Intensified Competition to Shoot Up Demand in the Advanced Energy Storage Technologies Market

Acknowledging the role played by energy storage systems, various government bodies worldwide are aiming to construct a sustainable, reliable, and affordable power supply structure for catering to the rising needs of energy of their citizens. The competitive scenario of the global advanced energy storage technologies characterizes product launches, partnerships, mergers, and acquisitions.

The progress of the global advanced energy storage technologies market is also triggered by the initiatives of various agencies and organizations. For example, in May 2017, U.S. Congress launched Advanced Energy Storage Caucus. Prominent suppliers, leading manufacturers, and developers of advanced energy storage technologies attended the launch program.

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In another instance, in May 2017, Wärtsilä Corporation announced its plan to acquire Greensmith Energy Management Systems Inc., a US based leading provider of advanced energy storage technology solutions. This strategic acquisition was aimed to enable Wärtsilä to improve their international presence in the global advanced energy storage technologies market. With such intensification of competition between the companies, the market is poised for exponential growth in due course of forecast timeframe.

Surging daily consumption of electricity together with the large gap between energy demand and supply has demanded considerable storage capacity additions. This has been the single-most significant factor contributing towards the growth of global advanced energy storage technologies market. Other elements fueling the global advanced energy storage technologies market are the increasing renewable energy installations and the surge in demand for electric as well as hybrid vehicles. In addition to that, growing concerns about carbon dioxide emissions and greenhouse gases are also escalating the demand for advanced energy storage technologies.

Furthermore, advanced energy storage systems have enabled consumers to manage their own electricity needs by making use of the load shifting technique, which assists in bringing down costs. Besides, other factors such as the increasing demand for installation of smart grid and construction of new transmission and distribution grid and upgrades has also triggered the growth of global market for advanced energy storage technologies.

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Nippo Chemi-Con Corp, Toshiba, A123 System LLC, Sony, and Denso are some of the noted players of the global market for advanced energy storage technologies market.

Rising Concern about Greenhouse Gas Emission to Propel Global Advanced Energy Storage Technologies Market

The growing electricity consumption and the yawning gap between the power demand and supply is one of the majorly attributing factors supporting growth of the global advanced energy storage technologies market. The escalating installation of renewable energy and rising demand for hybrid electrical vehicles is one of the major driver propelling demand for the global advanced energy storage technologies market. In addition, rising concern about the carbon dioxide and greenhouse gas is likely to fuel growth of the global advancement energy storage technologies market.

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The advanced energy storage also help the consumers to save electricity by load shifting technique, this is one of the important factors propelling growth of the global market. This technique further helps in reducing the expense of the electricity which is other trend supporting the overall growth of this market in coming years. In addition, the rising need for smart grid and new grid construction and transmission and improvement is expected to stimulate growth of this market in upcoming years. Furthermore, such initiative can help the government and large population across the globe to understand how the advancement energy storage helps to store the energy and therefore, use it for long run. Further, growing concern about the Co2 and Greenhouse gas emission is expected to supplement growth of this market in coming years.

The increasing demand for electric vehicles and rising scope for electric vehicle charging station is one of the key factor boosting growth in the upcoming years.

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From a geographical stand point, North America is likely to dominate the global advanced storage technologies on the basis of growing popularity of hybrid electric vehicles and increasing demand for power storage grid in this regions to boost market growth. Moreover, other economies like Asia Pacific is expected to register promising growth opportunity in the global advanced energy storage technologies market in foreseeable future.

Advanced Energy Storage Technologies Market : Size demand will increase by 2017 – 2025

Global Advanced Energy Storage Technologies Market: Snapshot

By recognizing the role of energy storage systems, several government bodies across the globe have been aiming at building an affordable, reliable, and sustainable power supply structure for catering to the snowballing energy needs of their citizens. The competitive scenario of the global advanced energy storage technologies features acquisitions, mergers, partnerships, and product launches as the most leveraged growth strategies.

For example, in May 2017, Wärtsilä Corporation announced that it is planning to acquire Greensmith Energy Management Systems Inc., a prominent provider of advanced energy storage technology solutions based in the U.S. The strategic acquisition will enable Wärtsilä to ramp up its international footprint in the advanced energy storage technologies market. As the competition between the leading companies operating in the market intensifies, the growth of the market for advanced energy storage technologies is likely to shoot up.

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The growth of the global market for advanced energy storage technologies is also being fuelled by the initiatives of different organizations and agencies. For instance, in May 2017, the Advanced Energy Storage Caucus was launched in the U.S. Congress by representatives. Executives from the leading manufacturers, suppliers, and developers of advanced energy storage technologies attended the conference, whose central objective is educating the members about the advantages of these systems.

Such initiatives inform government officials and people at large about how the use of advanced energy storage technologies can transform the way power is generated, distributed, and utilized. Also, the implementation of advanced energy storage removes the hurdles that are associated with higher use of battery storage.

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Global Advanced Energy Storage Technologies Market: Overview

Advanced energy storage systems play a crucial role in the power industry. Maintenance of power quality, effective distribution, and proper energy management are some of their unique perceived benefits. They carry out the aforementioned tasks through frequency regulation, mitigating power congestion on grids, and supplying power uniformly in distributed generation. Advanced energy storage technologies first convert electricity into energy, store it, and then convert it back into usable electricity when the need arises. This is because while only a fixed amount of electricity can be generated at a time, the demand for electricity changes all the time.

A report by Transparency Market Research furnishes valuable insights into the global advanced energy storage technologies market by analyzing the key trends and current competitive dynamics. It segments the market based on applications, technologies, and geography. In terms of technologies, for example, it classifies the market into super capacitors, pump hydro storage, batteries, flywheels, compressed air energy storage, and fuel cells. There are also more recent, upcoming technologies such as synthetic gas, super magnet, and hydrogen gas. Among all of these, pump hydro storage has been around for a very long time and dominates the market too. Application-wise, the report segments the market into transportation and grid storage.

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Global Advanced Energy Storage Technologies Market: Trends and Opportunities

Spiking daily electricity consumption along with the yawning gap between energy supply and demand has necessitated substantial storage capacity additions. This has been the single-most important factor contributing to the global advanced energy storage technologies market. Other factors driving the market are the burgeoning renewable energy installations and the spurt in demand for hybrid and electric vehicles. Additionally, increasing concerns about greenhouse gas and carbon dioxide emissions is also filliping the global advanced energy storage technologies market. This is because advanced energy storage technologies assist in effectively managing the flow of energy resources thus reducing the need for power generation, thereby bringing about energy conservation.

Advanced energy storage systems have also allowed consumers to manage their electricity needs by using the load shifting technique which helps to bring down costs. Furthermore, other factors including the growing need of smart grid installation and new transmission and distribution grid construction and upgrades has also bolstered the global market for advanced energy storage technologies market.

Global Advanced Energy Storage Technologies Market: Regional Outlook

Depending upon geography, the global market for advanced energy storage technologies can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America, among them, is the leading market on account of the soaring popularity of electric vehicles and rising use of grid storage. North America is trailed by Asia Pacific and Europe. Going forward, Asia Pacific is predicted to outshine all other regions in terms of growth rate.

Companies Mentioned in Report

To present an insightful assessment of the competition prevailing in the global market for advanced energy storage technologies, the report profiles companies such as Sony, Nippo Chemi-Con Corp., A123 System LLC, Denso, Hitachi, and Toshiba.

Deployment of Electric Vehicles Boosts Demand for Advanced Energy Storage Technologies

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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