Market research and competitive intelligence provider Fact.MR reveals that the global distributed energy storage system market is currently worth US$ 4.2 billion and is set to surge ahead at a CAGR of 9.6% from 2022 to 2032. The market is poised to grow due to increased demand for energy consumption per capita and the shift towards renewable sources for power generation.
Rapid industrialization, urbanization, and increasing use of electronic devices and machines have substantially increased global power demand. Power generation from fossil fuels has many hazards and renewable energy sources are not available round the clock. Distributed energy storage systems can help in storing the extra power generated and distribute this power as and when required.
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Key Takeaways from Market Study
- The global market for distributed energy storage systems is projected to grow 2.5X and reach US$ 10.6 billion by 2032.
- The market exhibited 7.2% CAGR between 2017 and 2021.
- Under battery type, lithium-ion batteries dominate with US$ 1.5 billion valuation in 2022.
- North America accounted for a market of 27.5% market in 2021.
- East Asia represents 21.5% market share in 2022.
- Distributed energy storage system sales are expected to increase at CAGRs of 11.4% and 9.4% in East Asia and North America, respectively.
“Distributed energy storage system market highly lucrative owing to increasing of electric vehicle charging infrastructure,” says a Fact.MR analyst.
Collaborations between various companies, from power, battery, and electric vehicles, to construct distributed energy storage systems has had a significant impact on overall market expansion. Advancements in storage systems such as enhanced power storage capacity, integration of smart features such as control and monitoring of power generation and consumption, use of synthetic hydrogen and methane, utilization of various distributed energy resources, and others have created significant market growth opportunities.
- In 2019, the annual consumption of electricity rose to 22,848 TWh, with around 61% of electricity produced using fossil fuels. As per IEA, 63% of power generation came from combustible fuels in 2019. On the other hand, just 5% of total global electricity came from wind in 2019.
- According to a report by The International Renewable Energy Agency (IRENA), 3.1 TW of total renewable energy was produced around the globe in 2021, out of which, 0.8 TW came from wind energy.
Distributed energy storage systems can be integrated into the main grid to increase the flexibility and reliability of grid systems. Distributed energy storage, when positioned in the distribution grid, can prevent fluctuations in power and problems related to power quality.
Distributed energy storage systems can be set up in remote areas that are far from the main electricity grid, a factor that is expected to increase revenue generation for market players. Owing to the increasing demand for power/electricity, sales of distributed energy storage systems are expected to witness significant growth over the coming years.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global distributed energy storage system market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of energy source (electricity grids, renewable power sources (solar, wind)), battery type (lithium-ion, nickel-cadmium, lead-acid, others), capacity (single phase, three-phase,), and end user (commercial (BFSI, education institutes, government & public sector, healthcare, IT and telecommunications, retail & e-Commerce, transportation & logistics, others), residential), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).