Till 2024 Global Advanced Energy Storage Market Likely to Reach a Value of US$1.39 bn According to New Examined Report
A latest research
report titled as “Advanced Energy Storage Market - Global Industry Analysis Size Share Growth Trends
and Forecast 2016 – 2024” has been recently added to the vast
portfolio of Market
Research Reports Search Engine (MRRSE) online
research offerings. This report is a professional and in-depth analysis on the
present state and future prospect for the global market. It provides valuable
information to the industry insiders, potential entrants or investors. It
includes an exhaustive enquiry with the reliability of logic and the
comprehensiveness of contents.
Advanced energy
storage refers to the process of storing electricity after converting it into
energy. The energy is converted back to electricity for later use.
Advanced energy storage technologies amass energy from different sources and
store it in different mediums for a period of time before supplying it to power
or energy providing services. It comprises of conventional as well as novel
energy storage technologies such as pumped hydro, battery storage, flywheel,
thermal, and hydrogen storage.
The global appetite
for electricity is rising at a massive pace owing to factors such as rapid
urbanization, industrialization, and the mounting rise in global population. As
a result, the need for energy storage is anticipated to remain strong to timely
and efficiently supply power to the required end-user. The demand for effective
and advanced energy storage technologies is also rising due to development in
renewables energy resources, improvement of antiquated utility grid networks,
and higher energy demand costs.
Market Research Report Search Engine estimates that the global advanced energy
storage market, which had a valuation of US$0.87 bn in 2015, will exhibit a
promising 5.4% CAGR from 2016 and 2024 and rise to a valuation of US$1.39 bn by
2024.
On the basis of
technology, the advanced energy storage market has been segmented in the report
into pumped hydro, battery storage, flywheel storage, and thermal storage. Of
these, the segment of pumped hydro storage accounted for more than 90% share in
the global market in 2015. The massive share of the segment in the global
advanced energy storage market is attributed to the fact that it is the most
economical technology for large-scale energy storage.
For photovoltaic
systems, battery storage is the most popular choice. Lithium-ion batteries are
most common for power generation in mobiles and laptops but need more
improvement for power generation applications. Battery storage is still
expensive due to a number of factors such as need for new technologies,
overcharge protection, and improved reliability and safety. The segment of
thermal energy storage, representing another economical energy storage option,
is anticipated to grow rapidly in the advanced energy storage market during the
forecast period owing to the increasing focus on renewable energy.
To
Know about latest Trends and Insights Prevalent in This Market, Click the link
below:
Asia Pacific Market to Continue to Embark Upon Healthy Growth
Path
From a geographical
standpoint, the advanced energy storage market has been segmented in the report
into regions such as North America, Latin America, Europe, Asia Pacific, and
Middle East and Africa. Of these, the demand for advanced energy storage
systems was the dominant in Asia Pacific in 2015, followed by Europe and North
America. The development of advanced energy storage market began relatively
late in Asia Pacific as compared to developed regions such as Europe and North
America. However, it has seen rapid growth in the past few year and is also
expected to exhibit impressive growth over the forecast period.
The market is expected
to exhibit growth at a relatively lower pace in Europe and North America than
Asia Pacific as both the regions feature mature markets for advanced energy
storage. The Asia Pacific market is anticipated to exhibit strong growth over
the report’s forecast period owing to vast developments in the power distribution
infrastructure, especially across thriving economies such as China, India, and
South Korea.
About
(MRRSE)
Market Research Reports Search Engine (MRRSE) is an
industry-leading database of Market Research Reports. MRRSE is driven by a
stellar team of research experts and advisors trained to offer objective
advice. Our sophisticated search algorithm returns results based on the report
title, geographical region, publisher, or other keywords.
MRRSE partners exclusively with leading global publishers to
provide clients single-point access to top-of-the-line market research. MRRSE’s
repository is updated every day to keep its clients ahead of the next new trend
in market research, be it competitive intelligence, product or service trends
or strategic consulting.
Contact
Us
State Tower
90, State Street
Suite 700
Albany, NY – 12207(United State)
Telephone: +1-518-730-0559(toll free no)
Email: sales@mrrse.com
Website: https://www.mrrse.com/
90, State Street
Suite 700
Albany, NY – 12207(United State)
Telephone: +1-518-730-0559(toll free no)
Email: sales@mrrse.com
Website: https://www.mrrse.com/
Comments
Post a Comment