Advanced Energy Storage Systems Market Size By Technology (Compressed Air, Flywheel, Molten Salt, Batteries, Thermal), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2015 – 2022
Published Date: Mar 2016 | Report ID: GMI104 | Authors: Ankit Gupta, Aditya Singh Bais
Advanced Energy Storage Systems Market size in 2014 was valued over 3.5 GW with CAGR of over 15% up to 2022.
Get more details on this report - Request Free Sample PDF
Growing implementation of energy efficiency measures coupled with soaring energy demand will stimulate the global advanced energy storage systems market. Increasing focus toward enhancing the cost competitiveness of the power grid by ensuring high stability coupled with widespread adoption of clean energy sources will augment the advanced ESS market share. In addition, declining battery costs and increasing energy density are some of the other eminent factors favoring product deployment over forecast timeline.
Ability to promptly absorb and inject energy to effectively help with grid management, by simultaneously reducing infrastructure costs will drive the demand for the large-scale advanced battery systems. Furthermore, less emission, portable, and no immediate environmental impacts are some prominent features that will further boost the installation over the forecast period. In 2017, Tesla developed and installed the world’s largest Li-ion technology comprising Tesla Powerpack batteries across South Australia’s Hornsdale province. The installation of the system across the facility saved over USD 40 million in the first year of its installation alone thereby stabilizing and balancing the region’s unreliable grid.
Ongoing investment aimed toward the renovation & expansion of existing and development of new distribution networks coupled with rising electricity usage will enhance the global market growth. For instance, as per the U.S. Department of Energy, in 2016, the U.S. utilities invested USD 3.4 billion in smart grid technologies at the distribution level. In addition, the growing demand for continuous and reliable energy supply will further augment the industry outlook.
|Market Size in 2014:||3.5 GW|
|Forecast Period:||2015 to 2022|
|Forecast Period 2015 to 2022 CAGR:||18%|
|2022 Value Projection:||7 Billion (USD)|
|Historical Data for:||2012 to 2014|
|No. of Pages:||118|
|Tables, Charts & Figures:||75|
|Segments covered:||Technology and Region|
|Pitfalls & Challenges:|
Get more details on this report - Request Free Sample PDF
Advanced Energy Storage Systems, By Technology
Compressed air advanced energy storage systems market size is anticipated to expand over 14% by 2022. Growing investments toward wind and solar energy resources to meet the peak power demand has fueled the technology penetration. Furthermore, government reforms to encourage the adoption of sustainable power generation technologies with growing integration of energy storage systems will further enhance the industry outlook.
Ongoing efforts toward power optimization across energy intensive industries coupled with increasing electricity prices will drive the battery advanced ESS industry growth. For instance, the European Energy Research Alliance initiated the SP1 program which focuses on the entire value chain from materials to integration of the energy storage technology. This in turn improves the performance, power and energy density while maintaining high level of safety.
Flywheel advanced energy storage systems market is anticipated to witness substantial growth by 2022. Long life, low maintenance, and high efficiency are some prominent features that will drive the product installation over other available alternatives. In addition, major industry players are aggressively investing in intensive research and development activities to increase technology penetration for emerging grid storage systems which stimulate the business outlook.
Advanced Energy Storage Systems Market, By Region
The U.S. advanced energy storage systems market is set to surpass USD 2 billion by 2022. Growing investments to shift the dependency from conventional to unconventional clean energy sources will stimulate the technology adoption. Reductions in battery prices are making energy storage a competitive alternative to other traditional solutions across the region. Rising penetration of large utility aided projects will further compliment the industry outlook over the forecast period. In 2018, Pacific Gas & Electric Company (PG&E) requested California Public Utilities Commission (CPUC) for the approval of four cost-efficient energy storage projects with total capacity of almost 567 MW.
Increasing R&D investments to develop effective low-cost sustainable products will up surge the Europe market size. Manufacturer’s focus to prepare a smart electric ecosystem in line of favoring the energy transition will further accelerate the regional industry growth over the forecast timeframe. In 2018, Groupe Renault launched the “Advanced Battery Storage” program with an aim to develop the largest stationary ESS using EV batteries. The systems tends to enable the grid integration of clean energies across various sites in France and Germany.
Latin America advanced energy storage systems market is set to witness growth over 15% by 2022. Rising measure toward limiting the carbon footprint along with soaring investment in clean energy sector will rise the deployment of these products. In addition, Stringent government regulation on account to curb the carbon emission will further boost the market share in the coming years.
Competitive Market Share
Eminent players across the advanced energy storage systems industry comprises Active Power, Inc., Electrovaya Inc, Alevo, ZBB systems, LG Chem, General Electric, Maxwell Technologies Inc., Nippon Chemi-Con Corporation, Aquion Energy, Active Power Inc., Toshiba, and amongst others.
Players across the ecosystems are focused more towards the development of new and innovative cost-effective products with high efficiency index. Further strengthening the sales and distribution channel is at the top priority for the manufacturers.
Advanced Energy Storage Systems Industry Background
Advanced energy storage systems capture the energy at one time which can be used later. It performs conversion of different forms of energy, which is difficult to store in the economically storable forms. For instance, Flywheel ESS work by driving the rotor at significant speed. In addition, advanced FES have rotors made up of extreme carbon compounds, suspended by magnetic bearings which rotates at the speed ranging from 20,000-50,000 rpm across a vacuum enclosure. Advanced ESS technology allows grid operators to complete the flow of energy resources more efficiently thereby decreasing the need for additional power plants.
Frequently Asked Questions (FAQ) :