Growth of advanced energy storage driven by development in renewable energy resources

Energy - Mohit Shah - Jul 20,2017

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growth of advanced energy storage driven by development in renewable energy resources

As per research reports, the global advanced energy storage market is likely to grow at a promising 5.4% CAGR from 2016 and 2024.

Currently, the global appetite for electricity rising at a rapid pace due to factors such as rapid industrialization, urbanization, as indeed growing rise in global population. Consequently, the requirement for energy storage is expected to remain strong for competently supplying power to the end-users.

As per a report published by Market Research Reports Search Engine (MRRSE), the global advanced energy storage market is anticipated to grow at a promising CAGR of 5.4% from 2016 and 2024. At this pace, the market might grow to acquire a valuation of US$1.39 billion by 2024 from US$0.87 billion in 2015. Further, it has been noticed that the growth for advanced energy storage market is primarily due to the development in renewables energy resources.

Currently, considering the technology factor, the advanced energy storage market comprises of different segments which are pumped hydro, flywheel storage, battery storage and thermal storage. Interestingly, among these the pumped hydro storage occupied more than 90% share in the global market during the year 2015.

While looking into the geographical facet for the advanced energy storage market, the prime regions include North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Out of these, the demand for advanced energy storage systems was dominant in Asia Pacific in 2015, trailed by Europe and North America. Further, the Asia Pacific market is expected to exhibit strong growth in the coming owing to wide developments in the field of power distribution infrastructure, specifically across thriving economies India, China and South Korea.

The market is strongly backed up by the efforts of companies such as AES Corporation, EDF Renewables, Schneider Electric, Maxwell Corporation and INEOS Group AG. These firms are aiming to push the sector to newer levels.

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