A report by Transparency Market Research furnishes valuable insights into the global advanced energy storage technologies market by analyzing the key trends and current competitive dynamics. It segments the market based on applications, technologies, and geography.
Albany, NY -- (SBWIRE) -- 05/18/2017 -- Global Advanced Energy Storage Technologies Market: Overview
Advanced energy storage systems play a crucial role in the power industry. Maintenance of power quality, effective distribution, and proper energy management are some of their unique perceived benefits. They carry out the aforementioned tasks through frequency regulation, mitigating power congestion on grids, and supplying power uniformly in distributed generation. Advanced energy storage technologies first convert electricity into energy, store it, and then convert it back into usable electricity when the need arises. This is because while only a fixed amount of electricity can be generated at a time, the demand for electricity changes all the time.
A report by Transparency Market Research furnishes valuable insights into the global advanced energy storage technologies market by analyzing the key trends and current competitive dynamics. It segments the market based on applications, technologies, and geography. In terms of technologies, for example, it classifies the market into super capacitors, pump hydro storage, batteries, flywheels, compressed air energy storage, and fuel cells. There are also more recent, upcoming technologies such as synthetic gas, super magnet, and hydrogen gas. Among all of these, pump hydro storage has been around for a very long time and dominates the market too. Application-wise, the report segments the market into transportation and grid storage.
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Global Advanced Energy Storage Technologies Market: Trends and Opportunities
Spiking daily electricity consumption along with the yawning gap between energy supply and demand has necessitated substantial storage capacity additions. This has been the single-most important factor contributing to the global advanced energy storage technologies market. Other factors driving the market are the burgeoning renewable energy installations and the spurt in demand for hybrid and electric vehicles. Additionally, increasing concerns about greenhouse gas and carbon dioxide emissions is also filliping the global advanced energy storage technologies market. This is because advanced energy storage technologies assist in effectively managing the flow of energy resources thus reducing the need for power generation, thereby bringing about energy conservation.
Advanced energy storage systems have also allowed consumers to manage their electricity needs by using the load shifting technique which helps to bring down costs. Furthermore, other factors including the growing need of smart grid installation and new transmission and distribution grid construction and upgrades has also bolstered the global market for advanced energy storage technologies market.
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Global Advanced Energy Storage Technologies Market: Regional Outlook
Depending upon geography, the global market for advanced energy storage technologies can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America, among them, is the leading market on account of the soaring popularity of electric vehicles and rising use of grid storage. North America is trailed by Asia Pacific and Europe. Going forward, Asia Pacific is predicted to outshine all other regions in terms of growth rate.
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Companies Mentioned in Report
To present an insightful assessment of the competition prevailing in the global market for advanced energy storage technologies, the report profiles companies such as Sony, Nippo Chemi-Con Corp., A123 System LLC, Denso, Hitachi, and Toshiba.
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