Global Wind Energy Storage Devices Market: Description
Despite being around for the past several years, the concept of energy storage has been in limited use. However, recent technological advancements have created new opportunities for the global wind energy storage devices market. At a larger scale, the growing focus on smart cities and smart infrastructure has been fuelling the demand for wind energy storage devices as a key solution enabling the aforementioned advances.
Based on mode of storage, the wind energy storage devices market can be classified as compressed air storage, flywheels, and pumped hydro storage. Regionally, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World. The future of the wind energy storage devices market seems quite promising as governments around the world accelerate their spending on harnessing energy from renewable sources such as wind, water, and solar.
In the forthcoming years, the global wind energy storage devices market will witness significant opportunity for growth. Transparency Market Research’s report on the global market provides an in-depth industry analysis to help enterprises grow. The study offers insights into opportunities in established and emerging markets alike. It also offers thorough knowledge about the dynamic regulatory environment worldwide.
The key factors that the report focuses on include drivers boosting the market, factors restraining its growth, opportunities for growth, and vendor landscape. The strengths and weaknesses of the leading players in the global wind energy storage devices market are also analyzed using industry-leading analytical tools.
Global Wind Energy Storage Devices Market: Overview
As per TMR, during the course of the forecast period between 2012 and 2018, the global wind energy storage devices market is expected to rise at a CAGR of 25.4%. Over the last few years, wind energy utilization has been witnessing tremendous growth. Several factors have aided this, the primary being the existing demand-and-supply gap, which can be only mitigated using advanced storage solutions.
Besides this, the dwindling of fossil fuels, which results in high fluctuation of petroleum prices, and the increasing need for pollution-free energy have been crucial drivers for the global wind energy storage devices market. These devices are designed to store the wind energy generated during peak times and use them during times of need. This storage system is based on the actual wind energy generation of a given plant because wind power is basically a variable form of energy.
However, in order to function efficiently, these storage devices require certain specific geographic conditions. For instance, location is a major criterion to be taken care of for installing these devices. Hence, demand for wind energy storage devices is concentrated in locations fit for their usage.
TMR forecasts the global wind energy storage devices market to grow at a positive pace as the demand for energy derived from renewable sources increases in the near future. With the investment in the wind energy market increasing, efficient energy storage solutions will play a pivotal role in ensuring uninterrupted supply of energy.
Companies Mentioned in Report
To present an exhaustive analysis on the prevailing competitive landscape, the report also profiles some of the leading players operating in the market. Duke Power, Beacon Power, Dresser-Rand, Extreme Power, and Ballard Power are among the prominent companies operating in the market.