Energy storage market in 2026 would total $125 billion, says new report

Energy Storage Market Segmentation Drivers

Energy storage technologies

IPCC 2022 roadmap on climate risks and climate resilience (Source: IPCC report of February 28, 2022)

The 1st report that features a bottom-up analysis of hundreds (311) energy storage sub-markets

WASHINGTON, DC, USA, July 10, 2022 / — The new market report (326 pages, 271 tables and figures) published by HSRC, Energy Storage Market & Technologies – 2022-2030 – With Corona & COP26 Impacts, concludes that the 2022-2030 market growth is driven by the following factors:
 To achieve Net-Zero, we need to invest in energy storage technologies
 The invasion of Ukraine increased the cost of natural gas and oil prices drove up heating bills. Similarly, the cost of transportation increases as fuel becomes more expensive, leading to greater investment in climate change mitigation.
 Heat waves from May to June 2022, which affected more than 500 million people around the world, send a message to the public and government that climate change must be addressed as soon as possible
 Energy storage is an essential source of energy during peak periods of electricity demand
 To meet peak grid demand, solar, wind and several other sources of electrical energy require large-scale investments in energy storage facilities
 The Russian-Ukrainian war poses a threat to Europe’s energy security, leading to an acceleration of investments in renewable energy and storage projects.
 Investor enthusiasm for financing the green revolution
 The multi-trillion dollar market offers dozens of business opportunities for the private sector
 Unprecedented public support (>60%) is pushing governments and the private sector to invest in the Green Revolution.
 Multi-billion investments in EV battery manufacturing and R&D will lower the price of battery-based storage facilities
 Government grants and investments

The report analyzes in depth 5 technologies, 5 regions, 5 revenue sources and 60 national markets related to energy storage. It’s no secret that energy storage is a game-changer in the power industry.

Rising peak electricity demand and the growing share of renewable electricity generation are straining the electricity industry. Residential and commercial buildings consume approximately 70% of generated electricity and peak electricity demand. In addition, they will contribute to the 70% growth in electricity demand by 2040.

According to the report:
• Grid-scale battery storage will dominate the storage system market 2024-2030
• Despite rising raw material prices, battery costs continued to fall. Globally, capacity additions continue to exceed forecasts with no slowdown in sight. While most of the expansion has been in large-scale storage projects, residential, microgrid and commercial storage projects continue to grow steadily.
• The energy storage industry will achieve the following Levelized Cost of Storage (LCOS) targets by 2030: (1) An LCOS of $0.05/KWh for long-duration stationary applications, a reduction by 90% from 2020 base costs. Achieving this LCOS would enable the commercial feasibility of energy storage, including supplying the load during peak demand and other applications to ensure energy reliability . (2) A production cost of $80/KWh for a battery by 2030 for an electric car with a range of 500 km, a reduction of 43% compared to the current cost of $140 per KWh. This would lead to electric vehicles and stationary storage applications at competitive prices. (3) A $200/KWh LCOS for Flow batteries – a 45% reduction from the 2020 baseline.
• The United States and China (which emitted 36% of global GHGs in 2021) will spend >37% of global expenditure on energy storage.
• In 2021, pumped-storage hydropower dominated (>96%) the total number of megawatts deployed globally.
• The private sector will finance > 90% of the market.

What does the Energy Storage Market & Technologies – 2022-2030 – With Corona & COP26 Impacts report bring you?

A. The energy storage market size data is analyzed from four independent perspectives.

1. By 5 energy storage technologies:
• Network-wide battery storage
• Thermal energy storage
• Compressed air energy storage
• Pumped storage hydroelectricity
• Other energy storage technologies (eg mechanical storage, EV and residential battery storage)

2. By 5 revenue-generating markets:
• Infrastructure
• Product sales
• Maintenance
• Upgrades
• Other

3. By 5 Regional Markets:
• North America
• Latin America
• Europe
• Middle East and Africa
• Asia Pacific

4. By 60 national markets:
United States, Canada, Argentina, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Peru, Puerto Rico, Venezuela, Rest of Latin America, Austria, Belarus Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Italy, Netherlands, Norway, Poland, Portugal, Romania Russia, Serbia, Slovakia, Spain, Sweden, Switzerland, United Kingdom, Ukraine, Rest of Europe, Algeria, Egypt, Iran, Israel , Kuwait, Saudi Arabia, South Africa Turkey, United Arab Emirates, Rest of MEA, Australia, China, India, Indonesia, Japan, Kazakhstan, Philippines, South Korea, Thailand, Vietnam, Rest of Asia-Pacific

B. Detailed market analysis frameworks are provided, including:
• Market drivers and inhibitors
• Professional opportunities
• SWOT analysis
• Competitive analysis
• Working environment
• The market 2020-2030
• Industry value chain
• Financing and loans
• Government funding for R&D

C. Companies named in the report:
ABB, Abengoa Solar, AEG Power Solutions, AES Energy Storage LLC, ALACAES, Alstom Power, Inc., Apex CAES, Babcock Power, Baltimore Aircoil Company, Bath County Pumped Storage, Burns & Mcdonnel, BYD, Calmac, Castaic Power Plant, Chaira Hydropower Cascade, Climate Change Technologies, DC Pro Engineering, Delta Electronics, Inc., Dinorwig Power, DN Tanks, Entracque Power, General Compression, General Electric, Grand`Maison, Guangdong Pumped Storage, Hitachi, Huizhou Pumped Storage, Hydrostor Inc., Ice Energy Technologies Inc., Ingula Pumped Storage Scheme, Johnson Controls, La Muela II Pumped Storage, LG Chem, Liyang Pumped Storage, Ludington, Magnum Development LLC, MAN SE, Mingtan, NEC Corporation, NG Advantage, Pacific Gas and Electric Company, Panasonic, Presa de Aldead, Primus Power, Qingyuan, Raccoon Mountain, Samsung SDI, Sardar Sarovar, Sener Group, Shin Takasegawa, Siemens AG, Solar Turbines, Inc., Storelectric Ltd., Tesla, Tianhuangping, Toshiba, TrinaBESS, Vattenfall

Related reports:
Global warming mitigation and adaptation market and technologies – 2022-2030 – With the impacts of Corona and COP26
Renewable Energy Market and Technologies (with the impacts of COVID-19 and COP26) – 2022-2032

HSRC™ is an American-Israeli market intelligence and technology research firm specializing in the homeland security, transformational technologies, high growth and climate change markets. HSRC offers premium out-of-the-box and custom reports. HSRC provides quantified B2B and B2G research on hundreds of high-growth niche opportunities that can impact revenue for approximately 12,000 global companies. Currently serving 2,500 customers worldwide, including 40% of global Fortune 1000 companies and government agencies as customers.
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