/ EIN News / – Visiongain released a new report titled Energy Storage Technologies Market Report Forecast 2021-2031. Forecasts by type (hydropump, electrochemical, flywheels, thermal, compressed air, liquid air, hydrogen fuel cells, others), by electrochemistry (lithium-ion batteries, lead batteries, flow batteries, gas batteries, solid state, others), by application (Network storage, transport). PLUS profiles of leading manufacturing companies and leading national and regional market analysis. PLUS COVID-19 recovery scenarios
The Global Energy Storage Technologies Market is estimated at US $ 242.80 billion in 2021 and is expected to reach a market value of US $ 343.55 billion by 2031. One of the main factors that is expected to positively influence demand is the growing installation of ‘renewable energies and the integration of storage. The increasing implementation of grid modernization and rural electrification projects is expected to give new impetus to the energy storage systems (ESS) market. Governments of several countries have developed initiatives to support the uninterrupted supply of electricity across the country. Favorable financing options and subsidy rates should also benefit the market.
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Impact of COVID-19 on the Energy Storage Technologies Market?
Visiongain has anticipated four scenarios for the energy storage technologies market to recover during the forecast period, namely V, U, W and L. The most favorable scenario for this market is expected to be the “V” shaped recovery pattern which depends on the opening of industries and organizations to enable a full range of services to their clients. This scenario is considered the most likely as several countries have relaxed the implementation of the lockdown and put in place effective treatment and vaccines. Energy storage solutions are viewed as a significant investment by many companies as they provide critical backup power to multiple healthcare facilities, data centers and manufacturing industries, which promotes a âVâ 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 the Uptime Institute’s data center industry, which included more than 1,000 data centers, UPS system failure was reported to be one of the root causes of outages in centers. of data. 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 costs an average of $ 260,000 for data center operators, while a five-minute outage costs $ 2,600. Likewise, in the healthcare sector, the impact of a power failure is even more fatal, as it could endanger a patient’s life, lead to a lack of access to patient medical records, disruptions in emergency preparedness and response and medical surveillance.
Renewable energy production and network modernization
With the increase in the production of renewable energy, such as wind and solar, reliable energy storage solutions have become a necessity. Feasible storage solutions are evolving to help alleviate power distribution issues. Continuous network adjustments are essential to maintain stability, and efficient storage systems will play an important role in this critical balance, providing more flexibility and reliability to the system. There are different storage solutions that have been developed over the last decade that can be integrated into the grid, regardless of energy needs, from generation to end use by the consumer. Likewise, the demand for energy is expected to increase exponentially in the future, which is one of the main reasons governments in various countries are investing in modernization of the grid and storage.
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Rural electrification projects
The deployment of energy storage projects is highly concentrated in selected markets, more favorably in regions with highly developed economies. Despite the declining cost of ESS, the deployment of energy storage systems is a capital intensive project that requires a large initial investment and would therefore certainly require government support or subsidized funding. Emerging economies such as India, South Africa, Latin America, etc. should invest heavily in energy storage technologies for providing reliable electricity services to the more than 1.2 billion people who currently do not have access to them. Isolated communities that rely on remote power systems powered primarily by diesel generators were among 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 which aim to expand their product offering through better and sustainable technologies. Investing in research and development activities is considered very crucial for this industry as there are several entrants in this market that raise funds for institutions and organizations to experiment with new technologies. The energy storage market is expected to experience shifting dynamics over frequent durations, as several new developments in otherwise dormant products push the market to a new level.
Some of the companies featured 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 SA, Tesla Inc., GS Yuasa International Ltd., ABB Ltd., General Electric Company, Invinity Energy Systems, EaglePicher Technologies, Altairnano, Inc. and East Penn Manufacturing Company. Key companies operating in the energy storage market are engaged in mergers and acquisitions and new / upgraded product developments. Companies are also venturing to provide digital solutions, artificial intelligence and machine learning features built into their storage system.
- In July 2020, Hitachi completed the acquisition of the ABB Power Grids division for US $ 7.8 billion
- In February 2019, Tesla acquired energy storage solutions provider Maxwell Technologies for US $ 218 million
- In October 2020, Deka HRC Battery was released by East Penn Manufacturing, which enables advanced AGM technology using Compu-Press. These batteries are specially designed for data center applications.
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