The global energy storage market is set to reach a value of $500bn (€447bn) by 2025, according to a new study from Global Market Insights.
Drivers cited by the report include renewables integration as more wind and solar capacity is added, with demand for energy storage for renewable capacity firming expect to grow over 10% during the forecast period of 2019 to 2025.
The US energy storage market will record significant growth over the next seven years, owing to increasing deployment of grid connected energy storage systems along with the implementation of federal tax incentive programmes, according to the study.
Germany’s energy storage market is forecast to register a growth rate of over 3% by 2025, with the government’s goal of meeting 65% of its electricity consumption from renewable energy by 2030, cited as a key driver.
The report anticipates that Japan’s energy storage market to exceed $65bn by 2025.
Widespread implementation of smart grid technology along with the decentralisation of the grid at local and regional level will drive business growth.