The global advanced energy storage systems market features several energy storage technologies that are currently at different levels of maturity. This is partly attributable to the presence of both well-established companies and recently founded start-ups. Transparency Market Research’s report, titled ‘Advanced Energy Storage Systems Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014–2020’ helps companies whose interests lie in this market to understand its future dynamics.
The International Energy Outlook of 2013 states that the amount of energy consumed in the world will spike by 56% from 2010 through 2040. The demand for energy is rising, making it imperative to up the supply of electricity, which still remains the most conventionally used source of energy. This creates the need to store energy so it can be put to use when a future need arises. Different alternative sources of energy also need to be stored prudently to meet future demand. Thus, the entire energy sector is faced with the need to invest in new energy storage systems or upgrade capacities of existing ones.
According to TMR, the future of the global advanced energy storage systems market lies in alternative energy sources given the unprecedented importance being given to non-fossil-fuel-derived energy.
Thus, the key drivers that are impacting the global advanced energy storage systems market are: expanding implementation of renewable energy sources, expansion in the smart grid network, government funding, and rising sales of hybrid and electric vehicles.
A major impediment that stands in the way of ideal growth of the global advanced energy storage systems market is the high amount of capital required for building such systems. This factor will considerably restrain the growth of the market. Companies in the market can expect to see new opportunities in the form of integration of different types of renewable energy and the emergence of lithium energy technology in the years ahead.
Based on energy segments, the global advanced energy storage systems market can be segmented as follows: Transportation, electricity generation, buildings, fuel production, industry, electricity delivery and management, and fuel delivery. Likewise, by technology, the market can be divided into: flywheels, pumped hydro, fuel cells, batteries, compressed air energy storage (CAES), superconducting magnets (SMES), and super capacitors. The global advanced energy storage systems market can also be segmented basis applications into two key segments: transportation and grid storage.
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The report profiles the following companies that have a sizeable stake in the global advanced energy storage systems market: Active Power, Inc., BYD Company Ltd., Altair Nanotechnologies Inc., Electrovaya Inc., Energizer Holdings Inc., Maxwell Technologies, Nippon Chemi-Con Corporation, Toshiba Corporation, Exide Technologies, The Furukawa Battery Co. Ltd., Valence Technology, Sony, LG Chem Ltd., and Hitachi.
The advanced energy market is a wide market that can be fragmented into seven energy segments as:
- Electricity generation
- Fuel production
- Buildings
- Industry
- Transportation
- Fuel delivery
- Electricity delivery and management
On the basis of technology, the global market for advanced energy storage systems can be segmented as:
- Pumped hydro
- Flywheels
- Batteries
- Fuel cells
- Superconducting magnets (SMES)
- Super capacitors
- Compressed air energy storage (CAES)
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
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