This article comes from business-research firm Transparency Market Research.
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 the 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.
Some of the key forces driving the global market for advanced energy storage is the significant growth observed in the field of battery energy storage, the vast rise in microgrid and on-grid energy distribution infrastructure across the globe, and lower regulatory constraints pertaining to energy storage. Of these, the excellent growth observed in the battery industry in the past few years, which has helped in significantly reducing battery prices, has fueled the growth of the electrochemical (battery) energy storage segment and benefitted the growth prospects of the global advanced battery storage market as well.
Impressive growth observed in the microgrid and on-grid energy distribution sector, especially across some of the world’s leading developed and emerging economies, has also had a massive positive impact on the overall growth prospects of the global advanced energy storage market. In the near future, the market is expected to benefit from a relaxation in tax structure and encouraging government regulations concerning energy storage, especially in countries across Europe and Asia Pacific where governments support the industry via loan rebates and subsidies.
For a sample of this research report: http://bit.ly/2sd1LAL
Filed Under: Energy storage