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. 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 segment of pumped hydro storage accounted for more than 90% share in the global market in 2015.
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 micro grids 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 benefited the growth prospects of the global advanced battery storage market as well.
The global advanced energy storage market, which had a valuation of $0.87 billion in 2015, will exhibit a promising 5.4% CAGR from 2016 and 2024 and rise to a valuation of $1.39 billion by 2024.
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Filed Under: Energy storage
