Advanced Energy Storage Systems Market 2018 Forecasts
(M2 PressWIRE Via Acquire Media NewsEdge) Advanced energy storage is an important element with respect to the future electrical needs and energy efficiency measures. Conventionally, electricity is consumed soon after being generated as there are no effective technologies to store electricity in the required quantities. With emerging technologies, this phenomenon is improving with continuously improved energy densities and capital costs. Although, pumped hydro storage technology,which is more than 100 years old and by far the most prominent of all available technologies, is operational across the world, itstill depends on the availability of natural resources (water bodies) for being set up limiting the scope of application.
Numerous technologies, other than pumped hydro storage with different capabilities, are now in the market with continuous research and development in progress. These include compressed air energy storage, batteries, supercapacitors, fuel cells, and flywheels. Emerging and developing technologies include hydrogen storage, super magnets and synthetic gas.
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Pumped hydro storage technology,relatively,has longer discharge times and longer life, and are hence more widely used in the grid storage for load balancing and peak shaving. Similarly, NaS batteriesare also used for load balancing and time sharing. Other systems, such as flywheels, that have shorter discharge times are used in frequency regulation on the grid. Also, the advancement of lithium-ion batteries, in terms of cost reduction and efficiency improvement, is driving the electric vehicles market, globally.
Globally, the advanced energy storage systems market, including grid storage and transportation, is expected to grow at a CAGR of 10% in the next five years and reach $10.3 billion by 2018. The key growth drivers being,growing renewable energy source implementation all over the world, new transmission and distribution grid construction and upgrade across major countries, smart grid installation, and encouraging demand for electric and hybrid vehicles in most of the developed and developing countries.
The 'Advanced Energy Storage Systems Market' report highlights and classifies important technologies in the market. It also briefs out energy storage market by key applications as grid storage and transportation and classifies it by geography into Asia-Pacific, Europe, North America, and ROW regions. It presents the current and projected markets of grid storage, battery storage and supercapactiors. The report also includes profiles of battery manufacturers and presents a landscape of recent developments by these battery market giants.For this study, keymarket players were identified through secondary and primary research activities.
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