The powered storage devices market revenue by the end of 2022 was US$ 12,308.7 Mn. The powered storage devices market is expected to reach US$ 62,296.5 Mn by 2033, growing at a CAGR of 14.1% for 2023-2033.
| Attributes | Details |
|---|---|
| Estimated Year (2023) Market Value | US$ 14,081.2 Million |
| Projected Year (2033) Market Value | US$ 62,296.5 Million |
| CAGR% (2023 to 2033) | 14.1% |
| Top 5 Vendor Market Share | Around 25% |
Powered Storage devices are devices or systems that are designed to store energy for later use. They can include batteries, supercapacitors, flywheels, compressed air systems, and pumped hydro storage. These devices are used to store energy from renewable sources such as solar and wind, as well as from traditional power sources, to help balance the supply and demand of electricity on the grid.
Powered storage devices can keep energy for a longer period of time. The process provides power storage, resulting in lower power generation costs. Powered storage devices also aid in increasing power access and improving power resource efficiency.
The powered storage devices market is nearly 45% of the global charging component market.
The powered storage devices market is estimated to grow at a CAGR of 14.1% for the forecast period of 2023-2033, in comparison to the 11.0% growth of powered storage devices for the historic period 2018-2022.
Powered Storage devices, such as batteries and fuel cells, are becoming increasingly important as the demand for renewable energy sources grows. These devices allow excess energy generated by renewable sources, such as solar and wind power to be stored for later use when the renewable source is not available. This helps to mitigate the intermittency of renewable energy sources and allows for a more reliable and stable power grid.
Additionally, as demand for electric vehicles and other forms of distributed powered storage increases, the market for powered storage devices is expected to continue growing in the coming years.
The growing market for electric vehicles is driving demand for powered storage devices, as these vehicles require large batteries to store the energy needed to power them. Many governments around the world are offering financial incentives and subsidies to encourage the adoption of powered storage devices.
North America is the region that had the largest market share in 2022, with a market share of 21.7%.
North America has a large market share in the powered storage devices industry due to a driven by a growing number of state-level mandates and incentives for powered storage deployment. The United States is the largest powered storage market in North America. Canada has also seen growth in its powered storage market, particularly in the provinces of Ontario and Quebec, which have implemented policies to encourage the adoption of powered storage systems.
The South Asia and Pacific region is estimated to witness the highest growth of CAGR at 15.7%.
The US government Has Provided Funding and Tax Incentives for The Development and Deployment of Powered Storage Technology
The US powered storage market has grown rapidly in recent years and the highest market share is driven by state-level mandates and incentives for powered storage deployment, particularly in California and Hawaii. The US government has also provided funding and tax incentives for the development and deployment of powered storage technology, including funding for research and development through the Advanced Research Projects Agency-Energy (ARPA-E) program.
The US Department of Energy (DOE) has set a target to deploy 35 GW/140 GWh of advanced powered storage systems by 2025 and the Powered Storage Association has set an ambitious target of 30 GW by 2030.
The US estimated market share value was 18.1% in 2022, with an 8.7% CAGR over the forecast period.
The Indian Government Launched Several Initiatives and Schemes to Support the Development of Powered Storage Technology and the Market.
India is a rapidly growing market for powered storage devices, driven by increasing renewable energy penetration, growing demand for electric vehicles and supportive government policies. The Indian government has also set a target of 30% electric vehicles on the road by 2030, which is expected to drive demand for powered storage devices.
The Indian government has also launched several initiatives and schemes to support the development of powered storage technology and markets such as the National Electric Mobility Mission Plan (NEMMP), Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India (FAME-India), and Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM)
This allowed India to have held the market to grow at a CAGR of 16.9%.
China has Established Itself as a Major Producer of Lithium-Ion Batteries
China is a leading player in the global powered storage market by several factors including increasing renewable energy penetration, declining costs of powered storage technology, and supportive government policies. China is a major producer of powered storage devices, particularly lithium-ion batteries, and has established itself as a leader in the global market for these devices.
The Chinese government has also provided financial incentives and subsidies to encourage the development and deployment of powered storage technology.
Due to the above-mentioned reasons, China was estimated to have held a market share of 15.4% in 2022.
Batteries are used in most devices because they offer a convenient and portable way to store and supply electrical energy. They can be easily integrated into a wide variety of devices and systems and can be designed to provide a specific amount of energy over a certain period of time. Additionally, batteries do not require a connection to an external power source and can therefore be used in devices that are not always connected to the power grid.
Batteries have the ability to store energy for a long time and release it in a steady and controlled manner, this is important for devices that have to work for a long time without an external power source.
Due to the above reason, batteries type held the higher market share in 2022 at 42.7%.
Powered storage devices for home-powered storage also known as residential-powered storage, typically include batteries that can store electricity generated by solar panels or other renewable energy sources for use during power outages or periods of high energy demand. These devices can also allow homeowners to use their stored energy during peak energy usage times, which can help them save money on their electricity bills.
Some popular types of residential-powered storage devices include lithium-ion batteries, lead-acid batteries, and flow batteries. These devices can be integrated with a home's solar panels and inverter and can be managed using a smart energy management system.
The Home powered storage application segment is estimated to have the highest market share in 2022 at 21.7%.
Market participants are concentrating on expansion strategies in order to increase their market penetration in major markets. This included attempting to broaden regional and global distribution channels, releasing new products, leading to the formation of acquisition partnerships, and coordinating with key players.
| Attribute | Details |
|---|---|
| Market value in 2022 | US$ 12,308.7 Million |
| Market CAGR 2023 to 2033 | 14.1% |
| Share of top 5 players | Around 25% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Storage Type, Application, Vertical and Region |
| Key Companies Profiled | Alstom; ABB Ltd.; AES Corporation; General Electric; Convergent Energy + Power; Hawaiian Electric Company, Inc.; S&C Electric Company; SEEO, Inc |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Some leading companies are Alstom, ABB Ltd., AES Corporation, General Electric, and Convergent Energy + Power.
South Asia and the Pacific region are expected to showcase the highest growth with a CAGR of 15.7%.
Batteries have the largest market share for the powered storage devices market at 42.7%.
Home Powered Storage has the largest market share for the powered storage devices market at 21.7%.
USA, Germany, Japan, India, and China.
The market share of South Asia and the Pacific for the year 2022 is 18.2%.
India has the highest CAGR for the forecast period, which is 16.9%.
The CAGR for the forecast period 2018 to 2022 for the powered storage devices market was 11.0%.
China had the largest market share in East Asia in 2022, in the powered storage devices market with a market share of 15.4% in the region.
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