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The market size for energy storage is estimated to value at US$ 2,789.4 million by the end of 2016, at a CAGR of 8.9% over the forecast period. The energy storage market is growing owing to the increasing production of electricity. Artificial intelligence (AI) for energy storage is expected to boost growth of this market during the forecast period.
Lithium batteries are likely to witness the largest market growth over the forecast period. Lithium ion batteries are preferred over conventional batteries. As lithium ion do not have a memory consequence (loss of capacity by not complete loading / unloading) and also achieve high efficiency up to 95%.
Lower cell voltage of a Lithium ion battery surges the safety factor. Lithium Titanate Oxide (LTO) based Lithium batteries belong to the low cell voltage sector, faster recharge periods, offers good operating efficiency due to their stable chemical composition that is appropriate across a widespread temperature array. Drawbacks comprise relatively high material cost and low energy density. Though, rising demand for Li-ion batteries in the automotive sector and large-scale mass production will drive expenses down. Both, manufacturing technology and material research will subsidize to drive down the costs. Extensive R&D activity and rising demand specify that costs are expected to drop significantly until 2025 with only small downside risk.
Electric Car Company Panasonic and Tesla have been working on decreasing costs of their lithium-ion batteries considerably and with Tesla’s “Gigafactory”. Tesla’s PR is difficult to beat, but several other Li-Ion manufacturers in Asia-Pacific and in the world are also in progress with construction of ‘giga-facilities’ – including Lishen, BYD and Samsung.
Vanadium redox flow batteries (VRFBs) are an emerging share of the energy storage market, which also comprises pumped hydro power, solar thermal power plants, and lithium-ion batteries. Unlike lithium-ion batteries, vanadium redox flow batteries are too huge to be used in electric vehicles; but, they have much extended lifespans, and are well suitable to utility and industrial applications.
In November 2017, StorEn Technology announced the progress of a new generation of VRFBs to fulfil the rising market demand for commercial viable energy storage. Unlike traditional batteries which store their reactive materials in their cells, VRFBs are a sort of rechargeable battery in that the energy is warehoused chemically in a liquefied electrolyte confined in two tanks.
Vanadium batteries are also considered as best technology followed by lithium ion batteries for stationary energy storage application. This is a recognized technology with advantages like long-scale duration with no or very less memory effect and self-discharge or ghost effect that continuously runs at 100% discharge.
Furthermore, based on application, utility solution segment is expected to dominate the global energy storage market at the end of forecast period. The most vital driver of utility-scale energy storage systems is the considerable growth in the amount of renewable energy installed across the world. Growing investments in renewable energy is anticipated to enhance the demand for energy storage systems in utility solutions. These variable methods of power generation presents challenge to electrical grids situated locally, that are typically not designed to handle different output generated and are often stretched-out in providing the existing electricity. Issues arrives from the need to safely incorporate variable resources and to align demand and supply to evade restraining energy. Energy storage systems are chiefly well suited to smoothing the fluctuating output of renewables and regulating the rapid ramping up and down of wind and solar generation. The curtailment or waste of renewable energy production presents a major opportunity for long-duration, utility-scale energy storage systems to permit greater utilization of these resources by shifting energy supply in ways to better line up with demand.
The key driver is the effort by governments across the world in order to reduce carbon emissions. During late 2015’s, the Paris Agreement was negotiated by 197 countries which agreed to set emissions reduction targets with the objective of limiting global warming, less than 2°C compared to pre-industrial levels. The agreement was attended by a set of targets for emissions moderation in various countries. In the aggregate, the IEA approximates that $13.5 trillion in additional investment will be mandatory just to attain these goals. These directives and the decreased costs of renewable generation are resulting in dropping competitiveness and departure of many coal-fired power plants. As new coal plant deployments are replaced by distributed resources and renewables, the grid will require new sources of inertia to conserve stability. Inertia on the grid has conventionally delivered by the rotary mass of thermal power generators, that permits the system to uphold stability if a portion of transmission or generation assets go offline. Energy storage is evolving as an ideal solution for providing synthetic and real inertia as ever-expanding clean power sources come online and cannot replicate the inertia provided by large-scale fossil-fuelled generators.
North America has portrayed a strong market growth over the recent years. Strong expansion of the battery energy storage sector in the region has been primarily driven by the enhanced requirement for energy efficient storage organizations to support electrical grids, particularly under highly stressed circumstances and to evade power blackouts.
Key segments of the global Energy Storage market
Type Overview, 2013-2025 (Mega Watts) (USD Million)
Application Overview, 2013-2025 (Mega Watts) (USD Million)
Regional Overview, 2013-2025 (Mega Watts) (USD Million)
Reasons for the study
What does the report include?
Who should buy this report?
This study is suitable for industry participants and stakeholders in the energy storage industry, who want an in-depth insight into the movement of the vanadium redox battery market. The report will benefit:
The market size for energy storage is estimated to value at US$ 2,789.4 million by the end of 2016, at a CAGR of 8.9% over the forecast period. The energy storage market is growing owing to the increasing production of electricity. Artificial intelligence (AI) for energy storage is expected to boost growth of this market during the forecast period.
Lithium batteries are likely to witness the largest market growth over the forecast period. Lithium ion batteries are preferred over conventional batteries. As lithium ion do not have a memory consequence (loss of capacity by not complete loading / unloading) and also achieve high efficiency up to 95%.
Lower cell voltage of a Lithium ion battery surges the safety factor. Lithium Titanate Oxide (LTO) based Lithium batteries belong to the low cell voltage sector, faster recharge periods, offers good operating efficiency due to their stable chemical composition that is appropriate across a widespread temperature array. Drawbacks comprise relatively high material cost and low energy density. Though, rising demand for Li-ion batteries in the automotive sector and large-scale mass production will drive expenses down. Both, manufacturing technology and material research will subsidize to drive down the costs. Extensive R&D activity and rising demand specify that costs are expected to drop significantly until 2025 with only small downside risk.
Electric Car Company Panasonic and Tesla have been working on decreasing costs of their lithium-ion batteries considerably and with Tesla’s “Gigafactory”. Tesla’s PR is difficult to beat, but several other Li-Ion manufacturers in Asia-Pacific and in the world are also in progress with construction of ‘giga-facilities’ – including Lishen, BYD and Samsung.
Vanadium redox flow batteries (VRFBs) are an emerging share of the energy storage market, which also comprises pumped hydro power, solar thermal power plants, and lithium-ion batteries. Unlike lithium-ion batteries, vanadium redox flow batteries are too huge to be used in electric vehicles; but, they have much extended lifespans, and are well suitable to utility and industrial applications.
In November 2017, StorEn Technology announced the progress of a new generation of VRFBs to fulfil the rising market demand for commercial viable energy storage. Unlike traditional batteries which store their reactive materials in their cells, VRFBs are a sort of rechargeable battery in that the energy is warehoused chemically in a liquefied electrolyte confined in two tanks.
Vanadium batteries are also considered as best technology followed by lithium ion batteries for stationary energy storage application. This is a recognized technology with advantages like long-scale duration with no or very less memory effect and self-discharge or ghost effect that continuously runs at 100% discharge.
Furthermore, based on application, utility solution segment is expected to dominate the global energy storage market at the end of forecast period. The most vital driver of utility-scale energy storage systems is the considerable growth in the amount of renewable energy installed across the world. Growing investments in renewable energy is anticipated to enhance the demand for energy storage systems in utility solutions. These variable methods of power generation presents challenge to electrical grids situated locally, that are typically not designed to handle different output generated and are often stretched-out in providing the existing electricity. Issues arrives from the need to safely incorporate variable resources and to align demand and supply to evade restraining energy. Energy storage systems are chiefly well suited to smoothing the fluctuating output of renewables and regulating the rapid ramping up and down of wind and solar generation. The curtailment or waste of renewable energy production presents a major opportunity for long-duration, utility-scale energy storage systems to permit greater utilization of these resources by shifting energy supply in ways to better line up with demand.
The key driver is the effort by governments across the world in order to reduce carbon emissions. During late 2015’s, the Paris Agreement was negotiated by 197 countries which agreed to set emissions reduction targets with the objective of limiting global warming, less than 2°C compared to pre-industrial levels. The agreement was attended by a set of targets for emissions moderation in various countries. In the aggregate, the IEA approximates that $13.5 trillion in additional investment will be mandatory just to attain these goals. These directives and the decreased costs of renewable generation are resulting in dropping competitiveness and departure of many coal-fired power plants. As new coal plant deployments are replaced by distributed resources and renewables, the grid will require new sources of inertia to conserve stability. Inertia on the grid has conventionally delivered by the rotary mass of thermal power generators, that permits the system to uphold stability if a portion of transmission or generation assets go offline. Energy storage is evolving as an ideal solution for providing synthetic and real inertia as ever-expanding clean power sources come online and cannot replicate the inertia provided by large-scale fossil-fuelled generators.
North America has portrayed a strong market growth over the recent years. Strong expansion of the battery energy storage sector in the region has been primarily driven by the enhanced requirement for energy efficient storage organizations to support electrical grids, particularly under highly stressed circumstances and to evade power blackouts.
Key segments of the global Energy Storage market
Type Overview, 2013-2025 (Mega Watts) (USD Million)
Application Overview, 2013-2025 (Mega Watts) (USD Million)
Regional Overview, 2013-2025 (Mega Watts) (USD Million)
Reasons for the study
What does the report include?
Who should buy this report?
This study is suitable for industry participants and stakeholders in the energy storage industry, who want an in-depth insight into the movement of the vanadium redox battery market. The report will benefit:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market drivers
3.2.2. Market restraints
3.2.3. Market opportunities
3.3. Porter’s Five Forces’ analysis
3.4. Value chain analysis
Chapter 4. Energy Storage Market Overview, By Type
4.1. Global energy storage market share, by type, 2018 & 2025
4.2. Lithium-ion battery
4.2.1. Market size and projections, 2013 - 2025
4.3. All-vanadium flow battery
4.3.1. Market size and projections, 2013 – 2025
4.4. Zinc-bromine battery
4.4.1. Market size and projections, 2013 - 2025
4.5. Others
4.5.1. Market size and projections, 2013 – 2025
Chapter 5. Energy Storage Market Overview, By Application
5.1. Global Energy Storage market share, by application, 2017 & 2025
5.2. Utility solutions
.2.1. Market size and projections, 2013 – 2025
5.3. Residential solutions
5.3.1. Market size and projections, 2013 – 2025
5.4. Non-residential solutions
5.4.1. Market size and projections, 2013 – 2025
Chapter 6. Energy Storage Market Overview, By Region
6.1. Global Energy Storage market share, by region, 2017 & 2025
6.1.1. North America
6.1.1.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.1.2. US
6.1.1.2.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.1.3. Rest of North America
6.1.1.3.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2. Europe
6.1.2.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.2. Germany
6.1.2.2.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.3. United Kingdoms
6.1.2.3.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.4. France
6.1.2.4.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.5. Spain
6.1.2.5.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.6. Russia
6.1.2.6.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.7. Ireland
6.1.2.7.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.8. Italy
6.1.2.8.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.2.9. Rest of Europe
6.1.2.9.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.3. Asia Pacific
6.1.3.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.3.2. South Korea
6.1.3.2.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.3.3. Japan
6.1.3.3.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.3.4. India
6.1.3.4.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.3.5. Australia
6.1.3.5.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.3.6. Rest of Asia Pacific
6.1.3.6.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.4. Latin America
6.1.4.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.4.2. Brazil
6.1.4.2.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.4.3. Mexico
6.1.4.3.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.4.4. Chile
6.1.4.4.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.4.5. Rest of Latin America
6.1.4.5.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
6.1.5. Rest of World
6.1.5.1.1. Market size and projections, 2013-2025 (Mega Watts) (USD Million)
Chapter 7. Industry Structure
7.1. Company market share, 2016
7.2. Strategic framework
Chapter 8. Company Profiles
8.1. NGK Insulators Ltd.
8.1.1. Company overview
8.1.2. Product portfolio
8.1.3. Key developments
8.1.4. Financial performance
8.1.5. SWOT
8.2. Sungrow-Samsung SDI Energy Storage Power Supply Co.) Sungrow / Samsung SDI)
8.2.1. Company overview
8.2.2. Product portfolio
8.2.3. Key developments
8.2.4. Financial performance
8.2.5. SWOT
8.3. SMA Solar Technology AG
8.3.1. Company overview
8.3.2. Product portfolio
8.3.3. Key developments
8.3.4. Financial performance
8.3.5. SWOT
8.4. SMA Solar Technology AG
8.4.1. Company overview
8.4.2. Product portfolio
8.4.3. Key developments
8.4.4. Financial performance
8.4.5. SWOT
8.5. Aggreko
8.5.1. Company overview
8.5.2. Product portfolio
8.5.3. Key developments
8.5.4. Financial performance
8.5.5. SWOT
8.6. SOCOMEC
8.6.1. Company overview
8.6.2. Product portfolio
8.6.3. Key developments
8.6.4. Financial performance
8.6.5. SWOT
8.7. ABB
8.7.1. Company overview
8.7.2. Product portfolio
8.7.3. Key developments
8.7.4. Financial performance
8.7.5. SWOT
8.8. AEG Power Solutions
8.8.1. Company overview
8.8.2. Product portfolio
8.8.3. Key developments
8.8.4. Financial performance
8.8.5. SWOT
8.9. Tesla Energy Operations Inc. (SolarCity)
8.9.1. Company overview
8.9.2. Product portfolio
8.9.3. Key developments
8.9.4. Financial performance
8.9.5. SWOT
8.10. ZEN
8.10.1. Company overview
8.10.2. Product portfolio
8.10.3. Key developments
8.10.4. Financial performance
8.10.5. SWOT
8.11. List of other vendors