United Kingdom Energy Storage Market outlook 2031
The United Kingdom energy storage market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 21.34% during the forecast period, 2023–2031. The growth of the market is attributed to favorable government policies, improving energy storage economics, increasing demand in renewable energy sector and regulations for energy storage system (ESS).
Energy storage is the storage of energy generated at a time so that it can be used later to reduce the imbalance between energy demand and energy production. Energy storage devices are often referred to as rechargeable batteries. Energy takes many forms, including electric potential, radiation, electricity, latent heat, high temperature, gravitational potential, and kinetic heat. Energy storage is the conversion of energy that is difficult to store into a more convenient or economical form of storage.
The UK has the major offshore wind installed globally since wind and its speed is uncertain in nature sometimes energy is produced in abundance and then lost. To maintain the constant supply of the renewable energy batteries and other energy storage methods are also used which has adverse effect for hours, days or sometimes weeks.
Supple technologies such as batteries are estimated to be the part of UK’s smart electricity grid and supporting the amalgamation of heat and transport technologies and low carbon power which can be anticipated to conserve UK’s energy system up to USD 60 billion by 2050.
Past year witnessed a drastic increase in demand for battery storage co-located with solar and wind and now the condition is applications are been submitted for the planning procedure of these projects.
The Covid-19 pandemic affected the demand and supply of the United Kingdom energy storage market size. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
United Kingdom Energy Storage Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of renewable power generation technologies and rising demand for electrical energy is expected to boost the market during the forecast period.
- Rapid growth of the automotive industry owing to rising demand of electric vehicles is major factors fueling the market.
- Growing demand for uninterrupted power supply by residential sector and rising adoption of rooftops solar systems is anticipated to drive the market during forecast period.
- High installation cost and maintenance cost of energy storage is projected to restrict the market growth.
- Lack of awareness about the benefits of energy storage systems and ongoing disruption in energy generation industry act as major challenges that can hamper the market growth during the forecast period.
- R&D investment and development of energy storage systems for continuous power supply to data centers is projected to offer significant opportunities for the market players.
Scope of United Kingdom Energy Storage Market Report
The report on the united kingdom energy storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Energy Storage Market – UK Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Pumped-storage Hydroelectricity (PSH), Batteries, and Others), Applications (Commercial, Residential, and Industrial (C&I))
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Country
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The United Kingdom
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Tesla Inc; Siemens Gamesa Renewable Energy SA; General Electric Company; Contemporary Amperex Technology Co. Ltd; Voith Gmbh & Co KGaA.
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United Kingdom Energy Storage Market Segment Insights
The batteries segment is anticipated to exhibit a high CAGR
On the basis of types, the market is categorized into pumped-storage, batteries, hydroelectricity (PSH), and others. The batteries segment is anticipated to exhibit a high CAGR during the forecast period due to irregularity of renewable energy in nature such as wind, solar, hydro, and improving energy storage economics are some of the factors that drive the market.
However hydroelectricity pumped storage (PSH) segment is expected to grow at a steady rate owing to continuous and increasing demand of energy.
The residential segment is expected to account for a key share of the market
In the terms of application, the market is fragmented into commercial, residential, and industrial (C&I). The residential segment is expected to account for a key share of the market in the coming years owing to increasing disposable income and housing segment, increasing purchasing power of the population escalated thus desires for better lifestyle.
On the other hand the commercial segment is expected to grow at a rapid pace due to increasing adoption of energy storage system (ESS) for the constant supply of energy for effective production yield.
Segments
The United Kingdom energy storage market has been bifurcated on the basis of
Types
- Pumped-storage Hydroelectricity (PSH)
- Batteries
- Others
Applications
- Commercial
- Residential
- Industrial (C&I)
Country
Key Players
Competitive Landscape
Key players competing in the UK Energy Storage Market include Tesla Inc.; Siemens Gamesa Renewable Energy SA; General Electric Company; Contemporary Amperex Technology Co. Ltd; Voith Gmbh & Co KGaA. Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance,
- In September 2021, Siemens Gamesa Renewable Energy SA launched world’s first recyclable wind turbine blade for commercial use offshore.
- In July 2021, Contemporary Amperex Technology Co. Ltd unveiled the company’s first sodium-ion batteries, together with AB battery pack solution which will be able to generate sodium and lithium ion cell in one pack.
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