Energy storage systems are equipment that can efficiently and conveniently store multiple forms of energy that can be utilized as per requirement, for example lithium ion batteries. These systems are undergoing continuous technological revolution that supports overcoming of the traditional barriers of continuous supply of energy. Further the market is shaping up owing to continuous promotion of renewable energy resources energy storage systems that have gained increased importance recently. This increased focus on production of renewable is mainly due to increasing energy consumption at a global level.
Currently, increased focus on the renewable energy production is gaining momentum due to heavy public-private investment. The world energy storage systems market was valued at $172,236 million in 2015 and is expected to grow at a CAGR of 6.4% to reach $264,953 million by 2022.
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The report focuses on current market trends and future growth opportunities of energy storage systems, in various end-user industries such as grid storage and transportation. Furthermore, it provides insights on various technologies available for storage for wide range of energy types. The report suggests growth opportunities by analyzing the current energy storage systems market trends and government regulations & policies in different geographies. The figures provided in this report are based on the consumption quantity across various technologies and end users, while the market value and volume are derived by means of a bottom-up approach and considering price trends across various regions.
Electric mobility is the ongoing trend in the automotive market, which generates a demand for the energy storage systems worldwide. The worldwide government agencies such as Environmental Government Agencies and so on currently focus on the introduction of limits on the carbon dioxide emission. For instance, China has an aim to increase the production of electric cars. China’s focus is to introduce around 11.9 million of electric cars units by the 2020. There is also a global focus to cut down on carbon dioxide emission and introduce electric vehicles, which will be environment friendly and serve the purpose of transportation.
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The key players in the world energy storage systems market adopt different key business strategies such as expansion, product launch, agreement, acquisition, collaboration, partnership, and product development to withstand in the global competitive market. The market players profiled in this report are manufacturers and solution providers of energy storage systems.
The pumped hydro storage is an established technology occupying major share across geographies, end-users, and applications. Thus the below exhibit depicts an opportunity scenario for other technologies that hold potential for investment. Among the other energy storage technologies considered compressed air storage is an attractive market for investment owing to its efficient energy storage in low cost. Compressed air is an alternative to pumped hydro for storage of mechanical energy. This technology will provide an alternative to the utility users who want to opt for flexible storage technology. The batteries such as lithium ion and lead acid also hold market potential for growth considering the focus of major economies such as China to produce electric vehicles
Energy storage systems have an increased focus due to keen interest of major economies for production of renewable energy. Also the increasing consumption of energy creates a need for energy storage that can be utilized later.
Key trends that drive the market penetration of energy storage systems are:
Increased adoption of energy storage systems in transportation
Software integration for management of energy storage systems
Increasing adoption of renewable energy
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