In a new report, titled “Energy Storage Technologies Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014 – 2020,” Transparency Market Research presents insights into the various factors driving and restraining the global market for energy storage technologies. This is a comprehensive report intended to provide a holistic overview of the market to the stakeholders and help them gauge the opportunities prevalent in the market.
Energy storage refers to the process of converting energy from conventional sources to a form that can be stored easily and be converted to its original form upon requirement. This process allows users to store energy during times of low demand, when it is priced at its lowest, to be used during high-demand periods. Rapid urbanization around the world has led to a significant rise in demand for energy, which subsequently is driving the global energy storage technologies market. Additionally, the growing need for developing low-carbon energy technologies, aimed at reducing the carbon footprint globally, will also propel the global energy storage technologies market.
Globally, the need for reliability and resiliency of the grid alongside the integration of renewable energy sources has increased at a significant pace, which in turn is poised to accelerate the growth of the global market for energy storage technologies. Furthermore, efficient energy storage technologies aid in the de-carbonization of the energy sector by ensuring a better connection between the electricity and heat networks. Moreover, these technologies also enable better access to energy and help in improving the efficiency of energy resources, which subsequently reflects as increased demand for energy storage technologies. This is also anticipated to contribute to the goal of designing secure and sustainable energy systems.
The global market for energy storage technologies can be broadly classified on the basis of technology and geography. Based on technology, the report segments the global energy storage technologies market into thermal energy storage, pumped hydro-power, flywheels, compressed air energy storage, and solid state batteries.
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The rising demand for energy, coupled with an increasing need for low-carbon technologies, is primarily driving the global market for energy storage technologies. These technologies are designed keeping in mind the objective of reducing the demand and supply imbalance of energy. Additionally, energy storage technologies also help in optimizing global energy storage systems. Energy storage systems boast applications across electricity grids, dedicated heating and cooling networks, and in off-grid applications. However, even the most competitive energy storage technologies witness difficult market conditions and stringent regulations that may restrain their deployment to an extent. Nevertheless, the increasing investment in research and development in this industry is likely to create ample opportunities for the enterprises operating in the energy storage technologies market to capitalize on in the near future.
For the purpose of the study, the report also profiles some of the enterprises operating in the market such as General Electric, Alstom, Convergent Energy + Power, ABB Ltd., Hawaiian Electric Company, Inc., and others.
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