Advanced Energy Storage Systems Market - Applications and Global Markets, Opportunities and Forecasts 2020

Press Release   •   Feb 18, 2016 18:55 IST

The global market for advanced energy storage systems consists of wide range of technologies at different maturity levels. The landscape of market comprises of companies from start-ups to multinational companies and due to varied technological spectrum, the contraction or expansion of the global advanced energy storage market is affected by the impacts of country’s policies and economic situations. According to the International Energy Outlook 2013, the world energy consumption will grow by 56% between 2010 and 2040. This growth in demand for electricity has to be matched with increased generation capacity and changing demand peaks, thereby making energy storage essential criteria in the entire energy system. Also, the energy conservation policies are shifting the interest from fossil energy to alternative energy which will further augment the market for advanced energy storage system.

Some of the drivers in the global advanced energy storage systems market include: growing smart grid installation, growing renewable implementation, grants & funding by the government and increasing demand for electric and hybrid vehicles. The global increase in demand for electricity has increased the transmission & distribution network alongwith the grid connections which have led to increased grid storage and transportation facilities. These factors are encouraging the demand for electric and hybrid vehicles and are driving the global market for advanced energy storage systems. Although the capital intensive nature of the storage systems offers resistance to the global market for advanced energy storage systems, the opportunities provided by the renewable energy integration and lithium energy technology is expected to bolster the market for advanced energy storage systems in the future. According to the International Renewable Energy Agency, the renewable installations in Europe has increased and is expected to serve as another market opportunity for the global advanced energy storage systems market.

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The advanced energy market is a wide market that can be fragmented into seven energy segments as:

  • Electricity generation
  • Fuel production
  • Buildings
  • Industry
  • Transportation
  • Fuel delivery
  • Electricity delivery and management

The electricity generation comprises of the maximum share in the advanced energy market. In 2013, the United States stood as the market leader in advanced energy systems market with a surge in the transportation, buildings and industry segment. On the basis of technology, the global market for advanced energy storage systems can be segmented as:

  • Pumped hydro
  • Flywheels
  • Batteries
  • Fuel cells
  • Superconducting magnets (SMES)
  • Super capacitors
  • Compressed air energy storage (CAES)

The flywheel-advanced energy storage technology is reported to receive funding from governmental agencies: Beacon Power Corporation, U.S., received USD 2.25 million from U.S. Department of Energy; this serves as the booster for market growth. The pumped hydro storage technology is by far the most prominent of all the technologies with longer discharge time; it is globally used for peak shaving and load balancing in the grid storage. On the basis of applications, the global market for advanced energy storage systems can be segmented as:

  • Grid storage
  • Transportation

Some of the key players in the global advanced energy storage systems market are: Active Power, Inc., Altair Nanotechnologies Inc., BYD Company Ltd., Energizer Holdings Inc., Electrovaya Inc., China Bak Battery Inc., Maxwell Technologies, Enersys, Nippon Chemi-Con Corporation, Exide Technologies, Toshiba Corporation, SAFT, The Furukawa Battery Co. Ltd., Sony, Valence Technology, GS Yuasa Corporation, Hitachi and LG Chem Ltd.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World

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