The growing demand for energy is likely to stimulate the application of utility-scale energy storage technologies globally in the coming years. The usability of these technologies in increasing the efficiency of energy storage systems is expected to fuel their adoption significantly across the world over the next few years. The increasing need to reduce carbon footprint is also expected to drive the growth of this market in the near future.
The global market for utility-scale energy storage technologies has been broadly assessed on the basis of technology and geography. Based on technology, the market has been segmented into pumped hydro-power, compressed air energy storage, thermal energy storage, flywheels, and solid state batteries. Based on geography, the market has been categorized into North America, Europe, Asia Pacific, and the Rest of the World.
This research study has been prepared after extensive research of the worldwide utility-scale energy storage technologies market and provides a complete overview of this market considering its current as well as historical performance. Key trends, growth drivers, limitations, opportunities, and market potential have also been discussed at length in this report.
Overview of Utility-Scale Energy Storage Technologies Market
The rising urbanization across the world has led to a significant surge in the need for energy, causing a massive energy load on grids. Energy storages are required to be integrated with power grids in order to take that load off. This factor has created a significant requirement for utility-scale energy storage technologies across the world.
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Among the technologies, the demand for pumped hydro-power is higher than others. Apart from this, solid state batteries and compressed air energy storage are also witnessing healthy growth in their demand.
On the geographical front, North America is leading the global market. With the deployment of nearly 15 utility-scale technologies for energy storage, the region is likely to remain dominant over the forecast period. Europe and Asia Pacific are also projected to report a significant rise over the next few years.
Despite the bright future, the market may be hampered by stringent government regulations associated with energy storage in the years to come. However, the rising investment in research and development activities in this field is projected to create lucrative growth opportunities for the companies functioning in the global utility-scale energy storage technologies market in the near future.
Companies mentioned in the research report
Alstom, AES Corp., ABB Ltd., General Electric, Eos Energy Storage, Convergent Energy + Power, S&C Electric Co., Hawaiian Electric Co. Inc., and SEEO Inc. are some of the leading players in the global market for utility-scale energy storage technologies.
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