Industry Outlook and Trend Analysis
The global Advanced Energy Storage Systems market was worth USD 1.51 billion in the year of 2012 and is expected to reach approximately USD 3.42 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 7.63% during the forecast period. Rising power utilization on everyday basis combined with expanding vitality supply-demand void has brought about the high requirement for storage limit increments. The measure of electricity produced is settled over a period wherein the request continues to fluctuate. Management of energy, to meet network demands for utility-scale measured tasks at peak circumstances, is the need of the day and therefore is relied upon to boost advanced energy storage systems market. Expanding R&D associated with rising number of substitute energy sources is relied upon to bring about a discontinuous requirement for advanced energy storage in this manner enlarging storage systems market over the conjecture time frame. Advanced energy storage systems have a tendency to successfully deal with the stream of energy resources in hence decreasing the quantity of energy plants which is required to be a key driving variable for market development. High costs of energy have brought about switching inclinations to advanced storage systems among customers enabling them to manage electricity on real time basis by making the use of Load shifting Technique. Increasing issues regarding the emissions of GHG and CO2 can be managed by advanced energy storage hence bringing about enlarged requirement. Moreover, different factors including the utility transmission, arrangement of backup power for critical loads, and constraints in distribution and empowering productive deployment of charging stations for electric vehicles are relied upon to boost the market demand. Advanced energy storage innovations can be categorized as mechanical, chemical, electrochemical, biological, electrical, thermal systems. Chemical systems comprise hydrogen, power to gas, biofuels, vanadium pentoxide, hydrated salts and liquid nitrogen. Electrochemical systems comprise flow and battery that is rechargeable, wherein, biological comprise glycogen and starch. Mechanical systems contain locomotive, hydraulic accumulator, hydroelectric energy storage, Compressed Air Energy Storage (CAES) and fireless. Electrical systems include Superconducting Magnetic Energy Storage (SMES) and super capacitors. Thermal technology comprises steam accumulator, solar pond, seasonal thermal energy storage, thermal energy storage, ice storage and molten salt. The lack of commercial practicality of advanced energy storage systems for distributed energy generation is relied upon to challenge market development in the following years.
Technology Outlook and Trend Analysis
On the basis of capacity thermal energy storage technology was the biggest that represented 40 percent of the total market due to high efficiency and capturing and storing of energy for utilization after a specific period. The surplus energy created solar thermal power plants amid the day is stocked as pumped warm, fluid air or hydrogen and is utilized later around evening time to drive a turbine that produces power. Flow and rechargeable batteries are in their early stages with a few advancements by market members concentrating on expanding scope of application. Redox, ICB, VRB, ZNBR are flow batteries, while LI-ION, NI-CD and NAS are solid state batteries. The requirement for batteries is anticipated to encounter a huge increment attributable to simple charging properties combined with re-stimulation of the electrolyte fluid bringing about low wastage. Flywheel technology is anticipated to encounter substantial development owing to quality enhancement, constant supply of power to the grid coupled with quick response and frequency regulation concerning electricity.
Regional Outlook and Trend Analysis
With the advent of sustainable power source including solar PV and twist in high development markets of United States, Germany, Japan and Italy, requirement for advanced energy storage systems is anticipated to essentially ascend over the conjecture time frame. North America and Europe held a large share of the market inferable from more significant installed capacities. Owing to rising demand of energy Asia Pacific is anticipated to witness significant demand. The advanced energy market in the United States registered for more than 15 percent USD 1.3 trillion global markets which is a major reason for high demand of energy storage from North America.
The Global advanced energy storage systems market is exceptionally divided attributable to the existence of various members that provide various storage advancements. The market is portrayed by ceaseless R&D by major players that include Altairnano, AES Energy Storage, LG Chem, Alevo and General Electric. Altairnano created Li-Ti batteries with the aim to alleviate issues associated with frequency regulation. Additionally, joint endeavors and assentions are an essential part of the overall market with significant organizations teaming up to create application scope.
The global advanced energy storage systems market is segmented as follows
Compressed air technology
Molten salt technology
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022?
What will be the industry market growth from 2012 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?