Trusted Business Insights presents the Latest Study on Advanced Energy Storage Systems Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Advanced Energy Storage Systems Market
The global advanced energy storage systems market size was worth USD 1.91 billion in 2014. The steady growth in electricity consumption along with expansion of the energy demand-supply gap is expected to propel the utilization of the product over the coming year. Constant electricity production coupled with high variation in the demand is the primary reason for the deficit worldwide.
The rising focus on energy management in order to meet the electricity demand at peak times is likely to facilitate utilization of the product over the coming years. Furthermore, extensive R&D for development of sustainable energy sources is anticipated to fuel the growth.
Energy storage systems are expected to become an imperative element in the electricity management system owing to frequently changing demand peaks by time of the day as well as season. Furthermore, rising concerns regarding energy conservation and transition from fossil fuels to alternative sources is expected to surge demand for advanced storage systems over the forecast period.
The market is anticipated to witness increase in the utilization over the coming years due to rising concerns associated with CO2 and GHG emissions. U.S. Department of Energy (DOE) has proposed the Public Utility Regulatory Policies Act (PURPA) for the development of renewable energy resources. Presence of such stringent regulations will improve the industry outlook for advanced energy storage systems. Furthermore, the ability of the product to provide standby power for utility transmission & critical loads coupled with growing scope for the product in electric vehicle charging stations are expected to drive the market over the forecast period.
Biological, chemical, electrochemical, thermal, mechanical, and electrical systems are the major technologies prevailing in the market. Chemical systems comprise of power to gas, vanadium pentoxide, biofuels, hydrated salts hydrogen, and liquid nitrogen. Electrical systems include SMES (Superconducting Magnetic Energy Storage) and super capacitors. Biological systems include glycogen while electrochemical systems comprise of rechargeable as well as flow battery.
Companies such as General Compression, Halotechnics, and GE renewable energy are aiming for technological advancements that will propel the industry growth during the forecast period. For instance, Siemens Gamesa is developing a cost-competitive energy storage solution that is used to convert existing GWh-scale power plants into storage systems.
Mechanical systems include hydraulic accumulator, flywheel, hydroelectric, fireless, CAES (Compressed Air Energy Storage), and locomotive. The thermal technology involves solar pond, eutectic system, molten salt, steam accumulator, and ice storage. High initial installation cost is expected to hinder the advanced energy storage systems market over the coming years. Technological innovations leading to development of low-cost system are expected to stimulate the business growth.
Market Segmentation, Outlook & Viewpoint: Global Advanced Energy Storage Systems Market
Technology Market Segmentation & Outlook (Capacity, Mega Watt; Revenue, USD Million, 2012 – 2022)
Key Players, Recent Developments & Regional Insights: Global Advanced Energy Storage Systems Market
The thermal segment accounted for the largest maximum share of 70.8%, in terms of capacity, in 2014 on account of high efficiency and temporary energy storage for later use. No requirement of inputs such as lithium for battery technology or molten salt & no geographical constraints are likely to fuel the growth further. Batteries segment is anticipated to witness significant growth during the forecast period. The growth can be attributed to easy charging of batteries and liquid electrolyte reenergizing factor that leads to minimized electricity wastage.
Molten salt technology can be employed to retain thermal energy collected by a concentrated solar plant which can be further used to generate electricity at night and in bad weather. Halotechnics, a niche player in the market, has developed a system that employs molten salt chemistry to store power from any source of electricity.
Increasing demand of flywheel technology in industrial applications is expected to augment the growth over the forecast period. Flywheel is a mechanical energy storage system. This technology has vast market opportunities on account of more reliability, longer life, enhanced efficiency and less maintenance.
Industry participants have been intensively investing in research and development projects on employing this technology for emerging grid storage systems. For instance, Hawaii-based firm American Electric Co. LLC deployed the 8-kW energy storage system with flywheel technology at a power generating station in Oahu. The system stores electricity in the form of rotational kinetic energy and charges & discharges without any loss of capacity for multiple duty cycles per day.
The technology is estimated to experience a high growth as a result of uninterrupted & continuous power supply to the grid with immediate response, quality improvement, and frequency regulation. However, high capital investment is expected to be a major constraint for this technology over forecast period.
The renewable energy technologies such as wind & solar PV are estimated to witness high growth in various developed & emerging economies including Japan, India, China, Germany, U.S, and Italy. This is likely to increase the utilization of the product over the coming years.
Asia-Pacific is expected to witness fastest growth with a CAGR of 15.7% from 2017 to 2025. Rising infrastructural spending from residential, industrial, and commercial sector among developing nations including China and Indonesia will encourage the advanced energy storage systems market in coming years. Significant capacity additions owing to increased energy demand is likely to have a positive impact on the market.
Europe and North America accounted for a substantial share in the market as a result of large installed capacities. Increasing government funding is expected to provide growth prospects for the market in North America. In addition, rising grid scale projects owing to enhanced peak demand management is expected to propel the growth further. Growing adoption of electric vehicles along with stringent government regulations in countries such as Germany and France to minimize pollution levels will bolster the business growth during forecast period.
The U.S. accounted for a share of over 80.0% of the North America market in 2014. Presence of numerous players coupled with high adoption rate of new technologies is expected to fuel the growth over the coming years. U.S. has adopted several regulations and policies to bring down pollution levels which will positively influence the business growth in future.
Advanced Energy Storage Market Share Insights
The global market is fragmented with presence of a large number of participants that offer multiple technologies for storage. The companies including Storage, Alevo, AES, GE, Altair, and LG Chem are involved in extensive R&D in order to maintain their global position.
Industry participants indulge in joint collaborations for research on providing system for several application and technology innovation. For instance, Altairnano and AES Corp jointly developed battery system for grid scale application. In March 2015, Alevo entered into an agreement with Systems Control to design and manufacture Alevos GridBank Energy Storage Enclosures. In February 2015, Alevo signed an agreement with Customized Energy Solutions to provide 200 MW of GridBank powered frequency regulation services to wholesale market.
Key Insights Covered: Global Advanced Energy Storage Systems Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Advanced Energy Storage Systems industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Advanced Energy Storage Systems industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Advanced Energy Storage Systems industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Advanced Energy Storage Systems industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Advanced Energy Storage Systems industry.
Research Methodology: Global Advanced Energy Storage Systems Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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