The global market for advanced energy storage systems is expected to reach $3.42 billion by 2022. This represents a compound annual growth rate of 7.63% from its 2012 value of $1.51 billion.
The findings, from Crystal Market Research, say the global advanced energy storage systems market has observed significant growth thanks to factors like expanding R&D associated with the rising number of substitute energy sources and switching interests of consumers to advanced storage systems due to high costs of energy.
Key findings related to the advanced energy storage systems market include:
- Thermal energy storage systems were the biggest innovation section on the basis of installed capacity representing more than 40 percent of worldwide market in 2014. High proficiency regarding vitality stockpiling and capacity to give control amid top hours in anticipated that would assume a noteworthy part in advancing market development.
- Battery storage devices market is still in the initial stage and is relied upon to witness speediest development in the upcoming years. The market has substantial potential inferable from convenient charging properties and re-energization of the electrolyte fluid bringing about less wastage.
- North America commanded the advanced energy storage systems market representing more than 45 percent of worldwide installed capacity in 2014. Stringent directions with respect to natural emanations are relied upon to bring about expanded establishments of cutting edge vitality stockpiling frameworks, especially in the United States.
- Asia Pacific is anticipated to be the quickest developing business sector for advanced energy storage systems. Developing industrialization and enhancing lifestyle of consumers has brought about a surging requirement for energy which thusly is relied upon to boost advanced energy storage systems market in the area.
- Advanced energy storage systems market is extensively divided attributable to the existence of various organizations over different advancements. Attributable to the innovation driven nature of the market, key organizations including AES Energy Storage, LG Chem, GE and Alevo are intensely putting into R&D to create advanced technology.
Energy storage has become crucial for many sectors of global business. In October, Navigant Research released a report saying that revenue from energy storage for microgrids could total more than $22 billion in the next decade.
And in September, Reuters reported that more than 40% of the 38 megawatts of new energy storage installed in the US during the second quarter of this year was in homes and businesses compared to 9% in the first quarter. The relatively small energy storage market is growing rapidly, driven by lower costs for battery systems as well as incentives in Hawaii and California.
Just this week, greentechmedia.com reported that two companies announced new storage plant combinations: batteries with solar and wind power to provide consistent electricity in Australia, and a hydropower plant-plus-storage to tap the challenging PJM frequency regulation market.