Advanced Energy Storage Systems Global Market – Overview
The Global Advanced Energy Storage Systems Market has witnessed a remarkable growth in the past few years and it has been anticipated that the energy storage systems will grow at the rapid pace during the forecast period. Energy Storage is a very diverse subject areas, it comprises from small to very large systems. Energy storage is broadly segmented into mechanical energy storage, electro-chemical energy storage, thermal storage and chemical storage. Energy storage systems have been dominating the renewable energy market as well conventional market in recent years because of the ability of store the energy in various forms and supply according to end user needs. The energy storage systems are driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems. As per the study conducted by Market Research Future, the global market for advanced energy storage systems is likely to grow at the CAGR of around 20.18%.
Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors. . Energy efficiency mandates for emitting zero or no carbon emissions and demand for clean energy are driving the growth of advanced energy storage systems. The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage systems. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced. The tremendous yearly addition in capacity of renewable energy is certainly boosting the energy storage systems globally. Energy storage system primarily utilizes potential energy to convert it into various forms of energy through mechanical, electrochemical, thermal and chemical conversion. Energy storage utilizes various technologies which comprises of numerous associated equipment, the gradual downfall in the raw material prices and manufacturing cost of the primary products have certainly boosted the energy storage system market. The reduction in battery cost and its related equipment, also the gradual downfall in compressor systems, hydro turbines, and pumps have given the end users a strong framework to investment in energy storage systems. The growing production of equipment related to energy storage technology with reduction in raw material cost is developing a favourable environment for the existing and new service provider to provide viable energy storage solution in a cost effective way.
Geographically, the global advanced energy storage systems market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is projected to dominate the market during the forecast period. The major factors driving the growth of the market here are the increasing number of pumped hydro storage projects. Moreover, The Europe is addressing these new challenges in the energy system by promoting innovation in key technologies and developing suitable market rules. Technological innovation in storage falls under the Horizon 2020 programme and the Strategic Energy Technology Plan. Also, substantial growth is expected in regions such as, North America, and Asia Pacific, as these region are rapidly increasing their power generation capacity.
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Yuasa Corporation , Samsung SDI Co. Ltd. , Hitachi Limited, Toshiba Corporation, ABB Limited, Siemens A.G., Alstom, Exide Technologies, L.G. Chem. Limited, Alevo Group S.A., Maxwell Technologies Inc., AES Corporation, Tesla Inc., General Electric Company, Voith GmbH, Sulzer Ltd., Hydrostor Inc., Highview Power Storage, Linde AG, Hydrogenics Corporation and SolarReserve, LLC.. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Advanced energy storage systems Market.
In July, 2017 – Siemens AG (“Siemens”) and The AES Corporation (NYSE: AES, “AES”) announced their agreement to form a new global energy storage technology and services company under the name Fluence. The joint venture will bring together AES’ ten years of industry-defining experience deploying energy storage in seven countries with over a century of Siemens’ energy technology leadership and its global sales presence in more than 160 countries.
In February, 2017 – MAN Diesel & Turbo and Karpowership renewed their ongoing partnership to develop Powerships with the utilization of MAN Diesel & Turbo. 18V 51/60 engines.
In November, 2016 – AES Energy Storage, a subsidiary of The AES Corporation (NYSE: AES), showcased two new Advancion battery-based energy storage sites, totaling 37.5 megawatts (MW), in partnership with San Diego Gas & Electric (SDG&E), a leading energy company delivering safe, reliable and clean power.
Advanced energy storage systems Global Market – Segmentation
The scope of global advanced energy storage systems market is segmented into two major segments which are explained below:
- By Technology
- Compressed Air Storage
- Pumped Hydro-power
- By Application
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Advanced energy storage systems Global Market – Competitive Analysis
The global market for advanced energy storage systems seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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