Amid the rising focus on alternative power sources, as well as increasing costs of electricity, the global energy storage market is growing, with capacity expected to reach 410,543 megawatts by 2030, according to a report from P&S Intelligence.
The energy storage market stood at 36,774 megawatts in 2022, and capacity is expected to increase at an annual growth rate of 35.2 percent between 2022 and 2030. P&S Intelligence attributes this growth partially to the availability of batteries, growing concerns over increasing pollution levels due to the combustion of fossil fuels, and growing concentration on unconventional sources of power generation.
In 2022, Asia Pacific added the largest energy storage system capacity, at 17,652 megawatts, which the report credits to the high-volume EPC activities in China, Japan and India.
Rapid urbanization is also propelling the demand for hydro, wind and solar power. The cost of electricity is skyrocketing, and energy st