Energy Storage Market Research Reports, Analysis & Trends
Energy storage industry comprises companies that operate by manufacturing, generating, developing, and supplying of storage devices such as cells, batteries and any electronic device that stores energy in the form of electricity. In general understanding, energy storage devices basically are a set of systems that provide the ability to balance power demand and supply. And reduce electric surge and sagging, where they maintain power frequency at the same time and finally ensure power remains available for critical loads when there is a power outage. The energy storage devices and systems provide enough power to maintain operations until those systems can be manually shut down in an orderly fashion, or provide enough power and energy source until other on-site generation sources come online. The global energy storage industry is at a rapid growth phase where the global demand has risen and at the same time allowed the industry to innovate and introduce new ways of storing energy source in a much more efficient way than before thereby increasing the possibilities for competitors to innovate better and develop and manufacture systems and devices that provide high efficiency.
The global energy storage industry is at an advantage for being at the core of technology and innovation the global electricity supply for consumption for industries, governments and general public. The global energy storage industry develops and manufactures new energy storage technologies that allow and benefit the electricity industry in terms of generation of power and maintaining and storing it in a system or devices that when needed for any purpose they can supply with less difficulty. The benefits of energy storage devices innovation is the wide range and numerous ways of methods, processes and procedures of generation, transmission, and distribution systems. Energy storage solutions are becoming increasingly more stable and durable where the efficiency is merged with longevity. The future electrical needs will be such that the demand and necessity will be much higher and more wide across the various demographics, there advanced electrical and energy storage is expected to be an important step and element for sustainability, preservation, and effective consumption. The energy storage solutions have helped maximize the benefit from the growing trends in the adoption of renewable energy generation and micro-grid solutions.
There is a huge a financial benefit hidden in the energy storage sector with more efficient generation, transmission, and distribution, and with the incorporation of energy storage into the grid, the utility sector and consumers are expecting reduced financial loss because of poor power quality and consistent power outages. Energy storage solutions have improved the efficiency and reduce the costs associated with it, and issues such as load following, frequency regulation, and provision of reserves. Energy storage industry has to a large extent improved the return on renewable energy generation investments, and to enable profitable power market arbitrage. In addition, enable and reduce end user energy costs.
Current Trends in Energy Storage Market
The global energy storage industry has an advanced energy storage systems market which has matured over the years, and when the developments and innovation have been top notch with functionality having been accurate, precise and extremely efficient, including grid storage and transportation, is expected to grow at CAGR of 10% in the next five years and reach the value of $10.3 billion by the end of 2018. The key growth drivers are the increased and growing renewable energy source implementations all over the world, new transmission and distribution grid construction and upgrade across major countries, smart grid installation, and encouraging demand for electric and hybrid vehicles in most of the developed and developing countries. Pumped hydro storage technology, relatively, has longer discharge times and longer life, and are hence more widely used in the grid storage for load balancing and peak shaving. Similarly, NaS batteries are also used for load balancing and time sharing. Other systems, such as flywheels, that have shorter discharge times are used in frequency regulation on the grid. Also, the advancement of lithium-ion batteries, in terms of cost reduction and efficiency improvement, is driving the electric vehicles market, globally.
In today's global energy consumption, the energy storage solutions additionally afford several strategic benefits such as improved flexibility for grid operators, increased national energy security, and reduced environmental impact. The financial benefits of energy storage within the generation, transmission, and distribution system are numerous. With the incorporation of energy storage into the grid, the utility sector and customers can expect reduced financial losses due to outages and poor power quality. With emerging technologies, this phenomenon is improving with continuously improved energy densities and capital costs. Although, pumped hydro storage technology, which is more than 100 years old and by far the most prominent of all available technologies, is operational across the world, it still depends on the availability of natural resources (water bodies) for being set up limiting the scope of application.
Major Energy Storage Industry Players
Major players in the energy storage industry include ABB, AES Energy Storage, Convergent Energy + Solar, Eos, S&C Electric, PG& E, and California Energy Commission.