Wind Energy Storage Devices Market

Wind Energy Storage Devices Market Size (2023-2028):

The Global Wind Energy Storage Market was valued at USD 291.4 billion in 2022 and is projected to reach USD 409.92 billion by 2028, growing at a CAGR of 6.10% during the forecast period 2023-2028.

Market Trends:

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.

Market Drivers:

The dwindling of fossil fuels results in high fluctuation of petroleum prices, and therefore the increasing need for pollution-free energy is a crucial driver for the global wind energy storage devices market. 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.

Market Restraints:

The two major disadvantages of wind energy storage devices include initial cost and technology immaturity. Firstly, constructing turbines and wind facilities is expensive. The second disadvantage is technology immaturity. 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.

Market Opportunities: 

Energy storage technologies can provide an array of services to the modern grid-like 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 like grid balancing and renewable energy integration, in addition to energy arbitrage.

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.

Market Recent Developments:

• GE Renewable Energy has agreed with BE Power to develop a 410MW pumped hydro storage project in Australia. Under the agreement, GE Renewable Energy's Hydro Solutions business unit will provide all kinds of support in the event of a hydro storage project. GE's Hydro Solutions team is to be working alongside BE Power and partners to optimize and finalize the planning of the plant. It will also support the project in securing financing and reaching commercial operations.
• UK-based clean energy developer Rhe Energise has developed a low-cost, energy-efficient, and environmentally friendly energy storage solution, High-Density (HD) fluid, which uses pumped-hydro technology with a denser flow of liquid to supply energy. The technology could use hillsides across the United Kingdom to supply the country's energy system with a replacement long-life source of underground hydro-powered energy storage, the corporation said. Rather than using water, Rhe Energise has discovered a fluid called R-19, which is two and a half times denser than water. As a part of the method, the high-density fluid is pumped uphill between storage tanks, sometimes of low energy demand with associated low prices. As demand and energy prices rise, the non-corrosive fluid is released downhill and passes through turbines to get electricity and provide power to the grid.

WIND ENERGY STORAGE DEVICES MARKET REPORT COVERAGE:

Market Segmentation:

Wind Energy Storage Devices Market - By Mode of Storage:

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.

• Compressed Air Storage
• Fly Wheels
• Pumped Hydro Storage

Market Regional Analysis:

• North America
• Europe
• Latin America
• Asia Pacific 
• The Middle East and Africa

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.

COVID-19mpact on the Wind Energy Storage Devices Market:

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.

Market Key Players:

Key participants operating in the wind energy storage devices market include 

1. Duke Power
2. Dresser-Rand
3. Ballard Power
4. Extreme Power