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: March 2016 | 118 Pages | Report ID: GMI104 Report Format: PDF
Advanced Energy Storage Systems Market size was over 11GW in 2022 with 15% CAGR estimation from 2015 to 2022.
U.S. Advanced Energy Storage Systems Market size, by technology, 2015-2022 (MW)
Growing demand for electricity coupled with shift from conventional fuel to renewable energy will stimulate the global advanced energy storage systems market size in future. These systems are likely to become crucial element in electricity management system subject to changing demand by season for application including residential, industrial and commercial. It improves reliability and reduce environmental cost by utilizing electricity in more efficient way.
Technological advancement aimed by companies including GE renewable energy, Halotechnics and General Compression is expected to propel the industry growth from 2015 to 2022.Halothechnics is developing modular thermal storage system to convert energy storage system to low cost integrated modules.
Electricity generation application contributed over 30% of advanced energy storage systems market share in 2014.Transportation was second largest with revenue generation over USD 370 billion in 2014.Electricity delivery and management is expected to witness growth during forecast period.
Plug-in electric vehicle segment is listed to witness a significant growth from 2011 to 2014 and is established light duty vehicle segment. Improving battery costs and energy density has resulted in less initial purchase price premiums for plug-in electric vehicles as compared to diesel powered and conventional gas IC engine vehicles.
Stringent environmental regulation to reduce GHG emission with measures toward carbon footprint will positively encourage the advanced energy storage systems market share from 2015 to 2022. In the U.S., DOE has introduced Public Utility Regulatory Policies Act (PURPA) towards development of renewable energy resources.
High initial investment cost subject to installation, space and acquisition is expected to hamper the advanced energy storage systems market in future. Advancement in technology to develop low cost system is expected to stimulate the business growth.
Advanced Energy Storage Systems Market, By Technology
Advanced energy storage systems market size demand from thermal was valued over USD 1 billion in 2014. This technology does not need any input requirement such as, lithium for battery technology or geographical constraint or molten salt which makes it preferable over other alternates. Heat can be obtained from other industrial process waste. Factors including low carbon emission and improved power consumption efficiency will positively encourage the industry outlook.
Batteries contributed over 10% of the total advanced energy storage systems market share and is expected to witness significant growth during forecast period. Ease of charging and liquid electrolyte reenergizing factor results low electricity wastage which will positively encourage the industry growth from 2015 to 2022.
Flywheel advanced energy storage systems market share is expected to witness growth over 18% from 2015 to 2022 subject to its longer life, less maintenance requirement enhanced efficiency and more reliability features. Companies have been conducting intensive research on implementing this technology for emerging grid storage systems.
Advanced Energy Storage Systems Market, By Region
North America led by the U.S. accounted for over 80% of global advanced energy storage systems market share. The country has adopted many policies and regulation to reduce pollution level which will positively encourage the business growth in future.
Europe contributed more than 15% of global advanced energy storage systems market share and is expected to witness significant growth by 2022. Increasing adoption of electric vehicle coupled with stringent government regulation given by country such as France and Germany to reduce pollution will stimulate the business growth during forecast period.
Asia Pacific is expected to witness growth over 15% by 2022. Increasing infrastructural spending from commercial, industrial, and residential sector among emerging nations including India, Indonesia and China will drive the advanced energy storage systems market in coming years.
Competitive Market Share
Global advanced energy storage systems market is fragmented in nature. Key industry players include LG Chem, GE, Alevo, ZBB systems, Electrovaya Inc., Active Power, Inc. and Samsung SDI Corp. Ltd. The market witness joint collaborations on research for technology innovation and providing system for various application. For example, AES Corp and Altairnano together has successfully implemented battery system for grid scale application.
Advanced Energy Storage Systems Industry Background
Advanced energy storage systems are used to convert electricity into energy, store it and then convert it back into usable electricity at later time. Electricity that can be generated is fixed over short interval time, although demand for electricity fluctuates constantly. So, to manage flow of energy to meet grid demand is essential. This technology allows grid operators to manage the flow of energy resources more effectively decreasing the need for additional “dirty” power plants. Moreover, it also allows consumers to better manage their energy in real time by Load Shifting. Widely adoption of renewable energy technologies to produce electricity coupled with stringent regulation to reduce carbon emission will positively encourage the industry growth during forecast period.
What Information does this report contain?
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security