The installed capacity in the global energy storage market is projected to reach 51,426.0 MW by 2023, the market growth is driven by substantial growth in the amount of renewable energy being deployed around the world and increasing need of the smart grid system.
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Based on type, the energy storage market is categorized into mechanical, electrochemical, thermal, chemical, and others; ‘others’ include fossil fuel and biological storage. Of these, electrochemical is expected to be the fastest growing type in the market during the forecast period, with a CAGR of 47.4%. The increasing need of 24/7 electricity services is fueling the demand for electrochemical energy storing systems globally.
Based on application, the energy storage market is categorized into fuel saving, arbitrage, ancillary services, back up supply, and others; ‘others’ include air conditioning and running mills. Of these, arbitrage is expected to be the fastest growing application area in the market, advancing at a CAGR of 44.1% during the forecast period.
During the forecast period, the energy storage market is expected to witness the fastest growth in Asia-Pacific (APAC), with a CAGR of 45.4%. Currently, energy storage systems are considered as a next level of upgradation in smart grid technologies by Asian power utilities.
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