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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
Application |
|
|
Vertical |
|
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.
Author Credits: Payel Roy, Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?