Alternative Energy Storage System Market: Introduction
- Technological advances, changing consumer expectations and behaviors, and the structural evolution of the electricity generation and delivery system over the last few years have led to the emergence of new electricity storage technologies that cater to consumers from various sectors, including automotive
Key drivers of global alternative energy storage system
- Stringent regulations enacted by various government organizations and regulatory bodies, including US-EPA (Environment Protection Agency), US-NHSTA, and European Environmental Agency (EEA), pertaining to vehicle emissions across the globe have prompted automakers to incorporate alternate fuel technologies to power their vehicles. For instance, automakers including General Motors, Volkswagen, Audi, and BMW, are adopting lithium-ion, lead acid batteries as an alternate energy source to power their vehicles in order to curb emissions caused by diesel and petrol engines.
- Demand for self-sustainable alternate energy storage systems across the globe is propelling the global alternate energy storage systems market. For instance, Tesla has developed Powerwall technology, which utilizes solar energy to charge batteries and serve residential consumers. Majority of emerging players are focused on the development of movable alternate energy storage systems in order to cater to consumers from the automotive sector.
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Electrochemical segment of global alternative energy storage system market to expand rapidly during forecast period
- Technological advancements in the chemical industry have enabled global leaders to develop and implement various solutions as alternative energy storage systems. For instance, developments and incorporation of electric batteries in vehicles have propelled the sale of electric vehicles, exponentially. Prominent automakers including Tesla, Toyota, Hyundai, and BMW have launched their electric vehicles for consumers.
- The global sale of electric passenger cars surpassed 5 million units in 2018, an increase of 63% from the previous year, 2017. In 2018, around 45% of electric cars on the road were in sold in China, a total of 2.3 million, as compared to 39% in 2017. Furthermore, Europe accounted for 24% of the total electric vehicles sold globally, while the U.S. accounted for 22% of total global electric vehicles sold, in 2018.
High costs of alternate energy storage systems to hamper global alternative energy storage system market
- Majority of newer energy storage technologies and platforms being developed or utilized presently are in the nascent stage of their life cycles. New energy storage technologies are slow to emerge, as they are to being researched and tested before being commercially available and hence, they are also expensive. Moreover, most governments across the globe are just beginning to develop and enact policies around existing storage hardware of new technologies. The aforementioned factors attribute to higher costs of new alternate energy technologies, which, in turn is anticipated to hamper the market.
North America and Europe to dominate global alternative energy storage system market
- North America and Europe are home to majority pioneers and aftermarket players in the automotive industry. Therefore, the region witnesses intense competition among automakers and aftermarket players. Moreover, companies spend significant revenue on research and development activities to enhance fuel economy and reduce vehicle emissions.
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Key players operating in global alternative energy storage system:
The global alternative energy storage system is highly concentrated owing to the presence of top manufacturers. A few key emerging players operating in the global alternative energy storage system are:
- 1414 DEGREES AUSTRALIA
- BlueSky Energy
- Gaia Membranes AG.
- Hydrostor Inc.
- Malta Inc.
- Moixa Energy Holdings Ltd.
- Skeleton Technologies
- Stem. Inc.
Global Alternative Energy Storage System: Research Scope
Global Alternative Energy Storage System, by Energy Storage
- Kinetic Energy
- Potential Energy
Global Alternative Energy Storage System, by Technologies
- Thermal Technologies
- Molten Salt
- Phase Change Material
- Electrical Technologies
- Superconducting Magnetic Energy
- Mechanical Technologies
- Hydraulic Systems
- Compressed Air Energy System
- Electrochemical Technologies
- Lead Acid
- Redox Flow
- Chemical Technologies
Global Alternative Energy Storage System, by End-user
- Residential Consumers
- Commercial Consumers
Global Alternative Energy Storage System, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.