Powered Storage Devices Market Size & Share, by Storage Type (Fuel Cell, Capacitive Powered Storage, Batteries); Application (Mills, Home Powered Storage, Air Conditioning, Transport, Electronics); Vertical (Oil & Gas, Energy & Power, Chemicals, Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Surge in the number of power outages - At least 349 million people, or more than 3% of the world's population, were affected by significant power outages in 2021. Power outages frequently happen unexpectedly and abruptly, resulting in downtime and expensive repairs; nonetheless, emergency planning rarely happens until it's too late.
  
  Even before accounting for any necessary repairs spurred on by the outage, a few days of downtime in manufacturing can result in losses of hundreds of thousands of dollars. Furthermore, losses caused by outages affect businesses across all markets and are a concern for any enterprise that depends on a steady supply of electricity, even though certain industries are more severely impacted than others. Along with larger industrial complexes, shops, healthcare facilities, and even financial firms incur annual expenses connected to outages. Fortunately, the majority of these losses can be entirely avoided by making investments in energy storage technologies, such as battery backup power.
• Improvement in energy storage technologies - The cost of technology for storing energy has drastically decreased throughout the past ten years. Grid flexibility continues to grow more crucial as renewable energy is integrated more widely globally. A portion of this flexibility may be possible with current storage technology.
• Rise in the number of data storage centers - Serious concerns regarding costs, environmental impact, and scalability are being raised by data center power consumption. An enormous data center's annual operating expenditures for paying its electricity bills could total millions of dollars. Even in the unlikely event that the peak power draw happens, even more capital is invested in configuring the power delivery network to handle it. As a result, the need for powered storage devices has grown significantly in this sector and is estimated to rise even more in the coming years. 

Challenges

• High price of powered storage devices - The high cost of an energy storage system is one of its main disadvantages. A person may have to pay extra for your energy storage system in addition to the photovoltaic grid if they select one from a well-known and respected company.
• High maintenance cost is predicted to hinder market expansion in the upcoming period.
• Lack of Efficiency is another factor considered behind the decline of the market in the forecast timeline.