UK Energy Storage Market

UK Energy Storage Market Overview:        

The UK energy storage market size reached 9.4 GW in 2023. Looking forward, IMARC Group expects the market to reach 59.26 GW by 2032, exhibiting a growth rate (CAGR) of 20.60% during 2024-2032. The market is rapidly expanding, driven by growing renewable energy integration, reducing battery costs, rising government incentives, growing energy security concerns, increasing electric vehicle adoption, and corporate sustainability initiatives, reducing carbon emissions, and managing rising electricity demand.   

UK Energy Storage Market Trends:   

Rising energy security concerns 

The UK's reliance on imported energy has heightened concerns about energy security, particularly in times of global uncertainty. The gradual phase-out of coal-fired power stations and the fluctuating availability of natural gas due to geopolitical tensions have added pressure on the national grid. Energy storage systems offer a solution by providing backup power during periods of high demand or supply disruptions. These systems store electricity during times of low demand and discharge it when the grid is under strain, ensuring a stable and secure energy supply. Furthermore, energy storage systems can provide rapid-response energy, meaning they can discharge stored electricity within seconds to stabilize the grid during sudden outages or fluctuations in energy supply.

Corporate sustainability initiatives   

Many corporations in the UK are setting ambitious sustainability goals, aiming to reduce their carbon footprint and improve energy efficiency. Energy storage solutions are becoming an integral part of these corporate strategies, as they enable companies to manage their energy consumption more effectively. By integrating storage systems with renewable energy sources, businesses can store excess energy generated during off-peak hours and use it when electricity prices are higher, reducing their reliance on the grid and lowering operational costs. As businesses become more focused on sustainability and energy efficiency, the demand for energy storage systems is expected to grow. Corporations across various industries are increasingly adopting energy storage as part of their broader environmental, social, and governance (ESG) strategies, making this a significant driver for the market.

Growing renewable energy integration  

Renewable energy sources such as wind and solar power are among the major problems that the UK is addressing with substantial investment. Energy storage solutions provide the means to store extra energy, and then discharge it into the grid when required thus making renewable energy more feasible. As the UK continues to expand its renewable energy generation, particularly in offshore wind, the demand for effective energy storage is becoming increasingly critical. These systems are not only essential for balancing the intermittent nature of renewable sources but also for supporting the grid during peak demand periods. Moreover, as consumer awareness of renewable energy grows, there is a rising demand for energy storage solutions that can integrate seamlessly with home and business energy systems, driving further innovation in the sector.

UK Energy Storage Market News:          

• On 13^th June 2024, Centrica plc announced a strategic partnership and £70 million investment in Highview power and its first clean energy storage project in Carrington, Manchester. The technology offers a longer storage duration than conventional batteries, capable of storing renewable energy for several weeks.   
• On 18^th September 2024, Pramac and Premier Power Services announced a strategic partnership to deliver energy storage solutions in the UK. Through this partnership, premier power services will act as a dealer for Pramac’s commercial & industrial (C&I) energy storage solutions in the UK. The collaboration highlights their mutual dedication to providing energy solutions that improve efficiency, sustainability, and resilience for businesses across the region.       

UK Energy Storage Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and application.

Type Insights:

• Batteries
• Pumped-storage Hydroelectricity (PSH)
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes batteries, pumped-storage hydroelectricity (PSH), and others.

Application Insights:

• Residential
• Commercial and Industrial (C&I)
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes residential and commercial and industrial (C&I).

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Energy Storage Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK energy storage market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK energy storage market?
• What is the breakup of the UK energy storage market on the basis of type?
• What is the breakup of the UK energy storage market on the basis of application?
• What are the various stages in the value chain of the UK energy storage market? 
• What are the key driving factors and challenges in the UK energy storage?
• What is the structure of the UK energy storage market and who are the key players?
• What is the degree of competition in the UK energy storage market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK energy storage market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK energy storage market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK energy storage industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.