Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Energy Storage Systems Market (By Technology: PHS, Electrochemical, Electromechanical, Thermal) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, March 28, 2019 (GLOBE NEWSWIRE) -- The worldwide energy storage systems market size is anticipated reach a total capacity of 211,823 MW by the end of 2026 and the industry is estimated to show a CAGR of 2.2% during the coming years.
Rising demand for efficient and competitive energy resources over the past period has mainly driven the industry. It is projected to register a CAGR of 2.2% during the coming years.
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Increasing consumer consciousness regarding efficient energy consumption paired with demand for smart homes with operative load management is anticipated to play a main role in the growth of energy storage system industry. Rising need by electric utilities, on account of demand for distributed energy integration with the main grid, is possible to fuel the development over the prediction period.
Hybrid systems comprise of start-stop systems, e-bikes and hybrid vehicles, are anticipated to present the strongest development opportunity for lithium-ion battery producers. Players for instance, Altairnano, AES, and GE Renewable, are spending enormous capital in R&D of novel technologies within the battery storage segment.
(PHS) Pumped Hydro Storage systems is anticipated to remain a leading segment by 2026 owing to continuing investments to advancing on-grid capacity and upgrading energy infrastructure in Asia Pacific and North America. The segment captures around 90% of the worldwide energy storage systems capacity in 2018.
Expanding acknowledgment of hybrid and electric vehicles couple with the government incentives offered for advancing EV innovation is anticipated to support development of electric vehicle and energy storage system industry. While battery services are yet to improve and outperform the gasoline fueling infrastructure, unstable costs of gas are relied upon to decidedly impact the demand for electric vehicles over the estimated period.
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The global energy storage systems market has been classified into technology and region. Based on technology, the global energy storage systems market is segregated into PHS, electrochemical, electromechanical, and thermal. On the basis of region, the global energy storage systems market is bifurcated into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
Asia Pacific drove the worldwide market with a storage capacity exceeding surpassing 81 GW in 2017. Up and coming PHS projects are foreseen to help the area development over the estimate time frame. Rising power utilization has brought about the requirement for storage systems in China, Japan, and Southeast Asia. Growing requirement for energy the executives in utility-scale ventures and peak load requirement are relied upon to drive the need for different ESS, for example, batteries, CAES, and flywheel.
Spain, Switzerland, Germany, France, Italy, and Austria represented a storage capacity limit of over 6.6 GW in 2017. Be that as it may, the huge market entrance of existing hybrid and pure renewable energy technologies in Germany and U.K. is probably going to drive need in potential areas over these nations.
North America has an expansive number of PHS offices when contrasted with different ESS advancements. The market is foreseen to observe noteworthy development soon inferable from a substantial number of arranged electrochemical facilities. Rising activities in R&D ventures combined with stringent guidelines relating to the environmental emissions of fossil-fueled power generation is relied upon to additionally fuel the development.
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Augmented installation of renewable energy sources along with rising requirement of storing the generated electricity for (UPS) Uninterrupted Power Supply has also led to substantial increase in demand. Numerous nations in Europe and North America have undertaken initiatives for advancing renewable power generation by the end of 2050 to accomplish a sustainable future with the assistance of clean energy.
Thermal energy storage has been the most prominent sector for government interests in the Americas. The administration of Chile has broadened the tax credits required for installing solar thermal systems in buildings by the end of 2020. Rising need to reduce the exponentially developing pollution and give residents a sound living climate, clean drinking water, green condition, and outside air to accomplish a supportable future are probably going to drive the market over the estimate time frame.
The top companies in the global energy storage systems market are AltairNano; GE; The Furukawa Battery Co., Ltd.; Maxwell Technologies, Inc.; Electrovaya; Active Power; EnSync; Furukawa Battery; and Fluence; Saft.
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