The Global Wind Energy Storage Market was valued at USD 309.18 billion in 2023 and is projected to reach USD 441.06 billion by 2029 from USD 328.04 billion in 2024 and growing at a CAGR of 6.10% during the forecast period 2024-2029.
The global wind energy storage devices market is growing at a positive pace because the demand for energy derived from renewable sources will increase within the near future. With the investment within the wind energy market increasing, efficient energy storage solutions will play a pivotal role in ensuring an uninterrupted supply of energy—increasing public and private funding for wind energy storage market share. Growing investments from various financial institutions, including of International Finance Corporation, and regional development banks, including the African Development Bank and Asian Development Bank, will further push the business landscape. In 2016, the International Energy Agency proclaimed an overall investment of USD 718 billion toward electrification across the world.
These are designed to store the wind energy generated during peak times and use them during times of need. This storage system is predicated on the particular wind energy generation of a given plant because wind generation is essentially a variable sort of energy. Growing demand for clean energy, deployment of smart grid networks, and also the need to ensure the reliability and stability of RE systems have led to the adoption of those systems. Favorable government initiatives toward the deployment of sustainable technologies alongside robust economic processes, primarily across the Asia Pacific and Africa, will boost the wind energy storage market growth. Growing consumer awareness toward the adoption of a sustainable energy mix will favor business growth. The govt of China has introduced numerous financial incentives, schemes, and subsidies to draw in new investments within the country.
The high cost of energy can be addressed directly with technology innovations that increase reliability and energy output and lower system capital expenses. Offshore wind energy produces more energy than onshore wind energy but costs way more to determine. The initial costs of wind turbines include construction and maintenance. New technology is required to decrease costs, improve reliability, solve regional deployment issues, expand the resource area, develop infrastructure and manufacturing facilities, and mitigate known environmental impacts.
Energy storage technologies can provide an array of services to the modern grid, such as peak load management, grid balancing, and renewable energy integration. Historically, storage systems like pumped hydro were deployed for energy arbitrage; however, emerging distributed energy storage technologies are currently utilized in many other areas, including grid balancing and renewable energy integration.
Globally, renewable energy alongside energy storage is increasingly seen as an alternative to putting together peaking power plants. Energy storage integrated with renewable energy generates a smooth and firm output that's controllable, which subsequently optimizes transmission investments. A key application for energy storage in the transmission is to defer the investments on upgrades for brand-new capacity projects required to cut back renewable energy curtailments.
The recent global pandemic outbreak caused due COVID-19 has affected the expansion of the wind energy storage devices market. The demand side has been negatively impacted on account of lockdowns which, in turn, has caused turmoil within the global economic growth, leading to a decrease in business spending and investments in new projects. On the availability side, global supply chain disruption alongside the falling productivity across manufacturing facilities because of mandatory social distancing measures has also reduced the production of these devices. On the demand side, wind energy storage has been hit hard by this pandemic, with subsequent lockdown and declining business spending resulting in the postponement of several solar projects.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 – 2029 |
Base Year |
2023 |
Forecast Period |
2024 - 2029 |
CAGR |
6.10% |
Segments Covered |
By Mode of Storage, and Region |
Various Analyses Covered |
Global, Regional, and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Duke Power, Dresser-Rand, Ballard Power, Extreme Power, and Others. |
The market is classified into Compressed Air storage, Fly Wheels, and Pumped Hydro Storage. The Pumped Hydro Storage segment dominated the Wind energy storage devices market in 2019, and this trend is predicted to continue during the forecast period.
Market Regional Analysis:
North America is leading with the highest shares of the market with the increasing economy in developed countries. Europe is next in leading the dominant shares of the market owing to rising support from government organizations. Increasing electricity demand due to rapid industrialization and commercialization will fuel industry growth. Asia Pacific is deemed to have the highest CAGR during the forecast period 2023 - 2028. Growing investments from both public and private are creating growth opportunities for the market.
Market Key Players:
Key participants operating in the wind energy storage devices market include
Market Recent Developments
Frequently Asked Questions
The Global Wind Energy Storage Devices Market is expected to grow with a CAGR of 6.10% between 2024-2029.
The Global Wind Energy Storage Devices Market size is expected to reach a revised size of USD 441.06 billion by 2029.
Dresser-Rand, Ballard Power, and Extreme Power are the three Wind Energy Storage Devices Market key players.
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