Global advanced energy storage systems market is expected to reach USD 6.93 billion by 2022,
according to a new study by Grand View Research, Inc. Increasing demand for
utility scale power generation particularly during peak hours is expected to
augment demand for advanced energy storage systems. Advanced energy storage
systems efficiently manage energy resources thereby reducing the need for
utility scale power generation plants. The above factor significantly helps in
reducing fixed cost and is expected to play a key role in market growth over
the forecast period.
Stringent regulatory framework governing the use of
fossil fuels for power generation is also expected to act as a major driver for
advanced energy storage systems market growth. Power plants generate
significant quantities of GHG such as CO2, which can be overcome through the efficient use of
advanced energy storage systems. These systems store energy when generated and
are capable of providing back up power in times of excess power demand (peak
hours).
Browse full report by Grand View
Research : http://www.grandviewresearch.com/industry-analysis/advanced-energy-storage-systems-market
Further key findings from the study suggest:
·
Thermal energy storage systems were the
largest technology segment in terms of installed capacity accounting for over
40% of global market in 2014. High efficiency in terms of energy storage and
ability to provide power during peak hours in expected to play a major role in
promoting market growth.
·
Battery storage devices market is still in
a nascent stage and is expected to witness fastest growth at a CAGR of over 18%
from 2015 to 2022. The market has large potential owing to easy charging
properties and re-energization of the electrolyte liquid resulting in
negligible wastage.
·
North America dominated the advanced energy
storage systems market accounting for over 45% of global installed capacity in
2014. Stringent regulations with regards to environmental emissions are
expected to result in increased installations of advanced energy storage
systems, particularly in the U.S.
·
Asia Pacific is expected to be the fastest
growing market for advanced energy storage systems at a CAGR of over 18% in
terms of revenue from 2015 to 2022. Growing industrialization and improving
consumer lifestyle has resulted in a surging need for energy which in turn is
expected to augment advanced energy storage systems market in the region.
·
Advanced energy storage systems market is
highly fragmented owing to the presence of numerous companies across multiple
technologies. Owing to the technology driven nature of the market, key companies
including AES Energy Storage, LG Chem, GE and Alevo are heavily investing into
R&D to develop breakthrough technologies.
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Research: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has
segmented the global advanced energy storage systems market on the basis of
technology and region:
Global Advanced Energy Storage Systems Technology Outlook
(Capacity, Megawatt; Revenue, USD Million, 2012 - 2022)
·
Batteries
·
Flywheel
·
Thermal
·
Compressed Air
·
Molten Salt
Global Advanced Energy Storage Systems Regional Outlook
(Capacity, Megawatt; Revenue, USD Million, 2012 - 2022)
·
North America
o U.S.
·
Europe
o Germany
o UK
·
Latin America
o Brazil
·
Asia Pacific
o China
o India
o Japan
·
MEA
o Saudi Arabia
View press
release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-advanced-energy-storage-systems-market
About Grand
View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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