Advanced Energy Storage Systems Market Is Projected To Be Around $3.42 Billion By 2022
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A research study titled, “Advanced Energy Storage Systems Market by Technology - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the Advanced Energy Storage Systems Market Is Projected To Be Around $3.42 Billion By 2022.
The global Advanced Energy Storage Systems market was worth USD 1.51 billion in the year of 2012 and is expected to reach approximately USD 3.42 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 7.63% during the forecast period. Energy storage is the saving of energy created at one time for utilization in the future. A gadget that stores energy is also called a battery or accumulator. Energy storage includes changing conversion of energy from frames that are hard to store to all the more advantageously or financially storable structures. Mass vitality stockpiling is right now commanded by hydroelectric dams, both ordinary and pumped. Advanced energy storage systems can be arranged as chemical, thermal, electrochemical, mechanical, electrical, biological systems. Electrochemical systems comprise flow and battery that is rechargeable, wherein, biological comprise glycogen and starch. Electrical systems include Superconducting Magnetic Energy Storage (SMES) and super capacitors. Chemical systems comprise hydrogen, power to gas, biofuels, vanadium pentoxide, hydrated salts and liquid nitrogen. Thermal technology comprises steam accumulator, solar pond, seasonal thermal energy storage, thermal energy storage, ice storage and molten salt. Mechanical systems contain locomotive, hydraulic accumulator, hydroelectric energy storage, Compressed Air Energy Storage (CAES) and fireless.
The global advanced energy storage systems market has observed significant growth owing factors like Expanding R&D associated with rising number of substitute energy sources and switching interests of consumers to advanced storage systems due to high costs of energy. Energy management, to meet the demands of the network for utility-scale measured assignments at crest conditions, is the need of the day and thus is depended upon to help boost the advanced energy storage systems market. Advanced energy storage systems tend to effectively manage the surge of resources of energy in subsequently diminishing the amount of vitality plants which is required to be a key driving variable for market advancement. Expanding issues in regards to the discharges of GHG and CO2 can be overseen by advanced energy storage thus achieving broadened necessity. Besides, unique components including the arrangement of backup power for critical loads, utility transmission, and limitations in empowering and distribution of gainful deployment of charging stations for electric vehicles are depended upon to support the market demand. The lack of commercial practicality of advanced energy storage systems for distributed energy generation is relied upon to challenge market development in the following years.
On the basis of technology the global advanced energy storage systems market is segmented into molten salt technology, Battery technology, Thermal technology, Compressed air technology and Flywheel technology. The major players in the market are LG Chem, Altairnano, General Electric, Alevo and AES Energy Storage. Geographically the market is segmented into Europe, Asia Pacific, North America and Rest of the world.
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Key findings of the Advanced Energy Storage Systems market
- Thermal energy storage systems were the biggest innovation section on the basis of installed capacity representing more than 40 percent of worldwide market in 2014. High proficiency regarding vitality stockpiling and capacity to give control amid top hours in anticipated that would assume a noteworthy part in advancing market development.
- Battery storage devices market is still in the initial stage and is relied upon to witness speediest development in the upcoming years. The market has substantial potential inferable from convenient charging properties and re-energization of the electrolyte fluid bringing about less wastage.
- North America commanded the advanced energy storage systems market representing more than 45 percent of worldwide installed capacity in 2014. Stringent directions with respect to natural emanations are relied upon to bring about expanded establishments of cutting edge vitality stockpiling frameworks, especially in the United States.
- Asia Pacific is anticipated to be the quickest developing business sector for advanced energy storage systems. Developing industrialization and enhancing lifestyle of consumers has brought about a surging requirement for energy which thusly is relied upon to boost advanced energy storage systems market in the area.
- Advanced energy storage systems market is extensively divided attributable to the existence of various organizations over different advancements. Attributable to the innovation driven nature of the market, key organizations including AES Energy Storage, LG Chem, GE and Alevo are intensely putting into R&D to create advanced technology.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.