Demand for Energy Storage Technology Expected to Skyrocket in Asia-Pacific in Future

Energy Storage Market Growth

The size of the energy storage market was 171,039.3 Megawatts (MW) in 2019. The size of the market is predicted to rise by 69,917.6 MW between 2020 and 2030. Furthermore, the market will progress at a CAGR of 3.3% from 2020 to 2030.

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Mechanical, electrochemical, chemical, and thermal are the most widely used types of energy storage systems across the world. Amongst these, the demand for mechanical energy storage systems was found to be the highest in the past years, mainly due to the huge storage capacity of these systems. Liquid air energy storage (LAES), pump hydro storage (PHS), flywheels, and compressed air energy storage (CAES) are the majorly used mechanical energy storage systems around the world.

Geographically, the sales of energy storage systems were observed to be the highest in the Asia-Pacific (APAC) region during the past few years. This was because of the large number of project equipment, procurement, and construction (EPC) activities in regional countries such as China, Japan, and India. Furthermore, the demand for energy storage is predicted to grow sharply in APAC in the coming years, on account of the mushrooming requirement for stable grids in the region.

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Market Size Breakdown by Segment

By Type

  • Mechanical
    • Pumped hydro storage
    • Liquid air energy storage
    • Compressed air energy storage
  • Electrochemical
    • Lithium battery
    • Lead–acid battery
    • Sodium–sulfur (NaS) battery
  • Thermal
  • Chemical

Geographical Analysis

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
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