1. A method for minimizing storage power consumption, wherein the method comprises: generating one or more physical storage volumes and one virtual storage volume for each physical storage volume; creating a mapping from virtual storage volumes to physical storage volumes; determining input/output (I/O) access behavior of one or more applications using statistical analysis; and re-mapping the virtual to physical volume mapping based on the determined I/O access behavior of the one or more applications to minimize storage power consumption while meeting a required performance.