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Energy Storage Technologies Market is expected to rise at a remarkable CAGR By 2020
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Additionally, growing need for resiliency and reliability of the grid along with integration of renewable energy sources is likely to further accelerate growth in the global energy storage technologies market. Furthermore, energy storage technologies are likely to play an important role in the energy sector de-carbonization by helping to better connect heat networks and electricity. Moreover, energy storage technologies also help in increasing energy access and improving efficiency of energy resources. This is likely to help in the goal of secure and sustainable energy system.
Energy storage technologies, on a short-term basis, can shift energy demand and supply. This is anticipated to avoid brownouts and blackouts and further correct load imbalances. Energy storage includes large centralized systems in commensuration with off-grid units. However, higher technology capital costs of energy storage technologies may restrict growth of the energy storage technologies market. Investment and research and development to increase lifetime, performance and reduce cost is likely to facilitate higher growth in the global energy storage technologies market.
The overall market for global energy storage technologies can be segmented on the basis of various energy storage technologies and geography. On the basis of technologies, the global energy storage technologies market can be segmented as pumped hydro-power, thermal energy storage, compressed air energy storage, flywheels, flow batteries, and solid state batteries.
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The global demand for energy storage technologies is driven by the increasing global energy demand coupled with an increased need for low-carbon technologies. Energy storage technologies can help in reducing the demand and supply imbalance and optimize several parts of the global energy storage systems. Energy storage systems have potential application across the electricity grid, in off-grid applications and in dedicated heating-and-cooling networks. However, the most cost-competitive energy storage technologies worldwide face difficult market and regulatory conditions that may restrain their deployment. Research and development in this industry is likely to provide ample opportunities of growth in the energy storage technologies market.
The global energy storage technologies market is expected to rise rapidly in the future. Pumped storage hydropower holds the majority of technology market share in the energy storage market. Pumped storage hydropower, few battery technologies, and compressed air energy storage are some of the most mature technologies in the market. Growing need for renewable energy sources integration to the electricity grid has increased the demand for energy storage technologies across the globe. All the regions are likely to grow significantly in the future. North America is the most technologically diverse region. The region has deployed nearly 15 technologies reflecting a market driven by innovation. The region is likely to lead in the future with the highest advanced storage project capacity. Europe followed by Asia Pacific is likely to play a key role in the growth of the energy storage technologies market.
Some of the key players in the global energy storage technologies market include Alstom, ABB Ltd., AES Corporation, General Electric, Convergent Energy + Power, Eos Energy Storage, Hawaiian Electric Company, Inc., S&C Electric Company, and SEEO, Inc.
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