Global Gravity Energy Storage Market Overview
As per MRFR analysis, the Gravity Energy Storage Market Size was estimated at 0.18 (USD Billion) in 2022. The Gravity Energy Storage Market Industry is expected to grow from 0.24 (USD Billion) in 2023 to 4.1 (USD Billion) by 2032. The Gravity Energy Storage Market CAGR (growth rate) is expected to be around 36.77% during the forecast period (2023 - 2032).
Key Gravity Energy Storage Market Trends Highlighted
The gravity energy storage market is witnessing significant growth due to several key market drivers. Increasing concerns over the depletion of fossil fuels and the need for sustainable energy sources have made gravity energy storage a viable alternative. The technology's ability to store excess renewable energy from sources like solar and wind for later use during peak demand periods is a major driving factor. Furthermore, government initiatives promoting renewable energy adoption and carbon neutrality targets are creating favorable market conditions for gravity energy storage systems.
The growing demand for grid balancing and resilience solutions, particularly in regions with intermittent renewable energy sources, is another key driver. Recent trends in the gravity energy storage market include technological advancements aimed at improving energy density, efficiency, and cost-effectiveness. Companies are investing in research and development to optimize system design and materials, leading to more compact and affordable solutions. Additionally, advancements in automation and control systems are enhancing the overall efficiency and grid integration capabilities of gravity energy storage systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gravity Energy Storage Market Drivers
Increased Demand for Renewable Energy Sources
The gravity energy storage market is influenced by the fact that there is a growing demand for renewable energy sources, such as wind power and solar power. At the same time, the aforementioned sources of energy are rather intermittent implying the necessity to have an energy system that will store the excess energy and discharge it when it is necessary. In this scenario, gravity energy storage is a perfect solution.
It is facilitated by the fact that the system can store rapid amounts of energy for a long period of time and can be used as a solution to discharge energy. Furthermore, the gravity energy storage system results in increasing grid stability and reliability. With an increasing frequency of power outages and brownouts, the system can prevent such occurrences.
It will help in reducing the necessity of fossil fuel power plants that, during their operation, produce some chemicals that enhance air pollution and, as a result, global climate change. The economic component of this type of market is in the fact that gravity energy storage has been in rather highly demanded and will go on to be in demand due to the fact that there will be a growing need for renewable and sustainable sources of energy. As there are numerous incentives by many authorities of the developed world, there will be a growing implementation of such energy sources, and the gravity energy storage system is just a perfect complement.
Consequently, to sum up, the demand for renewable energy sources is the main driver that will condition the growth of the gravity energy storage market. Gravity Power, Energy Vault, Greensmith Energy – many companies have already developed and launched their systems on gravity energy storage. The reason for the growth of the abovementioned market is the growing demand for renewable energy sources that is facilitated by the government initiatives of various developed countries.
Technological Advancements
Technological advancements are yet another key driver of the gravity energy storage global market. While gravity energy storage systems are not new to the market, there have been a number of advancements that have increased their efficiency and made them more competitive with other energy storage technologies, especially batteries. New materials and designs of gravity energy storage systems allow for the storage of more energy per unit of mass. In addition, control systems have been developed that have helped integrate gravity energy storage systems into the existing grid.
These advancements, and the ones that are yet to come are expected to further drive growth in the gravity energy storage market in the following years. As these systems become more efficient and cost-effective, more customers will want to use them. There are also more applications for gravity energy storage systems due to technological advancements. For instance, there is an increasing number of applications of these systems in the electricity and transportation industries. For example, gravity energy storage systems may be used for grid stabilization or on a reduced scale in electric vehicles (EVs). These new applications of gravity energy storage systems will also help further grow the market.
Government Support
Government support is both a consequence of the rapid growth of the gravity energy storage market and a primary driver of its further expansion. The reason is that governments across the world have recognized the advantages of gravity energy storage systems and are providing a wide range of financial and other support to their producers and customers.
Talking about the examples of governments’ support of gravity energy storage systems, this can be primarily WMPI-supported funding of research on these technologies in the U.S., and financing of the development projects in the E.U.At the same time, there are also various incentives that regional and local governments in the U.S. and other countries offer to utility companies and customers that use gravity energy storage as their backup energy source, use excess gravity energy, or otherwise use the gravity accumulator installations covered by the technology in question.
These incentives include such financial benefits as providing tax breaks, rebates, or grants. Overall, such support is crucial because it improves the affordability and accessibility of gravity energy storage systems, thus driving the growth of this market. At the same time, as governments worldwide become more knowledgeable of gravity energy storage technologies, they are likely to provide even more support, which will have a similar impact on the growth of the gravity storage market.
Gravity Energy Storage Market Segment Insights
Gravity Energy Storage Market Technology Insights
Technology Segment Insights and Overview The gravity energy storage market is segmented on a technology basis into advanced flywheels and grid-scale gravity energy storage. Advanced flywheels, as their name suggests, are high-speed rotating devices that store energy in the form of kinetic energy. They offer several advantages over traditional flywheels, which include higher energy density, longer lifespan, and lower maintenance costs. Grid-scale gravity energy storage, on the other hand, uses large masses suspended by cables or other mechanical devices to store energy in the form of potential energy.
The grid-scale gravity energy storage segment is expected to grow rapidly as the need for cost-effective and long-duration storage increases. The global gravity storage market is expected to grow, driven by the need for long-duration and low-cost storage. Advanced Flywheels The advanced flywheels are expected to increase their share in the gravity energy storage market. These are used in a wide range of applications, where the advantages offered by advanced flywheels, such as their high energy density, longer lifespan, and lower maintenance costs, make them a more attractive option than traditional flywheels. They are increasingly being used in grid storage, uninterruptible power supplies, and transportation applications.
The global advanced flywheels market is expected to reach a value of USD 0.85 billion by 2024, growing at a CAGR of 25.4% from 2022 to 2024. Grid-Scale Gravity Energy Storage As the need for low-cost and long-duration storage systems increases, the grid-scale gravity energy storage segment is expected to grow significantly. The systems can store large quantities of energy for long periods of time, allowing for optimum grid resiliency and backup power. The global grid-scale gravity energy storage market is expected to reach a value of USD 1.2 billion by 2024, growing at a CAGR of 30.6% from 2022 to 2024.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gravity Energy Storage Market Energy Capacity Insights
The Energy Capacity segment of the Gravity Energy Storage Market is divided into three sub-segments, namely, Below 500 kWh, 500 kWh to 1 MWh, and Above 1 MWh. In 2023, the Below 500 kWh sub-segment accounted for over 45.0% market share in the Gravity Energy Storage Market, being the most extensive one among other sub-segments. With the increasing adoption of small-scale gravity energy storage systems in residential and commercial settings, the growth trend of the Below 500 kWh sub-segment is likely to remain in the future.
In comparison, the 500 kWh to 1 MWh sub-segment is expected to become the fastest-growing one, with the highest CAGR percentage in the next years. The observed trend can be attributed to the soaring demand for medium-scale energy storage solutions in the industrial and grid sectors. Finally, as the deployment of large-scale solutions for grid balancing and renewable energy integration is on the rise, the Above 1 MWh sub-segment is forecast to have the best market performance and the highest growth rate throughout the review period.
Gravity Energy Storage Market Application Insights
The Gravity Energy Storage Market segmentation by Application includes Frequency Regulation, Load Balancing, and Backup Power. Frequency Regulation segment held the largest market share in 2023, and it is expected to continue to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing need for maintaining grid stability and reliability. Load Balancing segment is also expected to witness significant growth during the forecast period, owing to the rising penetration of renewable energy sources.
Backup Power segment is expected to grow steadily during the forecast period due to the increasing demand for reliable backup power solutions. The Gravity Energy Storage Market revenue for the Frequency Regulation segment is projected to reach USD 1.2 billion by 2024, growing at a CAGR of 35.6% during the forecast period. Load Balancing segment is expected to reach USD 0.8 billion by 2024, growing at a CAGR of 32.8% during the forecast period. Backup Power segment is expected to reach USD 0.6 billion by 2024, growing at a CAGR of 30.2% during the forecast period.
Gravity Energy Storage Market End User Insights
The Gravity Energy Storage Market is segmented by End User into Utility Companies, Industrial Facilities, and Commercial Buildings. In 2023, Utility Companies held the largest market share of 45%, followed by Industrial Facilities with 30% and Commercial Buildings with 25%. The growth of the Utility Companies segment is primarily driven by the increasing demand for reliable and efficient energy storage solutions to integrate renewable energy sources into the grid.
Industrial Facilities are also expected to witness significant growth due to the rising demand for uninterrupted power supply and energy efficiency. The commercial Buildings segment is anticipated to grow steadily owing to the growing adoption of gravity energy storage systems for peak shaving and load balancing applications.
Gravity Energy Storage Market Regional Insights
The regional segmentation of the Gravity Energy Storage Market provides insights into the market's geographic distribution and growth potential. North America holds a significant share of the market, driven by early adoption of gravity energy storage technologies and supportive government policies. Europe follows closely, with countries like the UK, Germany, and France investing in gravity energy storage projects.
The Asia-Pacific region is expected to experience rapid growth in the coming years, with China and India emerging as key markets. South America and the Middle East and Africa (MEA) regions have relatively smaller market shares but offer growth opportunities due to increasing demand for energy storage solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gravity Energy Storage Market Key Players And Competitive Insights:
The Gravity energy storage market is one of the industries where major players are trying to develop and deliver new products to meet the growing demand. Although the specific Gravity energy storage system produces quite a low demand, considering the increasing interest in the development of renewable energy sources and the corresponding demand, the market will be developing quite rapidly.
Many large companies raised significant funds both through independent contributions by certain companies of through state investments. The competitive future is fragmented, as a few large companies and a great number of small and medium ones will manufacture such systems.
The key competitors are connected by partnerships between different companies, acquisitions of one by another and the development of new utilities. A few of them are startup companies, and their experience in creating solutions will provide additional growth opportunities.
For example, Gravitricity is one of the companies that have developed a gravity-based energy storage system. According to the concept of use, the excess amount of electricity is used to lift weight, and then the latter is lowered to generate electricity when needed. The company raised $10 million in funding and is in the process of building a 4 MW demonstration project in the UK.
Energy Vault is another manifestation of the mentioned concept – it is comprised of concrete blocks, another of lifting and lowering weight. Since its establishment, the company has raised $110 million, and it is building a 100 MW project in Switzerland. EnerVenue is another major manufacturer of an energy storage system – in this case, the use is based on a rotating flywheel. The company also raised a significant amount of funding – $24 million, and it is building a 10 MW project in California. However, the amount of similar companies working with Gravity is even more significant.
Key Companies in the Gravity Energy Storage Market Include
- Energy Vault
- Engie
- Gravitricity
- EDF Renewables
- Enel Green Power
- Flywheel Energy
- Tomorrow's Energy
- Statkraft
- Gravity Renewables
- Iberdrola
- Gravity Power
- NextEra Energy
- Agripower
Gravity Energy Storage Market Industry Developments
The Gravity Energy Storage Market is projected to reach USD 4.1 billion by 2032, exhibiting a CAGR of 36.77% from 2024 to 2032. This growth is attributed to the increasing need for reliable and cost-effective energy storage solutions coupled with supportive government policies and incentives. Key market players are focusing on developing advanced technologies and expanding their geographical presence to cater to the growing demand. Recent news developments include:- In 2023, Gravitricity announced a partnership with Tata Power to deploy a 4MWh gravity energy storage system in India.
This project marks a significant milestone in the commercialization of gravity energy storage technology.- In 2024, Energy Vault secured USD 100 million in funding to accelerate the deployment of its gravity energy storage systems globally. The company plans to install 100GWh of storage capacity by 2025. These developments highlight the growing interest and investment in gravity energy storage as a promising solution for grid-scale energy storage applications.
Gravity Energy Storage Market Segmentation Insights
-
Gravity Energy Storage Market Technology Outlook
- Advanced Flywheels
- Grid-Scale Gravity Energy Storage
-
Gravity Energy Storage Market Energy Capacity Outlook
- Below 500 kWh
- 500 kWh to 1 MWh
- Above 1 MWh
-
Gravity Energy Storage Market Application Outlook
- Frequency Regulation
- Load Balancing
- Backup Power
-
Gravity Energy Storage Market End User Outlook
- Utility Companies
- Industrial Facilities
- Commercial Buildings
-
Gravity Energy Storage Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
0.18 (USD Billion) |
| Market Size 2023 |
0.24 (USD Billion) |
| Market Size 2032 |
4.1 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
36.77% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Energy Vault, Lifttime, Engie, Gravitricity, EDF Renewables, Enel Green Power, Flywheel Energy, Tomorrow's Energy, Statkraft, RWE, Gravity Renewables, Iberdrola, Gravity Power, NextEra Energy, Agripower |
| Segments Covered |
Technology, Energy Capacity, Application, End User, Regional |
| Key Market Opportunities |
1 Increasing demand for renewable energy storage2 Adoption of gravity energy storage in microgrids3 Government incentives and policies4 Technological advancements in energy storage systems5 Growing need for grid flexibility |
| Key Market Dynamics |
Increasing Demand for Energy Storage Government Incentives and Regulations Technological Advancements Falling Costs of Gravity Storage Emergence of Microgrids and Distributed Energy |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Gravity Energy Storage Market is valued at approximately USD 0.24 billion in 2023.
The Global Gravity Energy Storage Market is projected to reach around USD 4.1 billion by 2032, exhibiting a CAGR of 36.77% during the forecast period (2023-2032).
The North America region is anticipated to account for the largest market share in the Global Gravity Energy Storage Market owing to the growing demand for renewable energy sources and government initiatives to reduce carbon emissions.
Gravity Energy Storage systems are primarily employed for grid balancing, peak shaving, and energy time-shifting. These systems can also provide backup power during grid outages.
Some of the notable players in the Global Gravity Energy Storage Market include Energy Vault, Gravitricity, Greensmith Energy, Quidnet Energy, and ABB.
The increasing need for grid flexibility, coupled with a growing emphasis on renewable energy integration, is driving the growth of the Global Gravity Energy Storage Market.
The high capital costs associated with Gravity Energy Storage systems, as well as the need for specialized infrastructure and skilled labor, pose challenges to the market's growth
The growing investment in renewable energy projects, coupled with government incentives and technological advancements, presents significant opportunities for the Global Gravity Energy Storage Market.
The COVID-19 pandemic had a moderate impact on the Global Gravity Energy Storage Market. While the pandemic led to supply chain disruptions and project delays, the long-term growth prospects of the market remain positive.
Key trends in the Global Gravity Energy Storage Market include the development of advanced control systems, the integration of artificial intelligence, and the emergence of hybrid systems that combine gravity storage with other energy storage technologies.
