2014-01-08 06:09:01 - Advanced Energy Storage Systems Market by Technology - Global Trends & Forecast to 2018 - a new market research report on companiesandmarkets.com
The advanced energy storage systems market is forecast to reach revenues of US$10 billion by 2018 increasing by 10% CAGR during the period 2013 to 2018. Electricity demand is forecast to expand globally to total 32,000 TWh by 2035. The global electricity demand is forecast to increase by 70% with overall global electricity consumption forecast to expand by 60% during 2011 to 2030.
The bulk of required electricity, though could be generated, has to be managed due to frequently changing demand peaks by seasons, between day and night, and every hour making energy storage an imperative element within the system. Additionally, globally increasing concerns over energy conservation and efficiency measures are shifting fossil energy to alternative energy.
The most prominent and oldest
of all the storage technologies is the pumped hydro storage. Numerous technologies other than pumped hydro with different capabilities are now in the market with continuous research and development in progress. These include compressed air energy storage, batteries, supercapacitors, fuel cell, and flywheel. Emerging and developing technologies include hydrogen storage, super magnets and synthetic gas.
Globally, the advanced energy storage systems market that includes grid storage and transportation is expected to grow at a CAGR of 10% in from 2013 to reach over $10.8 billion by 2018. The key growth drivers include growing renewable implementation, new transmission and distribution grid construction and upgrades, smart grid installation, and growing demand for electric and hybrid vehicles.
The global battery storage market is dominated by North America in 2012, followed by Asia-Pacific and Europe. Increasing grid storage needs and encouraging policies for electric vehicles in the U.S. are the key drivers for this market. Asia-Pacific is expected to the key market gainer in the next five years
Advanced energy storage systems market has started to grow and is expected to continue the momentum in years to come due to increasing need for power and need to reduce energy consumption. The key storage technologies include pumped hydro, compressed air, battery, flywheel, and supercapacitor. Other emerging technologies include super magnets, syngas and hydrogen storage
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