The Distributed Energy Storage market size is forecast to reach $19.2 billion by 2027, growing at CAGR 8.6% from 2022 to 2027. The growth of this market is mainly driven by increasing demand for continuous electricity, increasing investment on renewable energy projects by both developed and developing countries and rising demand for grid storage technology, especially micro-grid. Rapid industrialization and growth in purchasing power increases the demand for power, which enhances the adoption of distributed energy storage system including renewable energy storage, thermal energy storage, superconducting magnetic energy storage, flywheel energy storage, battery energy storage system and others, as it helps in meeting the energy requirement during peak hours.
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KeyTakeaways
• APAC held the major market share in 2021 and is estimated to witness the significant growth during 2022-2027, owning to increasing demand for electricity in this region, rising purchasing power and increasing investment for renewable energy projects.
• The market of Distributed Energy Storage is estimated to witness significant upsurge during the forecast period, owing to the growing investments and usage rate of renewable energy across the world.
• This industry is consolidated with top market players including ABB Ltd, General Electric, NEC Energy Solutions, Siemens AG, Schneider Electric SE among others.
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Distributed Energy Storage Market Segment Analysis - By Technology
By technology, the Distributed Energy Storage market is segmented into Electro Chemical Technology, Mechanical Technology, Thermal Storage Technology. Thermal Storage Technology segment is analysed to grow, with a significant CAGR of around 9.2%, during the forecast period
2022-2027. Thermal energy storage systems have various advantages over the other segments, such as it is more cost effective and it is a clean energy storage technology, which makes it more environment friendly than others.
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