Global Electrical Power Storage Technologies Market: Overview
Alternative power sources are rapidly becoming a crucial part of the global power sector due to the rising acknowledgment of the environmental damage caused by fossil fuels. Despite rising public and government support, the key obstacle in the path of the alternative energy market has consistently been the fluctuations in the energy output achieved by the use of most alternative energy sources. The lack of a reliable energy storage technology that will allow for long-term storage of the energy generated from renewable energy sources has exacerbated the problems holding back the alternative energy sector and is thus likely to be a key area of research in the coming years.
The report studies the historical development trajectory exhibited by the global electrical power storage technologies market and elaborates on the market’s 2015 figures to provide readers with a clear view of the recent happenings in the industry. The key drivers and restraints affecting the performance of the electrical power storage technologies market are assessed in the report to understand their likely impact on the trajectory of the market in the coming years.
The key types of electrical power storage technologies gaining prominence in the global market are flywheel storage, battery storage, supercapacitor storage, and hydrogen storage. The report looks into the performance of each product segment of the market in the historical review period and presents studied forecasts regarding the growth trajectory expected to be exhibited by each product segment in the coming years.
Global Electrical Power Storage Technologies Market: Trends and Opportunities
The key driver for the global electrical power storage technologies market is the prime drawback of most renewable energy sources: The inability to generate power at consistent rates and in accordance with the fluctuating consumption pattern. Even promising alternative energy sources such as wind or solar power can’t produce electrical power consistently, as their availability is decided by uncontrollable natural factors. This has led to the need for a long-term energy storage technology that can store the power generated by these sources at high efficiency levels.
The rising focus on decentralized generation of energy, in stark contrast to the conventional importance given to centralized production and distribution, has also boosted the demand for electrical power storage technologies. Since decentralized generation of electrical power often uses renewable sources such as wind, solar, or hydropower, it also requires energy storage technologies so that the produced energy can be distributed according to the region’s demand patterns.
Another key driver for the global electrical power storage technologies market is the rising number of restrictions on the use of fossil fuels. This has led to a rising need for electrical power storage technologies and is likely to remain a key driver for the market in the coming years.
Global Electrical Power Storage Technologies Market: Geographical and Competitive Dynamics
North America is a leading regional market for electrical power storage technologies due to the presence of several leading power storage device manufacturers in the region. North America and Europe are likely to remain the leaders in terms of technological innovation and development of progressively enhanced electrical power storage technologies. However, there is significant scope for growth of the electrical power storage technologies market in Asia Pacific in the coming years due to the rising need for energy in emerging countries in the region.
The report also examines the competitive landscape of the global electrical power storage technologies market in order to provide readers with actionable insights into how the competitive dynamics in the market will affect their planned strategies. Leading companies in the global electrical power storage technologies market, such as Pentadyne Power Corp., VYCON, Evans & Sutherland, NedStack, C&D Technology Inc., Arotech Corp., Bloom Energy, and POWERTHRU.