Advanced energy storage: Key market research findings
- Need to enhance grid stability and network capacity
- Growing demand for thermal energy storage
Technavio has released a new market research report on the global advanced energy storage market, to its energy storage portfolio. The global advanced energy storage market is expected to grow at a CAGR of 19% between 2016 and 2020. The growing electricity demand across the globe coupled with the need for overcoming grid-related issues and reducing the demand-supply gap has pushed power utilities to adopt advanced energy storage systems (ESS). The Americas is the largest market for advanced energy storage, accounting for 45% of the overall market share. Much of this region’s growth comes from the rise in scientific and industrial investments in developing grid storage systems and growing adoption of EV technology.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors are offering advanced energy storage systems equipped with lead-acid batteries, especially to benefit the large-scale utilities. They are adding carbon values to these batteries to improve their performance in grid-based projects. The power producers are replacing energy storage with latent heat storage systems, owing to its efficiency and cost effectiveness. Manufacturers are also providing capacity firming, voltage control, and T&D deferral in these energy storage systems to balance a grid area with frequent instabilities,” says Vishu R. , Lead Analyst, Energy, Technavio Research
The thermal energy storage (TES) segment dominates the global advanced energy storage market, accounting for 42% of the total market share. TES is gaining grounds in the market as it helps mitigate the intermittent nature of solar PV. It also helps utilities to enhance the utilization rate of power plants by 60%-75%.
The key vendors in the global advanced energy storage market include AES Energy Storage, Alevo, EnSync Energy, GE, and LG Chem. The need for reducing emissions and overcoming intermittent nature of renewables has provided high growth opportunity for new players to enter the market and offer innovative products to end-users. Intense competition prevails in the market as several vendors are offering high-tech, customized ESS for different end-user applications.
A more detailed analysis is available in the Technavio report, Global Advanced Energy Storage Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Compressed Air Energy Storage Market 2015-2019
- Global Energy Storage in Microgrids Market 2015-2019
- Global Grid-scale Energy Storage System Market 2015-2019
- Global Off-grid Energy Storage Market 2015-2019
Further readings:
