Advanced Energy Storage Systems Market size $7.1bn by 2022
Advanced Energy Storage Systems Market size may reach USD 7.17 billion by 2022; according to a new research report by Global Market Insights, Inc.
Increasing power consumption, driven by residential, commercial and infrastructure needs in BRIC economies accompanied by favorable regulatory compliances to use electric vehicles are key factors stimulating global advanced energy storage systems market size growth. Asia pacific is forecast to witness highest gains at 15.8% CAGR up to 2022. Rising industrialization accompanied by enhanced consumer lifestyle in India and China are major reasons foster regional growth.
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Energy management in order to meet utility scale sized project grid demands are expected driving factors for fuel demand. These systems tend to manage energy resources flow effectively, hence reducing power plants set up which is ideal for remote locations.
Moreover, high energy costs have resulted in shifting consumer preferences towards advanced energy storage system adoption allowing them to manage their electricity in real time using Load Shifting Technique. Battery based technology is set to witness highest gains at over 18% CAGR up to 2022. Breakthrough developments accompanied by declining costs are favorable factors to foster growth. Moreover, increasing application scope in renewable power storage and grid systems is another potential factor to drive advanced energy storage systems market size.
Europe advanced energy storage systems market size was over 640 MW in 2014. Government initiatives across France and Germany to promote electric vehicle adoption to endorse clean technology should drive regional demand.
Technology development aimed for the development of new methods and storage systems by companies such as General Compression, GE Renewable Energy, and Halotechnics are considered to remain critical success factors for industry growth. Electric vehicles and their batteries are considered a viable option for energy storage during low demand and supplying during peak loads.
Stringent regulatory compliance by DOE and EPA to control GHG emissions accompanied by automotive manufacturer efforts to make environment friendly products are likely to positively influence Industry growth.
Key insights from the report include:
- Global advanced energy storage systems market size registered installations of over 3.5 GW in 2014.
- Thermal advanced energy storage systems market dominated the technology landscape and is forecast to surpass USD 4 billion by 2022. Reduced power consumption, improved efficiency and lower CO2 emissions make thermal technology ideally suited for installation in several applications.
- Flywheel technology in the U.S. may register over 110 MW capacity with expected gains at above 18% CAGR. North America, influenced by the U.S. regulatory policies to control carbon emission dominated the regional industry.
- Longer life, reliability, less maintenance, and more efficiency are the key properties driving R&D investment in flywheel technology.
- Thermal technology in Germany advanced energy storage systems market was valued at USD 122.8 million in 2014. Increasing preference for electric vehicles along with environmental norms are major factors to drive regional demand.
- Global advanced energy storage systems market share is moderately fragmented mainly driven by collaborations and amalgamation for technology innovation. Major industry players include LG Chem, Alevo, GE, Active Power, Samsung SDI Corp, ZBB systems, and Electrovaya Inc.
- Other industry participants are The Furukawa Battery Co, Ecoult, Kokam Co. Ltd., Energizer Holdings Inc., China BAK Battery, Greensmith, Toshiba, and Exide Technologies.