21 July 2022
Visiongain has published a new report entitled Energy Storage Technologies (EST) Market Report 2022-2032: Forecasts by Application (Stationary Energy Storage, Transportation Energy Storage), by Stationary Type (Industrial and Military Use, Grid-Related-Utility, Grid-Related-Residential), by Utility Type (Ancillary Services, Peaking Capacity, Energy Shifting, Transmission & Distribution Level), by Industrial Type (Uninterruptible Power Source (UPS) + Data, Telecom Backup Power, Air Conditioning/Refrigeration, Hydrogen Refuelling Stations, Other Industrial/Military Uses), by Technology (Pumped Storage Hydropower, Lithium-ion Batteries, Lead–acid Batteries, Compressed-Air Energy Storage (CAES), Redox Flow Batteries (RFBs), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global energy storage technologies market was valued at US$13,787 million in 2021 and is projected to grow at a CAGR of 5.7 during the forecast period 2022-2032. The major drivers for the growth of the energy storage market are regulatory drivers, improving economics and decreases in technology costs. On the other hand, unbundling of operation and network development activities and grid tariff applications and licensing issues factors are restraining the growth of this market.
Economic Challenges Such as Lack of Legislative Backing, High Costs, Ambiguous Application Values, Unfavourable Market Dynamics
The world's energy storage business is still struggling with problems such a lack of legislative backing, high costs, ambiguous application values, unfavourable market dynamics, and others. Future considerations should take into account two factors: first, it is necessary to propose energy storage system solutions with the involvement of electricity users, electrical enterprises, researchers, economic organisations, and social originations; second, it is important to promote the appropriate industry market mechanism and the subsidy policy. We should support multiple studies and uses of energy storage, provide a framework for sustainable growth, and make energy storage operationally viable.
Applications of Microfluidics and Nanomaterials in Energy Storage
Controlling the electrochemical performance of materials now heavily relies on nano-structuring. Manufacturing electrodes with an anisotropic structure and superior electrical and mechanical properties is made possible by the creation of new nanomaterials with adaptable chemical compositions and morphologies. Microfluidics, which makes use of the fluid mechanics laws, enables scientists to develop nanoparticles with distinctive sizes and finely regulated forms, providing new design options for high-power energy storage systems of the future.
How has COVID-19 had a significant negative impact on the Energy Storage Technologies Market?
Energy storage meets the highest level of demand for increased power system flexibility. When the demand for power exceeds transmission capacity, for instance, or when the system needs to become more resilient to harsh weather occurrences, flexibility may be necessary. However, the power system needs to be flexible in order to integrate variable renewable energy.
Energy storage is a crucial piece of infrastructure that enables higher renewable energy shares in the power mix, so any effects of the pandemic on the expansion of renewable energy would also have an impact on storage. Energy storage helps to manage the variable energy flows from solar PV and wind power generation.
Long after the first Chinese lockout and associated factory closures earlier this year, price swings brought on by the disruption of supply chains will have an immediate impact on cost competitiveness. This is due to the cascading effects on the supply chain caused by the drop in the production and sales of storage systems, which causes suppliers of raw materials and component suppliers to scale back their operations. When the demand for deferred storage is later rekindled, it will take some time for the supply chain to get going again.
How will this Report Benefit you?
Visiongain’s 316-page report provides 194 tables and 189 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global energy storage technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Energy Storage Technologies. Get financial analysis of the overall market and different segments including application, type, technology, stationary type, industrial type, utility type, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing energy storage technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Storage Resources Have Genuine Worth Beyond Only Capacity, Energy, and Associated Services
The development of energy storage should follow the same path as other emerging technologies like solar. Given that lithium-based energy storage technologies now cost between $1,300 and $1,500 per kilowatt to install, the application as envisaged would not currently be financially feasible. Even if these are the sole sources of income for storage, this kind of storage ought to surpass the break-even threshold in the next years. Storage resources have genuine worth beyond only capacity, energy, and associated services. There are several possible sources of added value. Markets that enable owners of energy storage devices to access some of these supplemental revenue streams currently exist in many locations, and more will follow as governmental laws change. Due to uncertain regulatory frameworks, underdeveloped market systems, particular liability exposure, and questionable performance histories, storage projects are particularly vulnerable. It will be possible to manage these risks with creativity, adaptability, and readiness.
Costs for Lithium-Ion Battery Storage Have Decreased Because to Significant Investments in Research & Development and Production Scale-Up
Costs for lithium-ion battery storage have decreased because to significant investments in research & development and production scale-up. The market for consumer electronics (such as laptops and mobile phones) first drove this, and more recently the demand for electric vehicles has expedited it. The cost of $/kWh has decreased by approximately 90% over the past ten years, and with further manufacturing advancements and economies of scale, it is anticipated that lithium-ion costs will continue to decline. Cost reductions in solar and wind technology are also accelerating the use of energy storage in hybrid applications.
Where are the Market Opportunities?
Increase in Demand for Li-ion and Material Demand Globally
Over the next ten years, the demand for Li-ion batteries is expected to expand quickly, particularly due to the electrification of transportation. This will result in rising demand for battery-electric vehicles across a variety of vehicle types and market groups, and many battery pack manufacturers will be focusing on these non-car markets. Recent studies of the battery pack manufacturers that target buses, commercial vehicles, and many other non-car categories address the advancements in battery technology for EVs. Although Li-ion will continue to be the most popular technology for electric cars, concerns about probable shortages of some essential elements, such lithium, nickel, or graphite, may eventually slow the penetration of EVs.
Li-ion Recycling Market Opportunity
Recyclable components may be collected from trash and end-of-life batteries and refined for use in the production of new cells and batteries, which offers a degree of circularity and a partial solution to the sustainability and supply chain difficulties the Li-ion industry faces. This may have a number of positive effects. It can diversify the sources of raw materials, reducing dependency on any one nation or area. In comparison to using virgin materials, Li-ion recycling, particularly through hydrometallurgical or direct recycling techniques, is anticipated to lower the total energy needs of generating a cell.
The major players operating in the energy storage technologies market are Tata Power Company Limited, General Electric Company, LG Chem Ltd, Showa Denko K.K., Electrovaya Inc.,, Samsung SDI Co Ltd, Exide Industries Limited, SK Holdings Co Ltd,, SMA Solar Technology AG, Schneider Electric SE, Eguana Technologies Inc., Fluence Energy, Inc., Furukawa Battery Co., Ltd., Langley Holdings plc (Langley), Altair Nanotechnologies. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• By the end of 2022, GE intends to increase its production of solar and battery energy storage systems by a factor of three, to 9 GW annually. According to GE, the growth in the company's backlog over the past several months and the "strong" demand expectation for the solutions are both contributing factors to the expansion. A new factory close to Chennai, India will produce the systems.
• The Joppa Power Plant will be transformed into an energy storage system with a $50 million investment from Vistra Energy. The parent business of the Joppa power plant intends to reinvest heavily at the location despite the power plant's scheduled retirement this fall. This September, Vistra Energy will close the coal-fired power plant in Joppa.
• Azelio AB and Jet Energy, a Moroccan solar EPC contractor, have signed a memorandum of understanding to investigate developing 45 MW of storage projects in Francophone Africa between 2021 and 2025. The projects would combine both new and old solar photovoltaic (PV) systems with Azelio's Thermal Energy Storage. Power on Demand (TES.POD) technology. Jet Energy would serve as the project developer.
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