Why is Global Energy Storage Market Experiencing Prosperity? | Top Player are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power LP, Duke Energy,
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Energy storage can be defined as a tool which enables the effective storage of renewable energy, to provide clean and resilient energy supply. This requirement is even higher in countries such as India, China and Brazil. The rapidly growing population and urbanization in these countries have resulted in the power plants running at full capacity, thereby leading to a gradual increase in the power costs. Moreover, the dwindling availability of fossil fuels has led to a volatility in their prices, thereby resulting in a flourishing energy storage market.
Owing to the rapidly increasing need for efficient energy storage systems and integrated resource planning, Asia-Pacific (APAC) is set to dominate the energy storage market, growing with a CAGR of 45.4%, during the forecast period. This data shows a deviation from the historical trend of the North American control on the market during the historical period (2013-2017), with a share of over 35.0%. The key reasons behind is the rapid upgradation of the grid in several APAC countries, via the installation of energy storage systems.
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Owing to the increasing demand for clean energy sources, on account of the non-eco-friendly power generated from the traditional sources, namely oil, coal, and natural gas, the global energy storage market will experience fast growth in the future.
Scarcity of fossil fuels to serve as lucrative opportunity for market growth
It is seen that there is going to be a scarcity of fossil fuels including coal, uranium, and oil, in the coming years. With time, these fossil fuels will get depleted attributed to the present rate of consumption. It is seen that crude oil reserves are vanishing at the rate of 4 billion tons a year and if we continue using them at this rate, our known oil deposits will last until 2052. All these factors are paving the way for setting up of energy storage systems. Thus, the scarcity of fossil fuel can be seen as an opportunity for the energy storage market growth.
Energy Storage Market Competitive Landscape
Some of the major players operating in the global energy storage market are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power LP, Duke Energy, Tesla, and Nextra Energy.
GLOBAL ENERGY STORAGE MARKET SEGMENTATION
Pumped Hydro Storage (PHS)
Liquid Air Energy Storage (LAES)
Compressed Air Energy Storage (CAES)
Lithium-Ion (LI-ION) battery
Sodium Sulfur (NaS) Battery
Pumped Heat Electrical Storage (PHES)
Concentrated Solar Power (CSP)
Hydrogen Energy Storage
Solar Power to Gas
Back Up Supply
Front of Meter
Behind the Meter
Rest of Europe
Rest of APAC
Rest of the World (RoW)
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