NEW YORK, July 07, 2017 (GLOBE NEWSWIRE) -- According to a new market research report " Global Energy Storage Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type (Mechanical, Electrochemical, Thermal, Chemical and Others), by Application (Fuel saving, Arbitrage, Ancillary Services, Back-up Supply, Others), by Installation (Front-of-the-meter, Behind-the-meter) " published by P&S Market Research, the global market for energy storage is projected to reach $26,137.0 million by 2022, growing at a CAGR of 46.3% during the forecast period (2017 – 2022).
As per the research, the global market for energy storage is likely to grow from $2,663.2 million in 2016 to $26,137.0 million by 2022. With the growing adoption of energy storage in various end-user industries for grid and off-grid applications, the global energy storage market is expected to gain traction. The energy storage market offers ample growth opportunities during the forecast period on account of falling costs associated with the manufacturing of batteries, in conjugation with car manufacturers scaling up the production of electric vehicles.
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As per the findings of research, the ancillary services emanated the largest demand. Front-of-the-meter has been the largest revenue generator in the global energy storage market.
Asia-Pacific accounted for the largest region in the global energy storage market, where Japan contributed to the largest revenue. Germany was the major market in Europe, whereas the U.S. contributed to the largest revenue in North America region. Africa dominated the Rest of the World market.
The factors driving the growth of the energy storage market include progress in renewable energy generation, rapidly increasing grid scale energy storage market, drop in prices of lithium-ion batteries and growing application of energy storage in various end-user industries. Rapid growth of intermittent renewable energy and its storage for smooth transmission is propelling the global energy storage market.
Energy storage application in automotive sector include the use of lead acid batteries in micro-hybrid vehicles. Lithium batteries are suited for both electric vehicles and hybrid electric vehicles. Demand for electrochemical storage has observed significant increase on account of its penetration in many applications and falling prices, impact of which is expected to remain high in short and long term.
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The research states that the global market is highly fragmented in nature, where major players constitute for the major shares in the global market. Some of the key players in the global energy storage market include Tesla Motors, Inc., AGL Energy Limited, ABB Ltd., General Electric Company, Johnson Controls International Plc, The AES Corporation, Robert Bosch GmbH, LG Chem, Ltd. and Maxwell Technologies, Inc.
Browse Related Research
Thermal Energy Storage Market
Thermal energy storage technologies store thermal energy for later use, which can be utilized as when required, rather than utilizing them at the time of production. The increasing need for reducing the greenhouse gas emissions and carbon footprint has changed the global power generation and distribution scenario which has prompted researchers and power generation companies to develop innovative solutions in storing energy in an efficient manner. This has led to the widespread adoption of thermal energy storage systems across the globe.
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Hydrogen Storage Market
According to the U.S. Department of Energy, hydrogen storage can be described as a key enabling technology for the advancement of hydrogen and fuel cell technologies in applications such as stationary power, portable power and transportation. Hydrogen can be stored either in solid, liquid or gaseous form. For storing hydrogen in gaseous form, high-pressure tanks having 350–700 bar tank pressure is required; whereas for liquid form, storage of hydrogen requires cryogenic temperatures, as the boiling point of hydrogen at one atmosphere pressure is −252.8°C. Hydrogen storage market showcases widespread adoption among the manufacturers due to the low ambient temperatures of hydrogen that result in a low energy per unit volume.
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