Energy storage systems Market– Description
What are Energy storage systems?
A set of methods or technologies used to store energy is alluded as energy storage systems. This stored energy can be utilised later to perform certain operations such as generation of electricity or power. The examples of stored energy are wind, solar energy, tidal that are renewable source of energy.
Energy storage is repositioning of renewable resource produced at one time to use for later. This reduces the imbalance of demand verses supply. The device that stores energy is generally recognized as battery or accumulator. There are multiple forms of energy such as radiation, chemical, tidal, gravitational, electric, kinetic, latent etc. The storage of these renewable resources is difficult store in convenient or economical storable forms. Hence, technology plays an important role in conversion and storage of renewable form of energy. Some technologies provide short term energy storage, while others endure longer. Bulk energy storage is currently ruled by hydroelectric dams both conventional and pumped. Grid energy storage is a collection of methods used to store energy on large scale. Common examples of energy storage are rechargeable batteries used in smart phones that converts chemical energy into electrical energy for smart phone operations. Another type is hydroelectric energy which is used in dams, which stores energy in reservoir as gravitational potential energy. One more type is ice storage tanks which stores frozen ice in cheaper energy at night to meet the day time demand for coolants. Fossils fuels such as coal and gasoline are the conventional sources of renewable energy.
There is vast list of renewable sources of energy Electrical, electromagnetic, fossil fuels, mechanical, chemical, thermal, etc. which are propelling the market growth.
The inclination towards the reduction of greenhouse gases emission and low carbon energy generation has been accelerating the market growth of the Energy Storage System. Massive investments have been experienced in various battery energy storage systems by the numerous nations to meet their green energy targets. The non-residential, residential and utility sectors have organized multiple systems for collecting and transferring power generated, utilizing wind energy and concentrated solar power.The surge in demand for the grid energy storage system is poised to boost the market growth:
The energy which is stored in the grid is solar and wind energy. Wind and solar energy are the most important renewable energy types that are generally stored in the grid. However, fluctuating wind currents and the concealment of the sun by clouds lead to variation in the energy generation process.
Hence, sun fluctuations create the need for flexible grid systems used for storing energy. Gradually, Energy storage systems have become an essential part of grid modernization. These systems aid to save electricity when the electricity generated surpasses the electricity demand.
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The energy storage systems market is set to reveal a substantial upturn with a CAGR of almost 9.6% during the forecasted period of 2021 to 2030. The energy storage systems market is estimated to garner a significant improvement during the forecasted timeline.
Due rising requirements of efficient grid and constant load management, additionally requirement for uninterrupted power supply the market is likely to witness substantial growth over the estimated period. Clean and renewable energy is an affordable alternative to fossils fuel based energy which is now getting diminished. Also, with the use of energy storage systems the over dependence on fossil fuel might get reduced as a result reducing greenhouse gas emissions.
In addition to this, governments of various countries are actively investing in Renewable Energy Technologies (RET). Due to rising pollution, steps are being taken to reduce extensive use of fossils fuel energy and utilise alternative source of thermal energy for transportation purposes. For instance, companies such as Tesla are coming up with new automobile models such as Tesla Roadster, Model S, Model X etc. that are based on sustainable energy. These vehicles’ run on electricity generated batteries that have been widely accepted across the globe. Variable energy is fluctuating by nature due to frequent climate changes. Wind and solar power generation cannot be controlled like any other renewable source of energy. However, governments across globe are taking initiatives to utilize these renewable sources of energy efficiently.
Moreover, increased adoption of electric and hybrid vehicle’s twined with governments initiative to promote EV technology is expected to propel the market growth.
Market Key players
Companies are undertaking research and development activities to sustain the competition. The key companies are operating in view on working on utilisation advanced technology based products due to the rising demand for energy storage systems in the grid-connected sector. The market is highly competitive with respect to advancement in technology. The global market is fragmented due to prevalence of large number of manufacturers across the globe. Some of the prominent players are listed below
- GENERAL ELECTRIC
- LG Chem
- Langley Holdings Plc
- Showa Denko Materials, Co. Ltd.
- Maxwell Technologies, Inc.
- THE FURUKAWA BATTERY CO., LTD.
- Samsung SDI Co., Ltd.
The energy storage systems market is segmented into Technology, End User, Application and Region.
Segmentation by Technology
Based on Technology the market is further segmented into
- Pumped Hydro Storage
- Battery Energy Storage
- Compressed Air Energy Storage
- Flywheel Energy Storage
Where the Pumped hydro technology segment dominated the market with more that 90.0% of total revenue share in terms of volume, in 2020. This growth is credited to ongoing investments towards upgrading energy infrastructure and enhancing on-grid capacity. In addition to this The electrochemical storage segment is expected to witness a CAGR of over 10.0% over the predicted time line.
Segmentation by End use
Based on End use the market is further segmented into
Among all, the Utilities segment led the market in 2020, owing to increased investment towards building of utility scale power plants.
Segmentation by Application
In terms of Application segment, the Stationery segment garnered the highest.
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Based on the geographical segment the market covers following regions as North America, Europe, Asia Pacific, Central and South America, Middle East and Africa. Asia- Pacific dominated the market in 2020 and is expected to maintain the same throughout the forecasted period. This is attributed to the presence of huge consumer base, rapid development of the renewable energy sector, and the existence of key players in the region.
Covid-19 impact on the market:
The recent pandemic has led to dramatic loss of human life globally and an unprecedented challenge to manufacturing industry. The virus spread across the globe at an alarming speed tainting millions. The unprecedented lockdowns across the globe had resulted into monetary fall, bringing in catastrophic financial challenges across sectors. Thus, the supply chain and logistics can to stand still, that affected to production of fuel cells.
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