Transparency Market Research Report Added "Advanced Energy Storage Systems Market" to its database
Albany, NY -- (SBWIRE) -- 10/16/2014 -- Advanced energy storage (AES) systems convert electricity into energy, store it and convert it back to usable electricity for later use. An example of AES systems is the technology that captures electricity generated by a photovoltaic system, stores it in a battery, which when discharged at a later time generates usable electricity.
AES systems include a variety of batteries (lead acid, lithium ion), hybrid systems that pair ultra capacitors with batteries, superconducting magnets, fuel cells, compressed air energy storage systems, etc. AES systems are at the brink of continued research and development activities, and have strong ties with consumer electronics, automotives, renewable energy, defense, and utilities market.
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Over the past few years, the market of AES systems has observed investments worth billions of dollars for supporting various AES system initiatives. Examples of recent developments in AES systems include advancements in stationary power systems, electric vehicle batteries, and beyond lithium technologies.
Why Advanced Energy Storage?
Electricity is a commodity, perhaps the only, in current economy that is required on a 24/7 as-demanded bases, and to date, the mankind has not been successful in developing a way to store it in an inventory. The amount of electricity that can be generated through any power generation method in a particular time frame is fixed, although the demand posed by various end users for electricity keeps constantly fluctuating. Meeting grid demands properly by managing this flow of energy is not only very essential but also very challenging.
For many industries that fall in the Utility Sized scale electricity users range, whose demand is >5 MW electricity, AES systems play an important role in storing electricity so that it can be used at peak times.
Looking at the current scenario of exponential rise in demand for electricity, which according to market experts will grow to 32,000 TWh by 2035, need for storage and thus, for AES systems will continue to increase.
Need for AES systems will also rise as large number of renewable energy sources will develop in the future. AES systems play important role in smoothing out the energy spikes introduced in the process of power generation from unstable energy sources such as wind power and sunlight.
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Marketplace Development and rising need for Advanced Energy Storage systems
The huge increase in electricity demand on a global scale in the coming years makes it necessary for developing AES systems with an added new capacity range, apart from the existing ones available.
The huge amount of research and development involved in the field of renewable and alternative energy sources and power generation methods may easily make it possible to generate the bulk of required electric power in future. But managing the bulk due to exponential changes in demand peaks between day and night, festive seasons, special occasions and precisely every hour would make the availability of increasingly sophisticated AES systems the ultimate need.
Advanced Energy Storage Technologies
Pumped hydro storage is the most prominent and oldest known technology of AES systems and is globally used for load balancing and peak shaving in grid storage due to its longer discharge time. However now, numerous other AES systems are available in the market due to continuous research and development. Amongst the other well known technologies prevalent in today’s AES systems market, the prominent ones include fuel cell, flywheels, supercapacitors, compressed air energy storage, super magnets, synthetic gas and hydrogen storage.
Key Market Players
The market place of the global AES market is highly competitive, with the major businesses operating in the marketplace vying for shares of the market. Some of the key market players in the AES systems market include Altair Nanotechnologies Inc., Active Power, Inc., Energizer Holdings Inc., Exide Technologies, China Bak Battery Inc., Enersys, BYD Company Ltd., Maxwell Technologies, Nippon Chemi-Con Corporation, Toshiba Corporation, Electrovaya Inc., The Furukawa Battery Co. Ltd., Altair Nanotechnologies Inc., Sony, GS Yuasa Corporation, SAFT,LG Chem Ltd., Valence Technology, and Hitachi.