ALBANY, New York, April 18, 2019 /PRNewswire/ -- Transparency Market Research (TMR) says competition in the energy storage systems market is expected to heat up in the near future. This is mainly because of the entry of several new players in the market. Key players are focusing on advanced technologies for energy storage to tap ample of unexplored opportunities in the energy storage systems market.
This can be illustrated with the recent move by Alevo, a key player in the energy storage systems market. The company signed an agreement with Customized Energy Solutions to provide 200 MW of GridBank powered frequency regulation services to wholesale market.
Some of the prominent players operating in the energy storage systems market are ABB Ltd, EOS Energy Storage, BYD Company Limited, Maxwell Technologies, Inc., Hitachi, Ltd., General Electric Company, Siemens AG, and Tesla.
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As per a recent report by TMR, the global energy storage systems market is expected to rise at a steady 5.6% CAGR from 2017 to 2025. Rising at this CAGR, the market is anticipated to attain a valuation of US$52.59 bn in 2025. The analyst, noted the global energy storage systems market at a value of US$32.60 bn in 2016.
Based on application, transportation segment is anticipated to grow at a significant rate during the forecast period. This is mainly due to a surge in sales of electric vehicles and growing railway networks. Geographically, Asia Pacific is projected to dominate the energy storage systems market with majority of share. This can be attributed with the rising demand for batteries from several commercial sectors. The market in Asia Pacific is expected to attain a valuation of 16.5 bn by the end of forecast period.
Increasing Energy Demand at Peak Hours to Boost Prospects
The global energy storage systems market is expected to grow a noteworthy pace during the forecast period. This is mainly because of the factors such as increasing demand for grid-connected solutions, advancement in lithium-ion battery technology, and declining prices of batteries.
Apart from this factors like, need for efficient energy management in order to meet rising electricity demand at peak times is likely to facilitate utilization of energy storage system in the years to come. This is expected to fuel the energy storage system market in the years to come.
Further, increasing transition from fossil fuels to alternative sources is expected to balloon demand for advanced storage systems over the forecast period. This can be related with the recent report released by to the Energy Storage Association, US. As per the report, the utility-based battery storage installed capacity grew by 221 MW in 2016.
Shift from Tradition to Flywheel Power Storage Technology to Drive Market
Flywheel is an advanced mechanical energy storage system technology. It has several desirable features such as reliability, high shelf life, enhanced efficiency and less maintenance. The technology is poised to experience a high growth as a result of uninterrupted & continuous power supply to the grid with immediate response, quality improvement, and frequency regulation. Increasing demand of flywheel technology in industrial applications is expected to augment the growth of the energy storage systems market over the forecast period.
However, high capital investment for installation and maintenance of the flywheel technology is expected to be a major constraint for growth of the energy storage systems market over forecast period. Nevertheless, extensive investments on research and development of the technology by key players is anticipated to fuel the growth.
This review is based on the findings of a TMR report, titled, "Energy Storage Systems Market (Technology - Electrochemical Storage (Lithium-Ion Battery, Lead Acid Battery, Sodium Sulfur (NAS) Battery, and Flow Battery), Mechanical Storage (Pumped Hydro Energy Storage, Flywheel Energy Storage, and Compressed Air and Liquid Air Energy Storage), and Thermal Storage; Application - Transportation and Grid Storage; End-use - Residential, Non Residential, Utilities, and Automotive) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
Global Energy Storage Systems Market is segmented as below:
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