16th Jan2016 Mumbai, India: Bharatbook.com announces a report on “ Market Report on Global Advanced Energy Storage Systems "https://www.bharatbook.com/alternative-renewable-market-research-reports-739312/advanced-energy-storage-systems-global.htmlThe market is also witnessing a rising trend in the installations of wind and solar PVs, thus augmenting the demand for advanced energy storage. Countries worldwide are using advanced ESS to overcome the intermittent nature of renewable energy resources.
Market outlook of the global advanced energy storage systems marketResearch analyst predicts the global advanced energy storage systems market to grow steadily at a CAGR of close to 14% during the forecast period. Energy storage technology is used to store surplus electricity that can be utilized during power shortages, blackouts, and peak hours of demand. The growing demand for electricity worldwide coupled with an imminent need to reduce the demand-supply gap has prompted power utilities to adopt advanced energy storage.
The market is also witnessing a rising trend in the installations of wind and solar PVs, thus augmenting the demand for advanced energy storage. Countries worldwide are using advanced ESS to overcome the intermittent nature of renewable energy resources. However, the growth of the global advanced energy storage market is curtailed by several challenges such as cost competitiveness as these systems are expensive as compared to conventional systems.
End-user segmentation and analysis of the global advanced energy storage market
• Thermal energy storage
• Compressed air storage
• Molten salt
The thermal energy storage (TES) segment dominated the market in 2015 with a market share of close to 42%. It is gaining importance as it helps in mitigating the intermittent nature of solar PVs. TES systems play a crucial role in electricity storage through concentrating solar power (CSP) plants wherein solar heat can be stored and used for electricity production in the absence of sunlight. It helps to enhance the utilization rate of power plants by 60%-75%. It also finds key application in nuclear power storage and helps meet critical peak demand by achieving higher power outputs.
Geographical segmentation and analysis of the global advanced energy storage market
North America holds nearly 45% share of the overall installed capacity of advanced energy storage systems as of 2015. State-level participation and growing investments in grid storage projects have fueled the growth of the grid energy storage market in North America. The US government has initiated the “EV Everywhere Grand Challenge Blueprint,” which promises to raise the number of EVs to one million by 2015 in a bid to reduce CO2 emissions. Adoption of EVs fosters the use of Li-Ion batteries as an efficient means of energy storage thereby reducing costs.Competitive landscape and key vendors
Many vendors in the APAC region are making concentrated efforts to provide high-tech, customized ESS solutions for different end-user applications. This trend is likely to continue well over 2020 with many new entrants poised to enter this attractive market.
The leading vendors in the market are -
• AES Energy Storage
• EnSync Energy
• LG Chem
Other prominent vendors in the market include Mitsubishi Heavy Industries, Enersys, Active Power, and Beacon Power.
Key questions answered in the report include
• What are the key factors driving the global advanced energy storage market?
• What are the key market trends impacting the growth of the global advanced energy storage market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global advanced energy storage market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global advanced energy storage market?Related reports:
• Global Compressed Air Energy Storage Market 2015-2019
• Global Energy Storage in Microgrids Market 2015-2019
• Global Battery Market for Energy Storage in Telecom 2015-2019
About Bharat Book Bureau :
Bharat Book Bureau is the leading market research information provider for market research reports, company profiles, industry analysis, country reports , business reports, newsletters and on line databases Bharat Book Bureau provides over a million reports from more than 400 publishers around the globe. We cover sectors starting from Aeronautics to Zoology.
In case the reports don’t match your requirement then we can do a specialized Custom Research for you. Our multifarious capabilities, cross-sector expertise and detailed knowledge of various markets, put us in a unique position to take up Custom Research demands of yourself.
Contact us at :
Bharat Book Bureau
Tel: +91 22 27810772 / 27810773
Follow us on Twitter: https://twitter.com/researchbook
Follow us on Linked In : http://www.linkedin.com/company/bharat-book-bureau
Our Blog : https://www.bharatbook.com/blog/
Bharat Book Bureau, the leading market research information aggregator provides market research reports, company profiles, country reports, newsletters, and online databases for the past twenty four years to corporate, consulting firms, academic institutions, government departments, agencies etc., globally, including India. Our market research reports help global companies to know different market before starting up business / expanding in different countries across the world.