NEW YORK, July 01, 2020 (GLOBE NEWSWIRE) -- With the air becoming more polluted every day, the need to phase out conventional methods of energy generation, which majorly involve burning coal, natural gas, and crude oil, is increasing. This is leading to the rising focus on unconventional, or renewable sources of energy, including hydro, wind, and solar. This is because they can continuously produce energy without depletion and air pollution.

This is the primary reason because of which the global energy storage market would reach 240,956.9 Megawatts (MW) by 2030, from 171,039.3 MW in 2019, at a CAGR of 3.3% between 2020 and 2030, finds P&S Intelligence. This is because, though environment-friendly, such methods of electricity production don’t always have a reliable output, which makes storing the energy being generated necessary. In addition, most of the energy storage systems can feed power to the grid almost instantly, whereas conventional methods take a little time.

The effect of the COVID-19 crisis has been quite negative on the energy storage domain, as, due to the lockdown imposed in several nations, the demand for electricity and its purchase price have fallen drastically. This is because retail and industrial activities in the under-lockdown countries have stopped for the time being. Moreover, the supply of energy storage system components from China has also taken a hit, thereby further stalling the commissioning of such projects. Only after 2021 second quarter is the situation expected to improve, till which time the market stakeholders would have to grind hard.

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Energy Storage Market Segmentation Analysis

In 2019, the mechanical category, under segmentation by type, accounted for the highest storage capacity in the world. This is because such systems can produce high amounts of power and are able to make the best use of natural resources, thus leading to numerous economic benefits.

Asia-Pacific (APAC) currently is and is also expected to be the largest market for such technologies in the coming years. This is because regional governments are focusing on making their grid stable and smart, for which integrating energy storage systems is being deemed important. With the increasing implementation of renewable energy projects, as part of the phasing out of conventional energy sources, the demand for storage technologies in the region is set to rise massively in the coming years.

Browse report overview with 77 tables and 36 figures spread through 119 pages and detailed TOC on " Energy Storage Market Research Report: Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/energy-storage-market

Market Players Entering into Partnerships for Larger Market Share

To make the most of the rising concerns for the environment, due to the emission of toxic gases from conventional-electricity plants, companies in the energy storage niche are entering into partnerships to gain a larger chunk of the revenue pie.

For instance, in December 2017, Advanced Microgrid Solutions (AMS) entered into a partnership with the Long Beach Water Department (LBWD) to construct an energy storage system for the water utility’s groundwater treatment plant. The partnership is aimed at making the plant more operationally efficient, reducing the energy costs, and offering critical grid services to the local electricity provider.

Similarly, S&C Electric Company’s subsidiary S&C Electric Canada Ltd. announced a partnership with North Bay Hydro to deploy a microgrid at North Bay Community Energy Park, in August 2017. With this partnership, S&C Electric Canada Ltd. aimed to strengthen its position in the market.

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The major companies in the global energy storage market are S&C Electric Company, Greensmith Energy, Fluence Energy LLC, LG CNS, NEC Energy Solutions, Convergent Energy and Power LP, Contemporary Amerex Technology Co. Limited, Tesla Inc., Duke Energy Corporation, and NextEra Energy Inc.

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