Rising Adoption of Renewable Energy Driving Sales of Energy Storage Systems

With rising environmental deterioration, melting polar ice caps, and increasing global average temperature, the earth is facing an unprecedented environmental and climate crisis. The generation of power from fossil fuels such as oil and gas is one of the major causes of air pollution and one of the biggest contributors to carbon emissions. As a result, many countries and organizations are rethinking their power generation strategies and opting for renewable sources such as solar and wind for energy production.

The adoption of such clean and renewable energy sources is the first step toward mitigating the pollution levels. As these energy sources have variable power outputs, they require energy storage systems and technologies for providing continuous power supply. These technologies smoothen out the power supply from these energy sources and ensure that the supply matches the energy demand. Besides the growing popularity of renewable energies, the surging power prices are also positively impacting the sales of energy storage systems.


Get the market insights of Energy storage industry at: https://www.psmarketresearch.com/market-analysis/energy-storage-market/report-sample


The rising requirement for energy is making the power plants operate and run at full capacities. In addition to this, the increasing logistics costs and the lack of availability of regular supply of fuel are causing volatility in power prices all over the globe. This is making the governments of many countries as well as power producing companies focus more on energy conservation, which is, in turn, pushing up the sales of energy storage systems.

These devices store energy when the costs are low or during the times when energy generation is very high. The stored energy is subsequently used when the power prices shoot-up. Because of these reasons, the sales of energy storage systems are climbing across the world, which is, in turn, causing the boom of the global energy storage market. As a result, the market is predicted to rise from 171,039.3 Megawatts (MW) to 69,917.6 MW from 2019 to 2030.

The energy storage market will advance at a CAGR of 3.3% between 2020 and 2030. Based on type, the market is categorized into mechanical, electrochemical, thermal, and chemical. Out of these, the mechanical category accounted for a huge share in the market in the past, on account of the large-scale adoption of mechanical utility storage systems because of their high storage capacities and the ability to maximize various natural resources and offer favorable economics over a significant period of time.

Globally, the Asia-Pacific energy storage market was very prosperous in the years gone by, as per P&S Intelligence, a market research firm based in India. The growth of the market was caused by the large-scale (EPC) equipment, procurement, and construction of energy storage systems in the regional countries in the past years. Furthermore, the market will surge in APAC in the upcoming years as well, on account of the rising adoption of energy storage systems in the region.

Thus, it can be said with conviction that the due to the ballooning requirement for continuous power supply, the rising power requirements, and the growing adoption of renewable energy sources such as wind and solar for energy generation, the sales of energy storage systems will rise steeply all around the world in the upcoming years.

How is Surging Population Creating Demand for Agricultural Micronutrients?

The population across the globe has been increasing at a rapid pace since the past few years. As per the United Nations Department of Economics and Social Affairs, the worldwide population is predicted to reach 9.8 billion by 2050. This surging population is further projected to create increasing requirement for food, owing to which there is pressing need for enhancing the productivity of agricultural fields. Since the arable area has also reduced now because of urbanizations and industrialization, the existing fields need to be highly efficient.

Therefore, farmers these days are making use of products, including agricultural micronutrients, which can help enhance the productivity of fields. Plants utilized micronutrients in small quantities, and their unavailability can lead to reduced growth, plant abnormalities, and lower yield. In case plants are provided with adequate micronutrients, increased amount of water and nitrogen, which is also highly costly, maybe be wasted later on. It is because of such that the global agricultural micronutrients market is expected to advance at a significant pace in the years to come.

Other than this increasing population, the rise in horticulture and increasing production of high-value crops are also expected to lead to the surging requirement for agricultural micronutrients in the near future. Crops including vegetables, nuts, and fruits need larger quantities of agricultural micronutrients than other plants. Hence, as the demand for such food products is rising, the need for advanced agricultural practices is increasing as well. According to a United Nations agency, Food and Agriculture Organization, in 2016, about 1,941.1 million tons of fruits and vegetables were produced in 2016. Now, with the increasing population, this number is rising as well, thereby creating growing need for agricultural micronutrients.

According to a P&S Intelligence, the agricultural micronutrients market is expected to attain a revenue of $9,009.2 million by 2023, increasing from $5,848.0 million in 2017, and is predicted to progress at a 7.5% CAGR during the forecast period (2018–2023). On the basis of type, the market is categorized into manganese, zinc, molybdenum, iron, and boron, out of which, zinc held the major share of the market in the past. This is because of the fact that zinc is among the major proteins and enzymes that are needed by plants for metabolic processes, such as elongation of the internodes and hormones.

On the basis of geographical scenario, the agricultural micronutrients market was dominated by Asia-Pacific in the past, and the demand for these products is also projected to increase in the coming years. This is owing to the high micronutrient deficiency in the soil and low biofortification of crops because of the continuous reaping and sowing cycles. In addition to this, governments of several countries are also taking various initiatives for educating farmers about adding micronutrients to soil. Within the region, China is expected to create largest demand for agricultural micronutrients in the years to come.

In conclusion, the demand for agricultural micronutrients is increasing due to the surging population and rising production of horticulture crops.

Surging Electricity Requirements to Boost Sales of Thermal Energy Storage Systems in Coming Years

The rapid industrialization and urbanization in several countries has massively pushed up the requirements for electricity. This has resulted in the deployment of various types of power-producing units such as CSP (concentrated solar power) plants across the world, which is, in turn, fueling the growth of the thermal energy storage market. According to the National Energy Administration in China, “111 CSP projects are underway in the country, with an aggregated capacity of around 9 GW.”

Furthermore, the organization reports that out of these projects, the first batch having a total power capacity of 1,349.0 MW, has been operationalized recently. The other plants are predicted to be commissioned in the near future, which will further augment the total power capacity in the country. Besides the growing power requirements, the rising requirement for electricity for district cooling and heating purposes is also boosting the worldwide demand for thermal energy storage.

The lack of sufficient independent heating and cooling systems in commercial and residential buildings is pushing up the requirement for electricity supplied by utilities to power these systems. As a result, the utilities sector is increasingly developing energy storage systems that can cater to the power requirements of these heating and cooling systems such as heating, ventilation, and air conditioning (HVAC) equipment. Due to these factors, the global thermal energy storage market will record rapid advancement in the future years.

The main types of thermal energy storage methods used all over the world include CSP, ice thermal energy storage, pumped heat electrical storage (PHES), and chilled water thermal energy storage. Out of these, the usage of the CSPs was observed to be considerably high during the last few years, because of the sharp surge in the requirement for these systems in the recent years, especially in countries such as the U.A.E., Morocco, and Australia.

When application is taken into consideration, the thermal energy storage market is divided into power generation, combined heating and cooling, and others, that include research and development activities and micro-grid. Amongst these, the combined heating and cooling category registered huge expansion in the market in the years gone by, as per the findings of P&S Intelligence, a market research company based in India, primarily due to the large-scale usage of these devices for district heating and cooling purposes.

Across the globe, the thermal energy storage market is predicted to grow at a rapid pace in Asia-Pacific (APAC) in the upcoming years, on account of the burgeoning requirement for energy in this region. This is because of the increasing population levels in several APAC countries and the rapidly depleting reserves of natural gas and oil. Moreover, the rising utilization of renewable energy in various residential and industrial applications is pushing up the demand for energy storage in the region.

Hence, it can be safely inferred that the demand for thermal energy storage systems will rise all around the world in the forthcoming years, primarily because of the growing requirements for power in residential, industrial, and commercial settings and the increasing usage of HVAC systems in these settings.