Energy Storage Market – Expected to grow at a CAGR of 20.18% The Biggest Trends to watch out for 2017-2023

Market Highlights

Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage market. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.

The Global Energy Storage Market is expected to grow at a CAGR of more than 20.18% during the forecast period.

Key Players

The key players of global energy storage market are AES Corporation (U.S), Tesla Inc. (U.S), General Electric Company (U.S), Voith GmbH (Germany), Sulzer Ltd. (Switzerland), Hydrostor Inc. (Canada), Highview Power Storage (U.K), Linde AG (Germany), Hydrogenics Corporation (Canada) and SolarReserve, LLC. (U.S).

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 Europe region market is expected to grow at the fastest rate and hold the largest market size in forecast period.

Europe region is the leading market for energy storage market and is followed by Asia-Pacific. Europe currently has about a cumulative energy storage capacity of approximately 30 GW. Open pumped hydro storage contributed about 25 GW and the remaining 5 GW capacity came through batteries, compressed air storage and thermal & electro-chemical energy storage. The Europe is addressing these new challenges in the energy system by promoting innovation in key technologies and developing suitable market rules. Technological innovation in storage falls under the Horizon 2020 programme and the Strategic Energy Technology Plan.

 Market Research Analysis

Mechanical energy storage segment by type in global energy storage is expected to dominate market in forecast period.

Mechanical energy storage, primarily refers to technologies, which convert electricity to mechanical or potential energy, and then store it as electricity, for later use. Currently, pumped hydro storage (PSH), compressed air energy storage and liquid air energy storage are generally considered the most mature method for electricity storage, with about PSH representing 99% of the currently installed electricity storage capacity. The growing demand for mechanical energy storage from the emerging economies, such as, Spain, Germany, China and India among others, are the key factor for driving the mechanical energy storage segment by type in global energy storage market.

 Scope of the Report

The scope of the study segments the global energy storage market by its type, by end-user, by regions.

By Type

  • Mechanical
  • Thermal
  • Electro-Chemical
  • Chemical

By End-User

  • Utility
  • Commercial & Industrial
  • Residential

By Regions

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World

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 Table of Content

1          Executive Summary

2          Introduction

2.1       Definition

2.2       Scope of the Study

2.3       Assumptions

2.4       Market Structure

 

3          Research Methodology

3.1       Research Process

3.2       Primary Research

3.3       Secondary Research

3.4       Market Size Estimation

3.5       Forecast Model

 

4          Market Dynamics

4.1       Drivers  21

4.1.1    Evolution in renewable energy power generation

4.1.2    Gradual downfall in technology cost

4.1.3    Increasing application of energy storage in all end-user industries

4.2       Growth Drivers: Impact Analysis

4.3       Restraints

4.3.1    High initial capital investment 22

4.4       Growth Barriers: Impact Analysis

4.5       Opportunity

5          Market Factor Analysis

Continue……………   

 List of Tables

Table 1 Market Synopsis 13

Table 2 Growth Drivers: Impact Analysis 22

Table 3 Growth Barriers: Impact Analysis 23

Table 4 Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 33

Table 5 Mechanical: Global Energy Storage Market, By Sub-Type, 2015-2023 (Usd Million) 34

Table 6 Electro-Chemical: Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 34

Continue……….

List of Figures

Figure 1 Research Process Of Mrfr 16
Figure 2 Top Down & Bottom Up Approach 18
Figure 3 Forecast Model For Energy Storage Market 19
Figure 4 Drivers, Restraints, And Opportunities Of Global Energy Storage Market 20
Figure 5 Porter’s 5 Forces Analysis Of Global Energy Storage Market 24

Continue…….

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