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Advanced energy storage refers to the process of storing electricity after converting it into energy. The energy is converted back to electricity for later use. Advanced energy storage technologies amass energy from different sources and store it in different mediums for a period of time before supplying it to power or energy providing services. It comprises of conventional as well as novel energy storage technologies such as pumped hydro, battery storage, flywheel, thermal, and hydrogen storage.
The global appetite for electricity is rising at a massive pace owing to factors such as rapid urbanization, industrialization, and the mounting rise in global population. As a result, the need for energy storage is anticipated to remain strong to timely and efficiently supply power to the required end-user. The demand for effective and advanced energy storage technologies is also rising due to development in renewables energy resources, improvement of antiquated utility grid networks, and higher energy demand costs.
Transparency Market Research estimates that the global advanced energy storage market, which had a valuation of US$0.87 bn in 2015, will exhibit a promising 5.4% CAGR from 2016 and 2024 and rise to a valuation of US$1.39 bn by 2024.
Pumped Hydro Storage to Remain Most Preferred Method for Large-scale Storage Purposes
On the basis of technology, the advanced energy storage market has been segmented in the report into pumped hydro, battery storage, flywheel storage, and thermal storage. Of these, the segment of pumped hydro storage accounted for more than 90% share in the global market in 2015. The massive share of the segment in the global advanced energy storage market is attributed to the fact that it is the most economical technology for large-scale energy storage.
For photovoltaic systems, battery storage is the most popular choice. Lithium-ion batteries are most common for power generation in mobiles and laptops but need more improvement for power generation applications. Battery storage is still expensive due to a number of factors such as need for new technologies, overcharge protection, and improved reliability and safety. The segment of thermal energy storage, representing another economical energy storage option, is anticipated to grow rapidly in the advanced energy storage market during the forecast period owing to the increasing focus on renewable energy.
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Asia Pacific Market to Continue to Embark Upon Healthy Growth Path
From a geographical standpoint, the advanced energy storage market has been segmented in the report into regions such as North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Of these, the demand for advanced energy storage systems was the dominant in Asia Pacific in 2015, followed by Europe and North America. The development of advanced energy storage market began relatively late in Asia Pacific as compared to developed regions such as Europe and North America. However, it has seen rapid growth in the past few year and is also expected to exhibit impressive growth over the forecast period.
The market is expected to exhibit growth at a relatively lower pace in Europe and North America than Asia Pacific as both the regions feature mature markets for advanced energy storage. The Asia Pacific market is anticipated to exhibit strong growth over the report’s forecast period owing to vast developments in the power distribution infrastructure, especially across thriving economies such as China, India, and South Korea.
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