Global advanced energy storage systems market is
expected to reach USD 6.93 billion by 2022, according to a new study by Grand
View Research, Inc. Increasing demand for utility scale power generation
particularly during peak hours is expected to augment demand for advanced
energy storage systems. Advanced energy storage systems efficiently manage
energy resources thereby reducing the need for utility scale power generation
plants. The above factor significantly helps in reducing fixed cost and is
expected to play a key role in market growth over the forecast period.
Stringent
regulatory framework governing the use of fossil fuels for power generation is
also expected to act as a major driver for advanced energy storage systems
market growth. Power plants generate significant quantities of GHG such as CO2,
which can be overcome through the efficient use of advanced energy storage
systems. These systems store energy when generated and are capable of providing
back up power in times of excess power demand (peak hours).
Browse full research report on Global Advanced Energy Storage
Systems Market: http://www.grandviewresearch.com/industry-analysis/advanced-energy-storage-systems-market
Further key findings
from the study suggest:
- Thermal
energy storage systems were the largest technology segment in terms of
installed capacity accounting for over 40% of global market in 2014. High
efficiency in terms of energy storage and ability to provide power during
peak hours in expected to play a major role in promoting market growth.
- Battery
storage devices market is still in a nascent stage and is expected to
witness fastest growth at a CAGR of over 18% from 2015 to 2022. The market
has large potential owing to easy charging properties and re-energization
of the electrolyte liquid resulting in negligible wastage.
- North
America dominated the advanced energy storage systems market accounting
for over 45% of global installed capacity in 2014. Stringent regulations
with regards to environmental emissions are expected to result in
increased installations of advanced energy storage systems, particularly
in the U.S.
- Asia
Pacific is expected to be the fastest growing market for advanced energy
storage systems at a CAGR of over 18% in terms of revenue from 2015 to
2022. Growing industrialization and improving consumer lifestyle has
resulted in a surging need for energy which in turn is expected to augment
advanced energy storage systems market in the region.
- Advanced
energy storage systems market is highly fragmented owing to the presence
of numerous companies across multiple technologies. Owing to the
technology driven nature of the market, key companies including AES Energy
Storage, LG Chem, GE and Alevo are heavily investing into R&D to
develop breakthrough technologies.
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has
segmented the global advanced energy storage systems market on the basis of
technology and region:
Global Advanced Energy
Storage Systems Technology Outlook (Capacity, Megawatt; Revenue, USD Million,
2012 - 2022)
- Batteries
- Flywheel
- Thermal
- Compressed Air
- Molten Salt
Global Advanced Energy
Storage Systems Regional Outlook (Capacity, Megawatt; Revenue, USD Million,
2012 - 2022)
- North America
- U.S.
- Europe
- Germany
- UK
- Latin America
- Brazil
- Asia Pacific
- China
- India
- Japan
- MEA
- Saudi Arabia
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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