The report “Advanced Energy Storage Systems Market by Technology (Pumped Hydro, Compressed Air, Batteries, Flywheels, Supercapacitors), By Applications (Grid Storage & Transportation), & Geography - Global Trends & Forecast to 2018” defines and segments the global advanced energy storage systems market with analysis and forecasts of the global revenue. The advanced energy storage systems market is estimated to grow from over $4 billion in 2012 to nearly $10 billion by 2018, at a CAGR of over 16%.
Increased electricity generation coupled with complex demand patterns and growing need of electric vehicles drive the need for energy storage systems. The complex demand pattern for electricity increases the scope for the advanced energy storage systems. Growing renewable targets play a key role in the growth of the market, globally.
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The developed countries as well as the developing in Asia-Pacific, Europe and North America, are keen towards energy infrastructure upgrades to meet the growing demand for power and taking measures to control energy future consumption. With this objective the energy storage projects are soon to take priority within the energy policies, with the U.S. already having advanced. Electric vehicles is also taking priority with the Electric Vehicle Initiative (EVI) members, including the U.S., U.K., France, Germany, China, Japan, India and others, having pledged to add 20 million new electric vehicles on road by 2020.
Grid scale projects are expected to increase in the future for better peak demand management (Load Balancing), for provision of power quality (Frequency Regulation) and optimize generation by effectively integrating renewable power. Control of the carbon foot print by reduction of fossil fuel usage has been and will continue to dominate the energy scenario driving the increase of electric as well as hybrid electric vehicles, globally. The grids as well as the transportation needs are thus likely to drive the energy storage markets to a new high with continued momentum.
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Although, the energy storage market is quite promising in Asia-Pacific, Europe and North America, it has not been encouraging in the other parts of the world. However, there exists a smaller portion in terms of thermal storage. Immense availability of hydrocarbons, especially in the Middle East, currently disallows a strong scope for energy storage system.
The report analyzes and projects the advanced energy storage systems market by technology, geography, and application. The advanced energy storage systems market by technology includes pumped hydro, compressed air, battery, and flywheel segments, while the market by geography includes Asia-Pacific, Europe, North America, and the ROW. The market is also classified by applications that include grid storage and transportation.
The report also includes market share, value chain analyses, Porters five force analysis, and market metrics such as drivers, restraints, burning issues, winning imperative, and opportunities. In addition, it presents a competitive landscape and company profiles of 20 key battery manufacturers in the market.
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