Market Summary
The global data center Energy Storage market reached USD 1.84 billion in 2022 and is projected to reach USD 3.38 billion by 2032, with a steady revenue compound annual growth rate (CAGR) of 7% during the forecast period. Several key factors are contributing to the growth in market revenue.
One significant driver is the increasing demand for a dependable and uninterrupted power supply in data centers. Data centers rely on a constant and reliable power source to ensure uninterrupted operations. Energy storage solutions such as batteries, flywheels, and supercapacitors are becoming crucial in providing backup power during power outages and fluctuations, thus fueling the market's revenue growth.
Additionally, the growing adoption of renewable energy sources like solar and wind power is boosting the demand for energy storage solutions in data centers. While renewable energy sources offer cost-effectiveness and environmental sustainability, they also present challenges related to intermittency and variability. Energy storage solutions play a vital role in addressing these challenges by storing excess energy generated during peak production times and releasing it when energy generation is low, contributing to the market's revenue growth.
Furthermore, the increasing emphasis on energy-efficient data centers is driving the adoption of energy storage solutions. Data centers are among the largest consumers of energy, making energy efficiency a priority. Energy storage solutions help in reducing energy consumption and costs by providing backup power during peak demand periods and decreasing reliance on grid power. This trend is significantly propelling the market's revenue growth.
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Strategic Developments
- In 2021, ABB Ltd. unveiled a collaboration with Amazon Web Services (AWS) to create an energy storage solution tailored for data centers. This system aims to assist data center operators in mitigating electricity expenses by employing energy storage to shift energy consumption from peak periods to off-peak times.
- In 2020, Tesla, Inc. introduced a novel energy storage solution known as the Megapack, specifically designed for large-scale energy storage applications, including those in data centers. The Megapack is a containerized battery system with the capacity to store up to 3 megawatt-hours of energy.
- Also in 2020, LG Chem Ltd. disclosed a contract with ERS Energy Sdn Bhd to provide batteries for an energy storage system in a data center located in Malaysia. This energy storage system is engineered to offer backup power to the data center while simultaneously reducing electricity expenses.
- In the same year, Samsung SDI Co., Ltd. announced the development of a high-capacity energy storage system designed for data centers. This system's primary function is to store surplus energy generated from renewable sources and provide backup power to data centers during instances of power outages.
- Back in 2019, Saft Groupe S.A. announced a partnership with Schneider Electric SE to develop an innovative energy storage system tailored for data centers. This system is created to supply backup power to data centers and optimize electricity costs by utilizing energy storage to shift energy consumption from peak hours to off-peak periods.
Data Center Energy Storage Market Report Scope
|
PARAMETERS |
DETAILS |
|
The market size value in 2022 |
USD 1.84 Billion |
|
CAGR (2022 - 2032) |
7% |
|
The Revenue forecast in 2032 |
USD 3.38 Billion |
|
Base year for estimation |
2022 |
|
Historical data |
2020-2021 |
|
Forecast period |
2022-2032 |
|
Quantitative units |
|
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
By Type Outlook, Application Outlook, Regional Outlook |
|
By Type Outlook |
|
|
By Application Outlook |
|
|
Regional scope |
North America; Europe; Asia Pacific; Latin America ; Middle East & Africa |
Key Players
The global market for data center energy storage is poised for substantial growth in the coming years. This market is characterized by a diverse array of players, encompassing both large and small entities, all vying for a share of the market. Major participants in the global data center energy storage sector are implementing a range of strategies, including mergers and acquisitions, strategic agreements and contracts, and the development, testing, and introduction of more advanced products. Among the prominent companies operating in the global data center energy storage market are:
- Tesla, Inc.
- ABB Ltd.
- LG Chem Ltd.
- Samsung SDI Co., Ltd.
- Saft Groupe S.A.
- GS Yuasa International Ltd.
- Hitachi, Ltd.
- General Electric Company
- Eaton Corporation
- Schneider Electric SE
- NEC Corporation
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