate Change markets. HSRC offers premium market off-the-shelf and custom reports. HSRC provides quantified B2B and B2G research on hundreds of high-growth niche opportunities, which can impact about 12,000 global companies’ revenues. Currently servicing 2500 customers worldwide, including 40% of global Fortune 1000 companies and government agencies as clients.
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