Market Highlights

The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage market. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.

 

The market is driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.

 

Global Energy Storage Market

Currently, there is a phenomenal growth in the energy storage sector throughout the world. The wide application of energy storage around all the end users is creating a good potential for the energy storage market. Currently there are limited options available for the end-user in energy storage sector, thus an advancement in technology will provide prudent substitute options to the end-users. The current cost of technology is higher and it cost a lot for the end-user to opt for these energy storage at all stages of operations. The upcoming advancement and government initiative will certainly boost the economic viability of the energy storage.

 

The substantial growth in the overall global energy consumption and volatility in global fuel prices has driven the global energy storage market. These factors have certainly created a great potential for energy storage market all around the world. Europe region is the leading market for energy storage market and is followed by Asia-Pacific.

 

The Global Energy Storage Market is expected to grow at a CAGR of more than 20.18% during the forecast period.

 

Key Players

The key players of global energy storage market are AES Corporation (U.S), Tesla Inc. (U.S), General Electric Company (U.S), Voith GmbH (Germany), Sulzer Ltd. (Switzerland), Hydrostor Inc. (Canada), Highview Power Storage (U.K), Linde AG (Germany), Hydrogenics Corporation (Canada) and SolarReserve, LLC. (U.S).

 

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Europe region market is expected to grow at the fastest rate and hold the largest market size in forecast period.

Europe region is the leading market for energy storage market and is followed by Asia-Pacific. Europe currently has about a cumulative energy storage capacity of approximately 30 GW. Open pumped hydro storage contributed about 25 GW and the remaining 5 GW capacity came through batteries, compressed air storage and thermal & electro-chemical energy storage. The Europe is addressing these new challenges in the energy system by promoting innovation in key technologies and developing suitable market rules. Technological innovation in storage falls under the Horizon 2020 programme and the Strategic Energy Technology Plan.

 

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Market Research Analysis

Mechanical energy storage segment by type in global energy storage is expected to dominate market in forecast period.

Mechanical energy storage, primarily refers to technologies, which convert electricity to mechanical or potential energy, and then store it as electricity, for later use. Currently, pumped hydro storage (PSH), compressed air energy storage and liquid air energy storage are generally considered the most mature method for electricity storage, with about PSH representing 99% of the currently installed electricity storage capacity. The growing demand for mechanical energy storage from the emerging economies, such as, Spain, Germany, China and India among others, are the key factor for driving the mechanical energy storage segment by type in global energy storage market.

 

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