HOME Research Insight Advanced Energy Storage Systems Market– New Revenue Pockets

Advanced Energy Storage Systems Market– New Revenue Pockets

Energy storage, especially electricity, is a key phenomenon, globally. Trillions of watt hours of electricity is produced every year and is expected to increase many fold in the future. But, the fluctuating demand patterns unevenly overload the generation and grid systems, giving rise to the strong need of storage systems. The advanced energy storage systems market is, therefore, likely to flourish with strong investments and plans being made, globally.

North America is the largest market for battery storage in 2012, with the stong activities from the U.S., in terms of transporation. It is expected to remain the largest market in the future with strong goals of electric vehicle additions and policies to improve energy efficiency. Considerable amount of new grid scale storage projects by battery technology are in place till 2020 in the U.S., giving a strong market scope in the region. However, Asia-Pacific and Europe are expected to be the key contributors to the market in the next five years from 2013 to 2018, due to various planned grid-based battery storage projects.

In pumped hydro storage technology, Europe was the largest market in 2012 with bulk additions of hydro storage capacity. However, Asia-Pacific is expected to be the key market gainer in the next few years due to strong capacity addition from the new planned projects till 2020. China and Japan are main key countries which are strongly moving towards renewable sources until 2020, thus increasing the scope of advanced energy storage market.

Related Reports:

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

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