What's Trending in the Energy Storage Systems Market? Panasonic Corporation, Tesla, Toshiba Corporation, ABB Limited, Evapco
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Samsung SDI Co. Ltd
o Panasonic Corporation
o TESLA Inc
o GS Yuasa Corporation
o Hitachi Chemical Co Ltd
o LG Chem Ltd
o Exide Technologies
o BYD Co
o Toshiba Corporation
o AA123 Systems
o Hoppecke Batteries
o Furukawa Battery Co. Ltd.
o Schluchseewerk AG
o Genex Power Limited
o Dongfang Electric Corporation
o GE Alstom SA
o Northland Power
o Eskom Holding
o Nevada Hydro
o Enel Green Power
o Ice Energy Technologies
o CALMAC Manufacturing Corp.
o DN Tanks
o Burns & McDonnell
o Brightsource Energy
o Baltimore Aircoil Company
o Cryogel Thermal Energy Storage
o Dunham-Bush Holding Bhd.
o Goss Engineering
o Steffes Corporation
o Sunwell Technologies
o Finetex EnE
o McDermott International
o Axiom Exergy
o ABB Limited
o Beacon Power
o Amber Kinetics
o Calnetix Technologies
Rising concerns over emissions due to increasing use of cars and coal along with favorable measures to promote adoption of sustainable energy will drive the development of storage solutions. According to International Energy Agency, renewable share in power generation globally is expected to reach 40% by 2040.
Increasing consumer awareness toward the adoption of green energy technologies, rising investments by manufacturers and improved government efforts have resulted in the deployment and expansion of wind and solar energy plants. For instance, in 2017 the Government of Italy had announced 50% tax deduction for setting up residential energy storage systems (ESS) in the region.
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I. Growth in renewable energy sector
II. Increasing concerns toward security of supply
III. Growing electricity demand
Ongoing research and implementation of large-scale energy systems to enhance the energy density life cycle of storage technologies will further bolster the product demand and improve the efficiency and performance of batteries. Electro-chemical energy storage systems segment is slated to witness a robust growth owing to have the potential to make a major contribution towards the implementation of sustainable energy.
Lead Acid, Lithium Ion, Sodium Sulphur, and Flow batteries are some of the vital electro-chemical technologies that are extensively deployed for stationary storage. In addition, high electrochemical effectivity, low price, good reliability, and safe operation are few of the essential characteristics that are widely used for secondary electrochemical source of electric energy. Technological advancements in system design to improve the battery performance will propel the use of this technology in many applications.
Expanding renewable energy sources, growing efforts toward greenhouse gas reduction and unveiling of RE targets will certainly boost energy storage systems market size. For instance, Government of Germany has aimed to reach 65% of the power consumption from sustainable sources by 2030. Germany ESS market share is expected to register over 3% CAGR by 2025. Industry players are directing rigorous efforts to enhance the sale of electric vehicles in order to lower pollution rates in the region.
Energy storage companies of this region are increasing their efforts in improving energy and power density by maintaining the safety level of the various electrochemical energy storage solutions. Japan energy storage systems industry size is projected to surpass USD 65 billion by 2025. This is due to improved energy consumption resulting in a higher demand for advanced energy storage systems for power conservation.
Along with this, rise in demand for incorporation of solar PV plants with ESS to reduce carbon emissions and lower the electricity bills will certainly influence energy storage systems industry trends.
Pitfalls & Challenges:
01. High capital cost of pumped storage plants
02. Safety concerns
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