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Global Advanced Energy Storage Systems Market 2016-2020

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

  • Thermal energy storage
  • Batteries
  • Compressed air storage
  • Molten salt
  • Flywheels
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
  • Americas
  • APAC
  • EMEA
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
  • Alevo
  • EnSync Energy
  • GE
  • 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 will the market size and the growth rate be in 2020?
  • 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?
Technavio also offers customization on reports based on specific client requirement.

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


Press Release

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.

Companies Mentioned

AES Energy Storage, Alevo, EnSync Energy, GE, LG Chem, Mitsubishi Heavy Industries, Enersys, Active Power, Beacon Power.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
    • Top-vendor offerings
      • Table Product offerings
  • Market research Methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
      • Table Advanced ESS
      • Table Characteristics of different batteries
  • Market landscape
    • Market overview
      • Table Global advanced energy storage market
    • Market size and forecast
      • Table Global advanced energy storage market by installed capacity 2015-2020 (MW)
      • Table Global advanced energy storage market 2015-2020 ($ billions)
      • Table Global thermal energy storage 2015
      • Table Global Compressed Air Energy Storage
      • Table Finalized advanced energy storage proposals for NASA
      • Table North America advanced energy storage market 2015
    • Five forces analysis
  • Market segmentation by technology
    • Global advanced energy storage market by technology
      • Table Global advanced energy storage market by technology 2015
      • Table Global advanced energy storage by technology 2020
      • Table Global advanced energy storage by technology 2015-2020
    • Global advanced thermal energy storage market
      • Table Global advanced thermal energy storage 2015-2020 (MW)
      • Table Operational solar CSP plants using thermal energy storage
    • Global advanced battery energy storage market
      • Table Global advanced battery energy storage market 2015-2020 (MW)
      • Table Key advanced lead-acid battery-based ESS projects
    • Global CAES market
      • Table Global advanced compressed air storage market 2015-2020 (MW)
    • Global molten salt energy storage market
      • Table Global molten salt energy storage market 2015-2020 (MW)
    • Global flywheels energy storage market
      • Table Global flywheel energy storage market 2015-2020 (MW)
  • Geographical segmentation
    • Global advanced energy storage market by geography
      • Table Global advanced energy storage market by geography 2015
      • Table Global advanced energy storage market by geography 2020
      • Table Global advanced energy storage market by region 2015-2020
    • Advanced energy storage market in Americas
      • Table Advanced energy storage market in Americas 2015-2020 (MW)
      • Table CO2 emissions by sector 2014
      • Table EV Everywhere Grand Challenge Blueprint program
      • Table Proposed target for California (MW)
    • Advanced energy storage market in EMEA
      • Table Advanced energy storage market in EMEA 2015-2020 (MW)
      • Table EV stock in major European countries 2014
      • Table Thermal energy storage parameters in Ackermannbogen
    • Advanced energy storage market in APAC
      • Table Advanced energy storage market in APAC (MW)
      • Table EV stock in Japan and China 2014
      • Table Energy storage market in China by 2020
  • Market drivers
    • Rise in renewable energy use
    • Need to enhance grid stability and network capacity
      • Table Advantages of smart grids
    • Need for energy storage in EVs
      • Table Advantages of EVs
    • Frequency regulation using advanced ESS
  • Impact of drivers
  • Market challenges
    • Technological and assembly-related issues in Li-ion batteries
    • Stringent regulatory environment in the US
    • Cost competitiveness
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Advances in technology
    • Need to mitigate issues pertaining to solar energy storage
    • Government initiatives to promote advanced energy storage
    • Rising number of vendors and collaborations
  • Vendor landscape
    • Competitive scenario
    • Other prominent vendors
  • Key vendor analysis
    • AES Energy Storage
    • Alevo
    • EnSync
      • Table EnSync: Product segmentation
    • GE
      • Table GE: Business segmentation by revenue 2014
      • Table GE: Business segmentation by revenue 2013 and 2014 ($ millions)
      • Table GE: Geographical segmentation by revenue 2014
    • LG Chem
      • Table LG Chem: Key products of mobile battery division
      • Table LG Chem: Business segmentation by revenue 2013 and 2014 ($ billions)
      • Table LG Chem: Geographical segmentation by revenue 2014
  • Appendix
    • List of abbreviations
  • Explore Technavio

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