Global Renewable Energy Storage Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Renewable Energy Storage Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

With the expansion of the supply and demand scale of renewable energy and the complication of power generation and application scenarios, the power grid is transforming to digitalization, networking and intelligence. Energy storage has two-way functions of storage and release, and is a transit station in the process of energy flow transmission, which can store and release electric energy more effectively and efficiently.

As a high-quality flexible regulation resource of power grid, energy storage has dual attributes of power supply and load, which can solve the problem of renewable energy supply fluctuation and improve the controllability and flexibility of the system. Under the new power system, energy storage is the key technical means to support the access and consumption of high proportion of renewable energy, and it has unique advantages in improving the flexibility of power system and ensuring the security and stability of power grid.

Market Overview:

The latest research study on the global Renewable Energy Storage market finds that the global Renewable Energy Storage market reached a value of USD 98455.44 million in 2022. It’s expected that the market will achieve USD 480071.42 million by 2028, exhibiting a CAGR of 30.22% during the forecast period.

Short-term Impact

The global COVID-19 epidemic has caused unprecedented impact on the economy and far-reaching impact on the global energy system. The sharp decline of global oil and electricity consumption in the early stage and the subsequent dynamic recovery indicate that further measures are needed to improve the elasticity and sustainability of the energy system.
Even though the energy storage system is the most competitive solution to meet the increasing demand for power flexibility, the deployment progress may be slow without the support of government departments to eliminate regulatory barriers to market access. The outbreak of COVID-19 can significantly accelerate this process. On the one hand, because some countries and regions have implemented green economy stimulus plans aimed at increasing renewable energy to the power structure, this is the main demand driving force of energy storage deployment.
On the other hand, it has been proved by practice that in the past few months, the epidemic has led to a temporary substantial increase in the market share of solar energy and wind power generation, and the energy storage system can alleviate the intermittence of renewable energy power generation.

Long-term Impact

The measures introduced during the epidemic to promote the development of renewable energy storage will have a sustained impact on the market development.
The US Congress has issued a package of epidemic relief plan, including extending the investment tax credit of photovoltaic system and allocating US$ 1 billion to support the research, development and demonstration of energy storage technology. The Australian government has released a $66.3 million package plan focusing on renewable energy, including support for battery energy storage systems and virtual power plants; The EU plans to invest 750 billion euros to support the recovery of the green economy, and energy storage will play an important role in realizing the green economy in Europe, especially on the road of carbon neutrality in the transportation and energy industries. Italy provides tax relief for household optical storage systems, and the Lombardi government in the north will also allocate 10 million euros to continue to provide subsidies for users who purchase household optical storage systems.
The growth of renewable energy market during the epidemic will lay the foundation for the growth of renewable energy storage market after the epidemic.

The penetration rate of renewable energy is further improved, increasing the demand for energy storage

As an instant power source, new energy power generation, whether wind power or photovoltaic, has intermittent power generation characteristics. Wind power changes with the change of wind speed and direction, and it has seasonal characteristics, with different output in different regions and seasons; Under the influence of the weather, there are obvious changes in the day. At the same time, the fluctuation of temperature also has an influence on the photovoltaic output. Generally, the output is the largest at noon during the day in spring and winter. New energy generation is highly volatile and unpredictable.
The proportion of renewable energy generation is increasing, the randomness and volatility of wind power and solar power generation are also affecting the whole power system, which brings challenges to the power grid. With the increasing proportion of renewable energy in primary energy. Renewable energy + energy storage can fundamentally solve the volatility of new energy, improve the adjustability of new energy power generation, improve the power quality and solve the criticism of power grid consumption. From the development stage of new energy, there is still instability after new energy achieves parity. Adding energy storage is expected to adjust the volatility of new energy and increase its adjustability, which is expected to push the energy revolution further.

Standardization regulations are not yet perfect

The renewable energy market has grown rapidly in recent years, but it lacks the business model to support the deployment of grid-scale energy projects and the standardization of financing, insurance, guarantee, planning and legal structure. This standardization has been one of the key driving forces for the widespread deployment of wind power and solar power projects. This will speed up the adoption of the energy storage system.
In addition, the huge policy differences at the global and national levels have brought an unbalanced competitive environment for energy storage projects and brought uncertainty to investors. There is a huge geographical differentiation between the market and regulatory agencies. Some of them are related to the difference of local market conditions (such as abundant solar energy or hydropower). These obstacles should be removed, especially at the technical level.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia-Pacific (46.08% in 2021).

Company Overview

Tesla is one of the major players operating in the Renewable Energy Storage market, holding a share of 3.78% in 2022.

Tesla

Tesla, Inc. designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and offers services related to its sustainable energy products. The Company's segments include automotive, and energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits. The energy generation and storage segment include the design, manufacture, installation, sales and leasing of solar energy systems and energy storage products, services related to its products, and sales of solar energy system incentives. Its automotive products include Model 3, Model Y, Model S and Model X. Model 3 is a four-door sedan. Model Y is a sport utility vehicle (SUV) built on the Model 3 platform. Model S is a four-door sedan. Model X is an SUV. The Company's energy storage products include Powerwall, Powerpack and Megapack.

Samsung SDI

Founded in 1970, Samsung SDI celebrates its 50th anniversary in 2020. Samsung SDI produce and sell secondary batteries used for IT device, automotive, and Energy Storage System (ESS) applications as well as materials for semiconductors, displays, and photovoltaics, enriching the life of humankind in so doing.

Segmentation Overview:

By type, Solar segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Commercial, with a market share of 44.85% in 2021.

Key Companies in the global Renewable Energy Storage market covered in Chapter 3:

ComEd
Fluence
Greenko Group
Sunrun
BYD Company
Xtreme Power
lnvenergy
GE Energy
Wartsila
LG Chem
Tesla
Samsung SDl
Sonnen GmbH
RES
Parker Hannifin
NextEra Energy Resources

In Chapter 4 and Chapter 14.2, on the basis of types, the Renewable Energy Storage market from 2018 to 2029 is primarily split into:

Solar
Wind
Hybrids
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Renewable Energy Storage market from 2018 to 2029 covers:

Commercial
Government
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)