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
Compressed air storage
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
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.
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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.