Global Advanced Energy Storage Systems Market 2016-2020
Market outlook of the global advanced energy storage systems market
Technavio’s research 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
Technavio Announces the Publication of its Research Report – Global Advanced Energy Storage Systems Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Advanced Energy Storage Systems Market: AES Energy Storage, Alevo, EnSync Energy, GE and LG Chem
Other Prominent Vendors in the market are: Mitsubishi Heavy Industries, Enersys, Active Power, and Beacon Power.
Commenting on the report, an analyst from Technavio’s team said: “Certain off-grid renewable applications such as solar and wind energy installation, and a few types of grid-connected PV storage, utilize lead-acid batteries as low-cost conventional energy storage systems. Advanced battery technology has the ability to produce 90%-98% efficiency, with a charging time that is 4-5 times faster than conventional lead-acid batteries and at 1/3 the size and weight.”
According to the report, advanced energy storage systems enable frequency regulation of grids in grid-energy storage. This type of energy storage system helps power producers achieve economies of scale. Frequency regulation in ESS benefits gas-fired power generation as it enables better management of power systems.
Further, the report states that the market for advanced energy storage is growing rapidly and Li-ion batteries play a significant role in increasing the installation of these systems. However, technological concerns are hindering the market's growth.
AES Energy Storage, Alevo, EnSync Energy, GE, LG Chem, Mitsubishi Heavy Industries, Enersys, Active Power, Beacon Power.
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