Energy Storage Market is expected to display a steady growth by 2027|CAGR

5.3%| UnivDatos Market Insights

NOIDA, India, July 6, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights the Energy Storage Market is expected to grow at a CAGR of 5.3% from 2021-2027. The analysis has been segmented into Type (Mechanical (Pumped hydro storage (PHS), Liquid air energy storage (LAES), Compressed air energy storage (CAES), and Others (Flywheel)), Electrochemical (Lithium Battery, Lead-acid battery,  Sodium-sulfur battery, and Others), Thermal, Chemical); Region/Country.

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The energy storage market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the energy storage market. The energy storage market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the energy storage market at the global and regional levels.

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Market Overview

The demand for energy storage systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation to reduce carbon emissions. In 2019, transportation and electricity generation were responsible for nearly 54% of greenhouse gas emissions in the US. As a result, nations across the globe are shifting towards renewable energy sources. However, fluctuating power requirements during different times of the day are propelling the demand for energy storage systems from renewable energy power plants. These energy storage devices store the generated energy from power plants during low energy demand and supply the energy during peak hours.

COVID-19 Impact

The COVID-19 pandemic has impacted the growth of many industries which include manufacturing, education, agriculture, finance, healthcare, sports, education, food, and tourism. It also had a profound impact on the energy industry.  According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. As compared to 2019, the global energy demand in 2020 declined by 6% which is a 7 times greater fall than the 2009 financial crisis. From 2015-2019, the mean electricity generation of 16 European countries dropped by 9% (25 GW) in April 2020. Due to this the energy storage industry was also impacted as the developing projects were postponed and there wasn't enough workforce to complete the ongoing projects.