5 days Ago By [email protected] (MENAFN)
Dublin, March 28, 2025 (GLOBE NEWSWIRE) -- The "Grid-Connected Energy Storage - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering. The global market for Grid-Connected Energy Storage was valued at US$2.
8 Billion in 2024 and is projected to reach US$9.4 Billion by 2030, growing at a CAGR of 22.3% from 2024 to 2030.
This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. Grid-connected energy storage systems (ESS) are becoming increasingly pivotal in the integration and stabilization of renewable energy sources within power grids. As the global shift towards renewables like wind and solar accelerates, the variability of these energy sources poses unique challenges, such as managing the inconsistency between peak demand times and renewable energy production.
ESS are crucial for enabling renewable energy to function as reliable, baseload generation sources. These systems provide essential flexibility and resilience to the grid, which is critical in the face of climate change-induced extreme weather events and aging grid infrastructures. This flexibility is instrumental in allowing utilities to meet ambitious decarbonization goals effectively, particularly through legislative support such as the Inflation Reduction Act of 2022, which extends tax credits and introduces technology-neutral incentives for renewable energy projects.
The capacity of ESS to store excess energy during periods of low demand and release it during peak times is critical for balancing the supply and demand of energy, thereby enhancing grid reliability and efficiency. This capability addresses the so-called 'duck curve' problem, where there is a mismatch between renewable energy production and peak demand times. Emerging business models like energy storage as a service (ESaaS) and capacity contracts are further expanding the potential applications of ESS.
These models offer versatile solutions that can meet a broad range of grid needs, from reducing peak demand to facilitating smoother integration of renewable energy sources, thereby demonstrating the growing versatility and necessity of energy storage in contemporary energy systems. The expansion of the grid-connected energy storage market is driven by several critical factors. Firstly, the increasing integration of intermittent renewable energy sources necessitates the use of ESS to ensure a constant and reliable energy supply.
Technological advancements in ESS, such as improved battery efficiency, lifespan, and cost reductions, are making these systems more economically viable and attractive for widespread grid applications. Regulatory support through government policies, incentives, and mandates is also a significant driver, encouraging the adoption of ESS. Additionally, the growing demands for energy independence and enhanced grid stability, which ESS uniquely provides, are crucial for regions aiming to reduce reliance on external energy supplies and improve grid resilience.
The ongoing global efforts towards decarbonization, heightened by the need to reduce carbon emissions and meet international climate goals, further bolster the deployment of ESS. Moreover, the increasing electrification of transportation and industrial sectors presents new challenges for grid management, where ESS plays a vital role in ensuring stability and managing the higher load demands. As urbanization continues and smart grid developments advance, the need for sophisticated energy solutions like ESS becomes more pronounced, highlighting their indispensable role in transitioning to a more sustainable, efficient, and resilient energy future.
Report Features: Segments Key Attributes: Key Topics Covered: MARKET OVERVIEW MARKET TRENDS & DRIVERS FOCUS ON SELECT PLAYERS: Some of the 23 companies featured in this report For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment MENAFN28032025004107003653ID1109367870 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind.
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