Fast Market Research recommends "Advanced Energy Storage Systems Market by Technology (Pumped Hydro, Compressed Air, Batteries, Flywheels, Supercapacitors), By Applications (Grid Storage & Transportation), & Geography - Global Trends & Forecast to 2018" from Markets and Markets, now available
Boston, MA -- (SBWIRE) -- 01/28/2014 -- Electricity demand is expected to grow globally in the future by many folds. It is expected to grow to 32,000 TWh by 2035, a 70% increase from 2012. The global consumption of electricity is expected to grow by over 60% from 2011 to 2030. This huge demand increase has to be met by increased generation which requires 6,000 GW of added new capacity, apart from the existing capacity.
The bulk of required electricity, though could be generated, has to be managed due to frequently changing demand peaks by seasons, between day and night, and every hour making energy storage an imperative element within the system. Additionally, globally increasing concerns over energy conservation and efficiency measures are shifting fossil energy to alternative energy.
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The most prominent and oldest of all the storage technologies is the pumped hydro storage. Numerous technologies other than pumped hydro with different capabilities are now in the market with continuous research and development in progress. These include compressed air energy storage, batteries, supercapacitors, fuel cell, and flywheel. Emerging and developing technologies include hydrogen storage, super magnets and synthetic gas.
Globally, the advanced energy storage systems market that includes grid storage and transportation is expected to grow at a CAGR of 10% in from 2013 to reach over $10.8 billion by 2018. The key growth drivers include growing renewable implementation, new transmission and distribution grid construction and upgrades, smart grid installation, and growing demand for electric and hybrid vehicles.
The global battery storage market is dominated by North America in 2012, followed by Asia-Pacific and Europe. Increasing grid storage needs and encouraging policies for electric vehicles in the U.S. are the key drivers for this market. Asia-Pacific is expected to the key market gainer in the next five years
The 'Advanced Energy Storage Systems Market' report classifies current key technologies in the market. It highlights the energy storage market by applications such as grid storage and transportation. It also classifies the market by geography into Asia-Pacific, Europe, North America and ROW regions. The report presents current and projected markets of grid storage, battery storage and supercapactiors. Additionally, it includes profiles of battery manufacturers and presents a landscape of recent developments by these battery manufacturing giants. For this study, prominent market players were identified through secondary and primary research activities.
Advanced energy Systems Market Value, By Geography, 2011-2018 & Market Value Share, By Geography, 2012
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