The gravity energy storage market is expected to witness a CAGR of 77.9% during 2024–2030, reaching USD 12,231.5 million by 2030. The strongest growth drivers for the market are the rising exploration of renewable energy sources, increasing focus on ensuring grid stability, burgeoning popularity of electric vehicles, and high electricity cost.
Energy consumption has been rising for a long time, due to population growth, growing transportation needs, advancing technologies, urbanization, and industrialization.
Gravity energy storage systems are incorporated into renewable energy plants because in case the latter does not produce enough power, the output can be supplemented. These systems are important since they provide benefits such as a low cost, long life, and high energy density. Specifically, they prove cost-effective and efficient for storing huge amounts of energy. Hence, as power usage continues to shoot up, they would prove vital in bridging the demand–supply gap and preventing catastrophic grid outages.
Another key factor driving energy requirements is the rising number of electric vehicles on the roads due to their lower running expenses than fossil-fuel-powered vehicles. Additionally, the implementation of policies and regulations by several governments to encourage their adoption is propelling their popularity. Moreover, people’s rising awareness of climate change is making them adopt sustainable choices, one of which is EVs.
EVs run on electricity, which witnesses continuous fluctuations in its prices due to the supply and demand gap. Gravity storage systems can bring down this cost during peak hours by supplying additional energy to the grid.
The pumped hydro storage category is expected to have the highest growth rate, of 80.1%, over 2024–2030. This technology boasts a high storage capacity, which it can also release in high amounts and quick time. This way it balances energy demand and supply and stabilizes the grid. Moreover, its long-proven safety and efficiency technology will continue to drive augmentations in the global PHS capacity during the forecast period.
APAC is expected to be the fastest-growing regional market, with a CAGR of 80.4%, during 2024–2030. This is attributed to the significant investments in renewable energy sources, such as wind and solar, in major countries, such as India, China, and Japan. This is because they are consciously reducing their dependence on fossil fuels and using more of clean energy technologies. Clear policies and incentives have been introduced to enhance the adoption of electricity storage technologies, which continues to aid the market advance.
Presently, North America is the largest market, followed by Europe and APAC, due to the earliest initiation of gravity energy storage projects and the rise in the number of electric vehicles. The U.S. and Canada are making large investments in such projects and raising awareness to encourage the adoption of clean energy technologies.
Some of the key players in the gravity energy storage market are Energy Vault, Gravitricity, Energy Nest AS, Advanced Rail Energy Storage (ARES), Gravity Power LLC, Highview Power, and Antora Energy.