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Energy Storage Market - by Type Mechanical, Electrochemical, Thermal, Chemical and Others Growth And Demand Forecast to 2022
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Asia-Pacific accounted for the largest region in the global energy storage market, where Japan contributed to the largest revenue. Germany was the major market in Europe, whereas the U.S. contributed to the largest revenue in North America region. Africa dominated the Rest of the World market.
The factors driving the growth of the energy storage market include progress in renewable energy generation, rapidly increasing grid scale energy storage market, drop in prices of lithium-ion batteries and growing application of energy storage in various end-user industries. Rapid growth of intermittent renewable energy and its storage for smooth transmission is propelling the global energy storage market. With increasing number of projects and initiatives focusing on generating electricity through renewable resources, the energy storage market is expected to witness high growth during the forecast period.
Regulations are being planned and implemented to support the installation of grid scale energy storage for efficient transmission. Research and development initiatives focus on cutting down the costs of storage technologies to create new opportunities for storage on the grid. With an advanced and developed technology, batteries could provide load shifting services which are otherwise, provided by highly flexible, expensive natural-gas combustion turbines. EES is an effective tool that has charging/discharging capabilities. It stores electricity from local generation when they are not required and discharges it when required.
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The research states that the global market is highly fragmented in nature, where major players constitute for the major shares in the global market. Some of the key players in the global energy storage market include Tesla Motors, Inc., AGL Energy Limited, ABB Ltd., General Electric Company, Johnson Controls International Plc, The AES Corporation, Robert Bosch GmbH, LG Chem, Ltd. and Maxwell Technologies, Inc.
Contracts and agreements have been the major recent developments in the global market. General Electric (GE) and AGL Energy Limited are some of the companies that had signed new agreements for the development of energy storage technologies across the globe.
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