Energy Storage Systems Market Analysis

Energy Storage Systems Market Analysis

Thermal energy storage systems market is set to exhibit nearly 7% growth rate through 2032, given the rising emphasis on grid infrastructure expansion. For instance, in November 2022, the U.S. Administration announced financing opportunities worth USD 13 billion to expand and modernize electric grids in the nation, escalating the use of thermal energy grid storage solutions. In addition, the commitment toward grid decarbonization and the application scope of molten sale thermal storage systems in CSP plants is poised to accelerate the installation of grid-scale thermal energy storage solutions.
 

Energy storage systems market value from the electric energy time shift (EETS) application segment crossed USD 290 billion in 2022. This growth is attributed to rising public awareness of the impact of time-of-use tariffs on energy consumption behavior. Based on Octopus Energy’s study, customers on the Agile price model shifted their electricity consumption out of peak periods by 28%, resulting in significant cost savings. Such factors will amplify the production of electrical energy storage systems for use in EETS applications since they lower power consumption during peak hours in response to ToU tariffs.
 

Asia Pacific energy storage systems market value is anticipated to surpass USD 900 billion by 2032, owing to the escalating power consumption in the region. As per statistics from the IEA, in 2021, electricity demand was set to grow by 8% in the APAC region. This mounting energy use is attributed to the robust demand from industrial and manufacturing facilities in prominent Asian regions. Moreover, the introduction of strict emission standards will encourage the adoption of renewable energy technologies and consequently boost the acceptance of electric energy storage systems across the region.