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Global energy storage market: 6% CAGR between 2012-2016
Global Off-grid Energy Storage Market 2012-2016 - a new market research report on 2014-03-05 09:34:03
The Global Off-grid Energy Storage market is to grow at a CAGR of 6.37 percent over the period 2012-2016. One of the key factors contributing to this market growth is the technologys contribution to reducing global CO2 levels. The Global Off-grid Energy Storage market has also been witnessing an increase in the R and D of off-grid energy storage systems. However, the issue of storage energy loss could pose a challenge to the growth of this market.

Among the various techniques to reduce greenhouse gas emissions, the concept of green energy is thought to be the most significant method. Green energy generation is the method of using renewable resources as raw materials for energy generation and storage, which results in the reduction of emissions. One of the off-grid energy storage techniques, fuel cell energy storage, leads to a substantial reduction in greenhouse gas emissions because it uses hydrogen and not carbon for electricity generation and storage. This shift toward green technology is one of the major trends prevailing in the Global Off-grid Energy Storage Market.

The cost-effectiveness of raw materials is one of the major drivers in the Global Off-grid Energy Storage Market. The cost-effectiveness of various off-grid energy storage technologies such as lithium-ion batteries is one of the major driving factors in the market. Lithium, which is used in the anode of lithium-ion batteries, is cheaper than other elements such as nickel and lead. Consequently, lithium-ion batteries are manufactured on a large scale to attain high efficiency and lower costs. This advantage will drive the demand for lithium-ion-based off-grid energy storage systems in the forecast period.

The key vendors dominating this space are Ballard Power Systems Inc., FuelCell Energy Inc., Hydrogenics Corp., and UTC Power LLC. The other vendors mentioned in the report are Plug Power Inc., Protonex Technology Corp., IdaTech LLC, and Ceramic Fuel Cells Ltd.

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