Global Energy Storing Bricks Market Highlights over 2022 – 2030
The global energy storing bricks market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. Regular red bricks used for construction can be modified into energy storing bricks, connected to a power source, majorly solar panels. The red material, i.e., iron oxide present in bricks can act as electrical conductors, and the porous nature of bricks is excellent to store the charge. The growth of the market can be attributed to the growing advancement in energy and power sector, growing adoption of renewable energy, and increasing environmental awareness amongst the masses. Bricks are capable of absorbing heat, and on a similar principle, these bricks can be connected to solar panels, to store renewable energy produced by the panel. According to the researchers at the Washington University in St. Louis, 50 capacitor bricks can be charged in almost 13 minutes, which will be enough to power the emergency lighting of a building for at least 50 minutes. The various benefits offered by this technology are estimated to boost the market growth. Moreover, it does not require any special kind of bricks or other set-up, and the battery can be made during the construction of the house itself. It saves any additional cost and labor, which is estimated to further boost the market growth.
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The market is segmented by application into lighting, charging, and others, out of which, the lighting segment is anticipated to hold the largest share in the global energy storing bricks market over the forecast period as this technology is already present, and can be feasibly utilized to light emergency lights. However, scientists expect that bricks will be able to store enough energy to charge electronic appliance, such as, phones, in the near future.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Energy Storing Bricks Market Regional Synopsis
On the basis of geographical analysis, the global energy storing bricks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing technological development in the countries, such as, Singapore, Japan, South Korea, and China. Moreover, higher adoption of solar energy in this region is estimated to boost the market growth. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the higher adoption of novel technology in the region, growing public awareness regarding the use of renewable energy, and high investment in research activities.
The global energy storing bricks market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global energy storing bricks market includes the following segments:
By Energy Source
- Solar Energy
- Others
By Application
- Lighting
- Charging
- Others
Growth Drivers
- Growing Adoption of Solar Energy
- Innovation in Energy and Power Sector
- Rising Demand for Renewable Battery Storage
Challenges
- Lack of Awareness Regarding the Technology
Top Featured Companies Dominating the Market
The energy storing bricks technology is still in a conceptual stage, and the practical implementation is awaited. Major key players of the renewable energy market, such as, Energy Vault, Inc. are estimated to invest in this technology and boost its functional adoption in the upcoming years.
