Global Renewable Energy Storage Market to Record Substantial Growth at 22.12% CAGR, Accounting for USD 469.81 Billion by 2030, Europe Leads the Industry with Governmental Backings, States Kings Research
The global renewable energy storage market is estimated to exhibit strong growth through 2030 owing to increasing environmental awareness, rising government backing, and technological advancements.
Dubai, UAE, Sept. 25, 2023 (GLOBE NEWSWIRE) — According to the latest report by Kings Research, in 2022, the global Renewable Energy Storage Market accrued USD 77.75 billion and is anticipated to reach USD 469.81 billion in revenue by 2030, exhibiting a CAGR of 22.12% from 2023 to 2030. The market is anticipated to expand rapidly as a result of growing government backing for long-term energy storage technologies that might support power grids while substantially accelerating the growth of solar, wind, and hydrogen energy.
Furthermore, supportive policies, including renewable energy targets, financial incentives, and carbon reduction goals, are significant driving factors, promoting investments in energy storage projects. These policies facilitate the integration of renewable energy sources into the grid, thereby diminishing reliance on fossil fuel-based electricity generation. The growing influx of investments in the development of renewable energy storage systems is a key catalyst for accelerating market expansion.
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For instance, in April 2023, the UK government provided USD 38.25 million in financial support for a number of cutting-edge projects to devise novel methods for the storage and recovery of renewable energy. Combining the production of renewable energy with energy storage can offer dependable, sustainable, and clean ways to meet energy needs while lowering carbon dioxide emissions.
The global renewable energy storage market is fragmented in nature. Leading companies in the industry are using a variety of business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product offerings and increase their market share in different regions.
Key industry participants in the market include:
- Delta Electronics, Inc.
- General Electric Company
- Hitachi, Ltd.
- Siemens Energy
- Tesla, Inc.
- Toshiba Corporation
- Trina Solar Co., Ltd.
- ABB Ltd.
- EVLO Energy Storage Inc.
- NEC Corporation
- PARKER HANNIFIN CORP
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Trending Now: Super Energy Corporation Strengthens Renewable Energy Portfolio
The largest solar farm operator in Thailand, Super Energy Corporation, has added two new properties to its portfolio of renewable energy sources. Equator Solar Co., which runs a 75-megawatt solar power-producing facility in Khao Yai, now holds a 51% ownership position in the company. Additionally, Super Energy bought a 51% stake in Super Earth Energy 6 Co., a company that runs a 9-megawatt waste-to-energy facility in Phichit.
These acquisitions are a part of Super Energy’s plan to increase its use of renewable energy and establish itself as a major clean energy supplier in Thailand and Southeast Asia. Additionally, the business is dedicated to lowering its carbon footprint and assisting Thailand in making the switch to a more sustainable energy future.
Increased Investments in Off-Grid Energy Generation to Boost Hydroelectric Power Demand
By type, the market is segmented into wind power, hydroelectric power, solar power, bio energy, and others.
The hydroelectric power segment holds the leading position in the renewable energy storage market driven by increased investments in off-grid energy generation and electrification efforts in rural regions across developing economies like China, India, Brazil, Colombia, and Vietnam. This surge in activity has led to a growing demand for small-scale hydropower plants in recent years. Additionally, several government initiatives aimed at encouraging hydropower generation and adoption are further propelling the growth of the hydroelectric power segment within the global renewable energy storage market.
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Increasing Adoption of Geothermal Heat Pumps in Residential Application to Augment Market Development
By end-user, the market is segmented into residential, industrial, and commercial.
The residential segment leads the global renewable energy storage market primarily impelled by the widespread adoption of geothermal heat pumps in residential heating applications. The demand for geothermal power is anticipated to experience substantial growth, driven by the increasing need for electricity, spurred on by various government initiatives aimed at reducing carbon emissions. Furthermore, the rising utilization of rooftop solar energy systems to generate household electricity serves as a key driver for the growth of this particular segment.
Growing Environmental Concerns Boost Renewable Energy Storage Market Development
The rapid expansion of solar energy systems is anticipated to augment the demand for renewable energy storage systems. When combined with renewable energy, the renewable energy storage system utilized by residential, commercial, or industrial users offers a chance to enhance the caliber and dependability of electricity for such consumers. Renewable energy storage devices are being used by consumers in greater numbers as a practical means of minimizing environmental impact. Residential energy storage reduces the amount of electricity used in battery homes during peak hours, which has increased utilization. Large corporations are investing in and providing cutting-edge household energy storage solutions based on renewable energy to the market as a result, supporting the industry’s expansion.
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Favorable Government Regulations in Europe to Support Market Proliferation
Europe is currently dominating the worldwide renewable energy storage market due to better government regulations and increasing resource availability. European nations have invested in renewable energy storage because of rising political support and environmental awareness. For instance, while Norway and Denmark used pumped storage and linkages to balance renewable energy, Germany pioneered battery storage solutions.
The use of battery storage technologies, particularly lithium-ion batteries, is growing in Europe. They are useful for saving renewable energy sources because they provide flexibility and quick responses. The European Union (EU) member states are putting forward assistance measures to speed up the storage of renewable energy.
The EU has set aims to reach a 32% renewable energy share in power consumption by 2030, and renewable energy storage technology is essential for realizing these ambitions, according to the International Renewable Energy Agency (IRENA). The implementation of renewable energy storage projects has been supported by financial incentives, subsidies, and legal frameworks. In order to enable a higher percentage of renewable energy and to guarantee a dependable and sustainable energy source, renewable energy storage is becoming more and more important.
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Key Points from TOC:
1 Introduction of the Global Renewable Energy Storage Market
2 Executive Summary
3 Research Methodology
4 Global Renewable Energy Storage Market Outlook
5 Impact Of Russia-Ukraine War
6 Global Renewable Energy Storage Market, By Type
7 Global Renewable Energy Storage Market, By End-User
8 Global Renewable Energy Storage Market, By Geography
9 North America
11 Asia Pacific
12 Middle East & Africa
13 Latin America
14 Global Renewable Energy Storage Market Competitive Landscape
15 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/renewable-energy-storage-market-178
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