Globally, the advanced energy storage systems market has observed significant growth, registering a compound annual growth rate of 7.63% during the forecast period, states Crystal Market Research.
The market, valued at $1.51 billion in 2012, is expected to reach approximately $3.42 billion by 2022. This is owing to increased research and development associated with the rising number of substitute energy sources, which is further compounded by consumers switching to advanced energy storage systems due to the high cost of electricity.
Key findings related to the advanced energy storage systems market include:
- Thermal energy storage systems were the biggest innovation section on the basis of installed capacity representing more than 40% of global market in 2014.
- The market has substantial potential inferable from convenient charging properties and re-energisation of the electrolyte fluid bringing about less wastage.
- North America commanded the advanced energy storage systems market representing more than 45% of globally installed capacity in 2014.
- Asia Pacific is anticipated to be the quickest developing business sector for advanced energy storage systems. This is in respect of increased industrialisation and enhanced lifestyle of consumers that has brought about a surging requirement for energy, which is likely to boost the advanced energy storage systems market in the region.
- In relation to the innovation-driven nature of the market, key companies including AES Energy Storage, LG Chem, GE and Alevo are intensifying R&D to create advanced technology.
Energy storage research
Energy storage systems tend to effectively manage the surge of resources of energy in subsequently diminishing the amount of vitality plants, which are required to be a key driving variable for market advancement, explains Crystal Market Research.
Expanding issues in regards to the discharges of GHG and CO2 can be overseen by advanced energy storage systems thus achieving broadened necessity. Read more...
Besides, unique components including the arrangement of backup power for critical loads, utility transmission, and limitations in empowering and distribution of gainful deployment of charging stations for electric vehicles are depended upon to support the growth in market demand.
However, the lack of commercial practicality of advanced energy storage systems for distributed energy generation is relied upon to challenge market development in the following years.
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