United Kingdom Energy Storage Systems Market Size To Grow At A CAGR Of 13.5% In The Forecast Period Of 2024-2032.
30 NORTH GOULD STREET, SHERIDAN , WYOMING, UNITED STATES, November 12, 2023 /EINPresswire.com/ — United Kingdom Energy Storage Systems Market Outlook
According to a new report by Expert Market Research titled, “United Kingdom Energy Storage Systems Market Growth, Size, Share, Analysis, Report and Forecast 2024-2032″, UK energy storage systems market is projected to grow at a CAGR of 13.50% between 2024 and 2032. Aided by increasing energy demands and rising adoption of distributed power generation systems, the market is expected to grow significantly by 2032.
Energy storage systems play an instrumental role in balancing and stabilising the electrical grid, especially with the influx of intermittent renewable energy sources like wind and solar. These systems include technologies like batteries (especially lithium-ion), pumped hydro storage, thermal storage, and flywheels. They provide the ability to store excess energy during periods of low demand and release it during peak demand, thus ensuring a steady supply and averting potential blackouts.
The escalating commitment of the UK towards renewable energy targets is one of the key United Kingdom energy storage systems market trends. As the country seeks to reduce carbon emissions and focuses on sustainable energy production, energy storage systems have become indispensable. These systems address the challenges posed by renewable energy’s variable nature, offering grid stability and efficient energy utilisation.
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Another factor buttressing the United Kingdom energy storage systems market demand is the decline in the prices of energy storage technologies, particularly lithium-ion batteries. With advancements in technology and scale of production, costs have significantly reduced, making energy storage systems a viable solution for both grid and off-grid applications.
Simultaneously, the demand for electric vehicles (EVs) in the UK has surged, leading to increased emphasis on vehicle-to-grid (V2G) technologies. These technologies allow EVs to interact with the grid, storing excess energy and supplying it back when required, thus acting as mobile energy storage systems. The proliferation of EVs, coupled with advancements in V2G, offers a promising trajectory for United Kingdom energy storage systems market outlook.
On the industrial front, energy storage systems find applications in managing demand-side responses. Businesses and factories utilise these systems to store cheap off-peak electricity, deploying it during periods of high tariffs, thereby leading to cost savings and promoting efficient energy use.
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Furthermore, the post-Brexit scenario, while initially viewed with apprehension, has provided the UK with an opportunity to redefine its energy storage strategies, without the constraints of EU directives. This autonomy has allowed for more tailored policies, which could further stimulate the United Kingdom energy storage systems market growth.
United Kingdom Energy Storage Systems Market Segmentation
The market can be divided based on technology, application, and end-use industry.
Market Breakup by Technology
Market Breakup by Application
Market Breakup by End-Use Industry
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United Kingdom energy storage systems market. Some of the major players explored in the report by Expert Market Research are as follows:
SAMSUNG SDI CO., LTD.
General Electric Company
Delta Electronics, Inc.
Hitachi Energy Ltd.
BYD Company Limited
Eaton Corporation plc
Connected Energy Ltd.
Harmony Energy Limited
Albion Technologies UK
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