Rising electricity consumption on a daily basis coupled with increasing energy supply-demand gap has resulted in the high need for storage capacity additions. The amount of electricity generated is fixed over a period wherein the demand keeps on fluctuating. Energy management, to meet grid demands for utility-scale sized projects at peak times, is the need of the day and hence is expected to augment advanced energy storage systems market. Increasing R&D relating to rising number of alternative energy sources is expected to result in an intermittent need for advanced energy storage thus augmenting storage systems market over the forecast period. Advanced energy storage systems tend to effectively manage the flow of energy resources thus reducing the number of power plants which is expected to be a key driving factor for market growth. High energy costs have resulted in shifting preferences to advanced storage systems among consumers allowing them to manage their electricity in real time using Load Shifting Technique.
Rising concerns regarding GHG and CO2 emissions can be overcome by advanced energy storage thus resulting in augmented demand. Furthermore, other factors including the provision of backup power for critical loads, utility transmission, and distribution constraints and enabling efficient deployment of electric vehicle charging stations are expected to propel market demand. Advanced energy storage technologies can be classified as chemical, biological, electrochemical, electrical, mechanical, thermal systems. Chemical systems include vanadium pentoxide, power to gas, liquid nitrogen, hydrogen, biofuels, and hydrated salts. Biological include starch and glycogen, whereas, electrochemical systems include flow and rechargeable battery. Electrical systems comprise super capacitors and SMES (Superconducting Magnetic Energy Storage). Mechanical systems consist of hydroelectric energy storage, hydraulic accumulator, flywheel, locomotive, fireless, and CAES (Compressed Air Energy Storage). Thermal technology covers thermal energy storage, solar pond, eutectic system, seasonal thermal energy storage, molten salt, ice storage, and steam accumulator. The low commercial viability of advanced energy storage systems for distributed energy generation is expected to challenge market growth in the next seven years.
Global Advanced Energy Storage Systems Market Capacity By Technology (Mega Watts)
Thermal energy storage technology was the largest in terms of capacity accounting for over 40% of the total market owing to high effectiveness in energy capturing and storing temporarily for use after a stipulated period. The excess energy produced in solar thermal power plants during the day is stored in the form of pumped heat, liquid air or hydrogen and is used later at night to drive a turbine that produces electricity. Flow and rechargeable batteries are in their nascent stages with some developments by market participants focusing on increasing application scope. LI-ION, NI-CD and NAS are solid state batteries whereas Redox, ICB, VRB, ZNBR are flow batteries. The demand for batteries is expected to witness a significant increase owing to easy charging properties coupled with re-energization of the electrolyte liquid resulting in low wastage. Flywheel technology is expected to witness high growth on account of continuous, uninterrupted power supply to the grid along with instant response, frequency regulation and quality improvement concerning electricity.
With the advent of renewable energy including solar PV and wind in high growth markets of Germany, U.S. Japan, and Italy, demand for advanced energy storage systems is expected to significantly rise over the forecast period. North America and Europe held a lion’s share of the market owing to greater installed capacities. Asia-Pacific is expected to witness high growth as a result of capacity additions owing to increasing energy demand. The advanced energy market in the U.S. accounts for over 15% of the USD 1.3 trillion global market which is a key reason for high energy storage demand from North America in the past few years.
Global advanced energy storage systems market is highly fragmented owing to the presence of numerous participants that offer several storage technologies. The market is characterized by continuous R&D by key players including AES Energy Storage, Alevo, GE, LG Chem and Altair Nanotechnologies to sustain competition. Altair Nanotechnologies developed Li-Ti batteries intending to mitigate problems relating to frequency regulation. Also, joint ventures and agreements are an integral part of the worldwide market with major companies collaborating to develop application scope. AES Corporation along with Altairnano has been successful in developing a battery system for grid-scale energy storage.
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