Guidehouse Insights Estimates the Asia Pacific Utility-Scale Energy Storage Market to Grow at a Compound Annual Growth Rate of Nearly 23% by 2030

BOULDER, Colo., Feb. 3, 2022 /PRNewswire/ -- A new report from Guidehouse Insights provides global estimates for annual deployments of new utility-scale energy storage (UES) projects focusing on power capacity, energy capacity, and project deployment revenue, segmented by region, technology, and the applications or services.

UES is a multifaceted technology capable of providing a range of grid services and improving overall power system efficiency. The increasing use of solar and wind generation is driving global interest in energy storage to maintain grid stability and increase efficiency. According to a new report from Guidehouse Insights, Asia Pacific is expected to surpass North America and become the largest UES market overall with a cumulative 71.4 GW of new UES capacity, representing a compound annual growth rate (CAGR) of 22.6% by 2030.

"The UES market continues to develop at differing rates in regions and countries around the world," says Pritil Gunjan, principal research analyst with Guidehouse Insights. "The clear market leaders are pioneering new applications, business models, and technologies to drive the market forward."

The dramatic reduction in prices for lithium-ion (Li-ion) batteries has been a key factor in the growth of the UES market. The technology is the leading choice for new projects globally and is expected to account for 86% of new capacity deployed in 2021. Publicly and privately funded R&D and the rapidly growing capacity of global battery manufacturing have been primary factors driving the continued price declines for Li-ion batteries. Continued improvements in manufacturing and supply chain efficiencies coupled with incremental improvements in energy density are expected to yield an additional 41% reduction in average Li-ion cell prices through 2030, according to the report.

The report, Market Data: Utility-Scale Energy Storage Market Update, provides global estimates for annual deployments of new UES projects in terms of power capacity (MW), energy capacity (MWh), and project deployment revenue. These projections are then segmented by region, technology, and the applications or services that the system provides. All estimates cover a 10-year period from 2021-2030. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 12,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Market Data: Utility-Scale Energy Storage Market Update, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:
Jennifer Peacock
+1.404.575.3859
[email protected]

SOURCE Guidehouse Insights