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.
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.