The global Renewable Energy Storage Systems Market is estimated to be valued at US$ 881.7 Bn in 2022 and is expected to exhibit a CAGR of 8.4% over the forecast period of 2023 to 2030.
Market Overview:
Energy storage systems provide power to enable the use of electricity from renewable sources such as solar and wind power. They bridge the gap between energy generation and usage by storing energy for later use through different battery technologies. Energy storage not only maximizes the use of renewable energy sources but also improves the stability and reliability of the power grid.
Market key trends:
The adoption of renewable energy production is witnessing an exponential rise globally. To support this growth in renewable energy infrastructure and make renewable energy sources dispatchable, the demand for energy storage solutions is growing rapidly. Various energy storage technologies are playing a crucial role by storing excess energy produced from renewable sources and releasing it when renewable production is low or during peak hours. This trend is expected to drive significant growth in the global energy storage systems market during the forecast period.
Segment Analysis:
The renewable energy technologies market is segmented by type into solar, wind, hydroelectric, and biomass. Within these segments, the solar segment currently dominates the market and is expected to continue its dominance over the forecast period due to significant reduction in the prices of solar panels as well as supportive government policies and initiatives for promotion of solar energy. Residential solar sub-segment has the highest share within the overall solar segment owing to increasing rooftop installations of solar panels in homes and rising consumer preference for renewable sources of energy to reduce electricity costs.
Key Takeaways:
The Global Renewable Energy Technologies Market Growth is expected to witness high, exhibiting CAGR of 8.4% over the forecast period 2023 to 2030, due to increasing public-private investments to reduce dependence on fossil fuels. The market was valued at $881.7 billion in 2022.
The Asia Pacific region is expected to be the fastest growing as well as most dominant regional market owing to large renewable energy capacity additions and supportive government policies in major economies like China and India.
Key players operating in the renewable energy technologies market are Innergex Renewable Energy Inc, Infigen Energy, Goldwind, First Solar, Inc., Aventine Renewable Anwell Technologies Ltd., SunPower Corporation, Yingli Green Energy Holding Co, LTD., Vestas Wind Systems A/S, SMA Solar Technology, AG, and Ocean Power Technologies, Inc. amongst others. Major players are focusing on initiatives to develop products with improved efficiency and competitive pricing to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it