Advanced Energy Storage Systems Market 2019 | Top Players are Furukawa Battery Company Limited, ZBB Energy, Hitachi, LG Chemicals Limited, Nippon Chemi-Con Corporation
Constant efforts by firms like Halotechnics, GE Renewable Energy and General Compression to introduce changes in the technology is predicted to promote the demand for the advanced energy storage systems in future.
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Strict ecological regulations implemented by U.S. Environmental Protection Agency and Department of Energy to reduce carbon emissions are predicted to fuel demand for these advanced power storage systems. However, heavy initial investment costs of installing the systems and large space requirement for system deployment are predicted to hinder advanced energy storage systems industry expansion all across the globe.
But research and innovations in storage technology leading to production of low priced storage systems are predicted to generate new opportunities for firms to enhance their profits. This is predicted to enhance the global advanced energy storage systems market share.
Advanced Energy Storage Systems Market Growth drivers
• Increasing advanced energy demand
• Favorable regulatory scenario
• Positive electric vehicle market outlook
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Global advanced energy storage systems market is segmented into products like electric vehicles & batteries, smart electric vehicle charging stations and light duty vehicle Electric vehicles & batteries segment is considered as a perfect option for power storage during low demand and supplying power when there are peak loads.Application of smart electric vehicle charging stations is predicted to help customers supply power to grid.
Plug-in electric vehicle is an established sub-segment of light duty vehicle segment and it contributed maximum revenue for period 2011 -2014. Batteries segment contributed about 10% of total utilization share and is predicted to experience highest gains in future. Factors like charging ease as well as liquid electrolyte re-powering leading to low power wastage are predicted to favorably affect the segment demand.Flywheel technology segment is predicted to register CAGR of greater than 18.1% during forecast timeline. This technology has many industry growth avenues as it is more reliable, efficient, possess long life span and requires less maintenance.
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Global advanced energy storage systems industry is segmented into thermal technology, compressed air technology, batteries, flywheel technology and molten salt technology.Thermal technology was leading segment in terms of utility with value surpassing $1.32 billion for 2014. This technique has beneficial as compared to other techniques as it does not require any inputs like lithium nor it has any geographical constrictions. Factors like enhanced efficacy with low energy consumption and low greenhouse emissions are predicted to propel the use of this technology in many applications.
Key industry participants profiled in the report include Furukawa Battery Company Limited, ZBB Energy, Hitachi, LG Chemicals Limited, Nippon Chemi-Con Corporation, Aquion Energy, A123 Systems LLC, Energizer Holdings Incorporation, Samsung SDI Corporation, GE Energy Storage, Alstom, SAFT, Altair Nanotechnologies Incorporation, Toshiba, China BAK Battery Incorporation, Energizer Holdings Incorporation, Enersys, Maxwell Technologies Incorporation, Exide Technologies, AES Energy, Greensmith, GE Energy Storage and Electrovaya Incorporation.
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