Global Advanced Energy Storage Systems Market 2016-2020
Description-
Market
outlook of the global advanced energy storage systems market
Technavios
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.
For
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