Global Power Energy Storage Market Size Stood at $7.06 Bn in 2019 And Is Anticipated to Reach $19.74 Bn by 2027, At A CAGR of 20.4% In The Forecast Period

Global Power Energy Storage Market Size Stood at $7.06 Bn in 2019 And Is Anticipated to Reach $19.74 Bn by 2027, At A CAGR of 20.4% In The Forecast Period

Auguest 04, 2021, New York, USA – Portable Energy Storage is a type of energy that can be used in case of a natural disaster, power failure this energy can be stored and used to power your computer, mobile, any kind of smartphone, or any other appliance.

It has many uses as it can be used for residential, commercial, military, and professional uses. This type of energy has its numerous uses soon due to its storage capacities. The future electrical needs and energy-efficient measures the demand for the portable energy market is going to increase shortly.

Many times it is seen that energy is consumed on a large scale very soon after being generated. The main reason for this is there are no effective mechanisms to store the energies which will be required in certain quantities. The main reasons which have supported the demand for the rise in the Global Portable Energy Storage Market are increasing competition, the declining costs, the rising and decreasing fuel import prices. The role of the battery storage energy market globally is going to rise exponentially.

Market Drivers and Market trends for the Global Portable Battery Storage Market-

The Portable Energy Storage Market is expected to grow at a rate of $US6.01 billion in 2025 with over 50% of the global market value of the Asia-Pacific. Over time Asia-Pacific will continue to lead the market with China, Japan, South Korea, and Australia being the leads in this market. Alongside various crucial investments will be made to increase the demands of renewable energy and, improve the flexibility of the systems, and provide various electrical provisions for the briskly growing population which would subsequently create market opportunities.

If the Asia-Pacific is leading so is America which also going to be in the lead. The market in the EMEA and United States is going to grow at $1.87 billion by the year 2025. South and Central America will also witness exponential growth in renewable energy technology. Europe is also at the forefront of the adoption of the Portable Energy Storage Market.

The overall industry is expected to grow at a CAGR of 10% in the next five years.

Due to the growth in the power requirements, the growth in the Portable Energy Storage Market has been immense. The growth is also largely fueled by the use of hybrid vehicles, along with the smart grid market.

Among these Lithium-Ion Batteries is one of the most preferred batteries which are widely used in electronic appliances. The reason is the high-energy-density. Along with this Lithium-Ion Batteries are also being used for stationary and transportation applications and this is only going to increase in the coming years. Nickel-based batteries are also witnessing a strong growth due to their hybridization.

The major players in the Global Portable Energy Storage Market are –

  • BYD Motor
  • Saft (France)
  • Johnson Controls
  • NEC
  • Panasonic Corporation
  • Maxwell Technologies
  • Nippon
  • Beacon Corporation
  • Active Power

The Benefits of the Portable Energy Storage Market are immense. We take a look-

  • The investment in Portable energy creates reliability in the long run.

Storage of portable energy is one of the critical usages where the grid and resources from the wind, solar, hydro, nuclear, and fossil create efficiency. This storage can act as a distribution, transmission, or generation asset sometimes all the same time and as a single asset.

  • Cost-effective-

The Portable energy market is one of the most cost-effective markets. It saves the overhead operational costs, which require for powering the grid as well as save money for the consumer. Portable energy storage can also be used to store low-cost energy to use later when required during the high-electricity peak rates.

  • Reliability and Efficiency-

Portable Energy storage can provide one of the most reliable power backups during any electricity disruptions. Also, storage is one of the easiest ways where flexibility is provided to the grid to ensure an uninterrupted power supply to the consumers. Electricity outages are one of the prime reasons for increasing electricity costs. Therefore portable energy storage is the relevant option to increase the reliability of the supply of electricity.

  • Make way for Diverse Resources-

Energy storage is responsible for the sleek delivery of fragmentary resources such as wind or energy. It stores the excess energy and also provides for the efficient delivery of electricity for the resources.

  • Reducing environmental hazards-

The biggest advantage of the storage of portable energy is that it reduces environmental hazards and reduces the ability of greenhouse gas emissions drastically. This is a boon to mankind as an increase in greenhouse gases can seriously be hazardous to health. Portable Energy storage can also overall improve the efficiency of the grid and provide long life to offset the new rise in pollution levels.

Even though there are numerous benefits of portable energy storage the actual storage requires both precision and technique. Several recent developments are taking place in the Portable Energy Storage Market. In June 2020 a US-based firm formed a joint venture with the Siemens and AEG Corporation, where it unveiled its sixth-generation energy storage for building hardware, software, and advanced data-driven intelligence. In the same month and the same year, Tesla also launched an innovative solar system model for residential application use in the United States. This can be a huge demand for energy storage products.

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