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

  • Report ID: 5617
  • Published Date: Feb 06, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Powered Storage Devices Market size is poised to cross USD 65 Billion by the end of 2036, expanding around 15% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of powered storage devices was USD 15 Billion. This growth in the market revenue is set to be influenced by the growing demand for renewable energy. It is predicted that between 2022 and 2027, worldwide renewable capacity is expected to increase by almost 2 399 GW, or nearly 74%.

The primary sources of renewable energy generation are natural occurrences. For instance, hydroelectric power is contingent upon seasonal river flows, solar power is dependent upon daylight hours, and wind power is contingent upon wind constancy. Therefore, the amounts produced are erratic. As humans frequently require varying amounts of energy at different times of the day and year, the energy demand is also not consistent.

Therefore, it makes sense to store extra renewable energy when it is generated more than what is required so that it can be used when demand for renewable energy surpasses supply. As a result, the adoption of energy storage devices is set to grow.


Powered Storage Devices Market
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Powered Storage Devices Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~15%

Base Year Market Size (2023)

~ USD 15 Billion

Forecast Year Market Size (2036)

~ USD 65 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Powered Storage Devices Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Surge in the Number of Power Outrage -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. The cost of productivity rises with the duration of the outage. 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 Number of Data Storage Center   -Serious concerns regarding costs, environmental impact, and scalability are being raised by data center power consumption. An enormous data center's annual operating expenditures (op-ex) 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 (cap-ex) 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 you select one from a well-known and respected company.
  • High Maintenance Cost - One of the most important things is to maintain energy batteries. The kind of battery one utilizes determines how clean and maintained it needs to be. It's imperative that one use extreme caution when handling the battery and clean it only with purified water. Hence, this factor is set to hinder the powered storage devices market expansion.
  • Lack of Efficiency 


Powered Storage Devices Segmentation

Storage Type (Fuel Cell, Capacitive Powered Storage, Batteries)

The batteries segment in the powered storage devices market is set to gather the highest share of over 50% during the forecast period. The majority of devices employ batteries because they provide a handy and transportable means of supplying and storing electrical energy. They may be designed to provide a set quantity of energy for a predetermined amount of time and are simple to incorporate into a wide range of systems and equipment. Furthermore, batteries may be employed in devices that aren't always linked to the power grid since they lack the need to be connected to an external power source. Long-term energy storage and regulated release are key features of batteries, especially for systems that must operate continuously without an external power source. Furthermore, lead-acid batteries constitute the majority of batteries employed in the energy storage market, however other battery chemistries, including lithium-ion (Li-ion), sodium, and flow batteries, have the potential to provide extra advantages such as greater energy capacity or durability for longer-term storage or other specialized applications.

Application (Mills, Home Powered Storage, Air Conditioning, Transport, Electronics)

The home powered storage devices market is poised to capture the highest revenue share of about 30% during the forecast period. Powered storage systems for home-powered storage, additionally referred to as residential-powered storage, often feature batteries that may reserve electricity generated by solar panels or other forms of renewable energy for use during peak energy demand periods. Hence, the growing deployment of solar panels is projected to drive the segment growth. By 2030, there are going to be more than 99 million households that rely on solar photovoltaics, up from 25 million at present. Starting in 2022, at least 189 GW is expected to be deployed annually, and this amount will keep growing as PV becomes more competitive. Lithium-ion, lead-acid, and flow batteries are among the common kinds of batteries used in home power storage devices. These gadgets can be controlled by a smart energy management system and integrated with the solar panels and inverter in a house.

Our in-depth analysis of the global powered storage devices market includes the following segments:

          Storage Type

  • Fuel Cell
  • Capacitive Powered Storage
  • Batteries

          Application

  • Mills
  • Home Powered Storage
  • Air Conditioning
  • Transport
  • Electronics

          Vertical

  • Oil & Gas
  • Energy & Power
  • Chemicals
  • Others

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Powered Storage Devices Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific powered storage devices market is estimated to gather the highest revenue share of over 35% during the forecast period. The growth of the market is set to rise on account of growing investment in power grids. Over the next ten years, the Asia-Pacific region is expected to make investments of over USD 4 trillion in power generation, of which about 50% will be allocated towards wind and solar power and close to 11% towards energy storage. With the Asia-Pacific region accounting for more than half of the world's electricity demand this year, it is crucial to the power sector's energy transformation. Furthermore, the government in this region is estimated to launch various initiatives for the adoption of electric vehicles which is also estimated to drive the market expansion.

North American Market Analysis

The powered storage devices market in North America is also projected to have notable growth over the forecast period. State-level regulations and incentives for the installation of powered storage, especially in California and Hawaii, have served as the primary drivers of the powered storage market's rapid growth in the United States in recent years. In addition, the United States government has extended financial support and tax breaks to facilitate the advancement and implementation of powered storage technologies. These include financing for research and development via the Advanced Research Projects Agency-Energy (ARPA-E) initiative. Hence, all these factors are estimated to boost the growth of the market for powered storage devices in this region.  

Research Nester
Powered Storage Devices Market  Size
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Top Featured Companies Dominating the Powered Storage Devices Landscape

top-features-companies
    • Fluence
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis  
    • Samsung
    • S&C Electric Company
    • SEEO, Inc.   
    • Altairnano
    • Ecoult
    • Electrovaya, Inc.
    • Maxwell Technologies, Inc.
    • Saft
    • Kokam Co., Ltd. 

In-the-news

In The News

  • January 20, 2022: Fluence, announced a partnership to establish a new business that will cater to local customers' needs and take advantage of the rapidly growing energy storage market in India.
  • January 31, 2024: The newest solid-state drive-in Samsung's lineup, the SSD 990 EVO is designed to improve everyday computing experiences like gaming, work, and photo/video editing. Samsung, the largest consumer electronics brand in India, unveiled the SSD 990 EVO today. Its improved energy efficiency results in powerful performance.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5617
  • Published Date: Feb 06, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are surge in number of power outrage, improvement in energy storage technologies, and rise in number of data storage centers.

The market size of powered storage devices is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2024-2036.

The major players in the market are Fluence, Samsung, S&C Electric Company, SEEO, Inc., and others.

The batteries segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
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