San Francisco, California, August 21, 2017: The rapidly rising consumption of electricity and the intensifying need for addressing the spike in its demand witnessed at peak times are the key factors driving the evolution of the advanced energy storage technologies. In a recent report by TMR Research, titled “Advanced Energy Storage Technologies Market – Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”, the growing need for a consistent supply of electrical energy across grids, keeping in mind a constantly fluctuating demand for electricity, is a key factor propelling the demand for various energy storage technologies. The research offers an in-depth evaluation of various factors driving the market and a detailed assessment of key trends expected to shaping the market dynamics.
The burgeoning consumption of renewable energy in various regions, along with the need of soothing out intermittent supply in utility grids, is a key trend stimulating the demand for advanced energy storage technologies. The need is usually significant at times of high renewable energy production days, especially witnessed in case of wind and solar power generation. The growing deployment of hybrid technologies and electric vehicles is expected to bolster the uptake of advanced energy storage technologies. The rising demand for behind-the-meter energy storage to enable numerous residential and commercial customers to contain peaking electricity costs is anticipated to catalyze the market growth.
The growing use of advanced energy storage technologies to make utility grids more flexible and adaptable is boosting the market. The adoption of large-scale energy storage systems by grid operators minimizes infrastructure cost and help them in peak shaving. These system have been largely instrumental in improving the transmission and distribution of electricity. The mounting pressures on reducing the greenhouse gas and carbon dioxide emissions world over is expected to accentuate the advanced energy storage technologies market.
Some of the key technologies available in the market are pump hydro storage, super capacitors, batteries, flywheels, fuel cells, and compressed air energy storage. However, several regulatory policy hurdles in major regions is a crucial factor likely to hinder the growth of the market to an extent. Nevertheless, the intensifying demand for smart grid installation in several developing and developed countries is expected to unlock exciting opportunities for market players.
Regionally, North America is a prominent market and is predicted to offer lucrative opportunities for players over the forecast period. The prominence is attributed to the soaring deployment of electric vehicles and the accelerating adoption of modern grid storage technologies in developed nations. Meanwhile, the Asia Pacific market for advanced energy storage technologies is expected to rise at an impressive pace in the coming years.
Some of the key players vying for a significant market share include Toshiba, Denso Corporation, A123 System LLC, Nippo Chemi-Con Corp, and Sony Corporation.
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