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.
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.