Increasing Demand for Stable Grids Driving Need for Energy Storage

The rising requirement for reducing the reliance on gas, coal, and oil for power generation is massively pushing up the demand for energy storage systems. These systems are required in renewable-energy power plants for dealing with the variable power outputs provided by renewable energy sources. These systems smoothen out the power supply, thereby ensuring that the electricity needs are met during the peak hours. Apart from this, storage technologies also enable quick power discharge to the grid.

This rapid response is necessary for ensuring that the grid remains stable during hours of peak energy demand. Unlike the conventionally used fossil fuel-based energy production systems that take a long time to produce and deliver power, these storage technologies help utilities save time. As a result, the global energy storage market size stood at 171,039.3 Megawatts (MW) in 2019 and it is predicted to rise to 240,956.9 MW by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 3.3% from 2020 to 2030.

Geographically, the energy storage market is expected to boom in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the increasing engineering, procurement, and construction (EPC) activities in the regional countries such as China, India, and Japan. In addition to this, the burgeoning requirement for stable and smart grids and the increasing production of renewable energy are also driving the demand for energy storage systems in the region. 

Hence, it can be safely said that the market will grow massively in the upcoming years, primarily because of the increasing generation of renewable energy, lack of stable grids in several countries, and fluctuating prices of conventional energy sources such as oil and coal.

Comments

Post a Comment

Popular posts from this blog

Why Oxygen-Free Copper Market Opportunities Galore in APAC?

Image
 The major factors in the global oxygen-free copper market are skyrocketing demand for oxygen-free copper wires in the electronics & electrical industry and electric vehicles (EVs). This surging demand is owing to their ease of welding, renowned creep resistance, high impact strength, high thermal and electrical conductivity, and high ductility. The market is predicted to grow significantly in the coming years. The outbreak of COVID-19 had disrupted the entire circular economy, significantly reducing this market’s sales because of the ruptured logistical network, shutdown of electronic & electrical product factories, and reduced EV production. Within the grade system, the oxygen-free copper market can be bifurcated into oxygen-free electronic and oxygen-free categories. The latter bifurcation generated higher revenue in the market in the past, not only in terms of value but also in terms of volume. The category will continue to exhibit this trend in the coming years as well. T
Read more

How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

Image
The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years. Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil
Read more

Sales of Hexamine Set to Shoot Up in Coming Years

Image
The mushrooming usage of hexamine in several industries such as rubber, pharmaceutical, explosives, and fuels is a major factor responsible for its soaring sales across the world. Moreover, the booming population in several countries is pushing up the demand for medical and pharmaceutical products. This is due to the fact that the surging population is causing poverty, which is, in turn, propelling the incidence of various diseases such as neurological disorders and urinary tract infections. Apart from the aforementioned factors, the rising requirement for hexamine in the plastic industry is also contributing toward the surging sales of the material throughout the world. It is used in plastic synthesis and heavily required in the packaging and construction industries, on account of these industries being prominent end users of plastics. With the surging population level, the number of construction and infrastructural development projects is increasing rapidly in many countries around t
Read more