In today’s world, there is an incessant global requirement for more energy which at the same time has to be cleaner than the energy produced from traditional technologies. The increase in the demand for energy has facilitated the increasing penetration of distributed generation technologies, primarily of renewable energy sources.
Use of clean energy can substantially minimize the risk of global warming and climate change. The power output of renewable sources is currently not reliable and not easily adjustable to the changing demand cycles compared to the output from traditional power sources. This problem can only be effectively corrected by the storing of the excess power produced by distributed generation of renewable energy sources (DG-RES).
Worldwide efforts to find reliable energy sources that replace the intensive use of limited fossil fuels have raised concerns worldwide. The world energy market has been changing from conventional thinking to a newer thinking where maximization of efficiency when using energy is given preference over manufacturing efficiency, decentralized generation is being promoted, and development of new and renewable energy sources is given much heed.
Various environmental laws and legislations have been passed to reduce emissions as well as to restrict the usage of fossil fuels to set standards. All these factors are driving the growth of developing technologies for the storage of energy from alternate and renewable sources. However, the development of such technologies is highly cost-intensive and the end-consumers of such storage technologies are very limited, thus the industry faces many restraints.
There are a large number of alternative energy sources including biopower technologies, geothermal energy technologies, hydropower technologies, ocean energy technologies, solar energy technologies, and wind energy technologies. With such varied sources of alternative energies, the industry of electrical power storage from alternative sources has a huge gamut of growth potential in several regards. Many different types of storage equipments are available in the market such as flywheel storage technologies wherein a flywheel rotates about an axis, which can store energy mechanically in the form of potential energy.
Battery storage technologies are rechargeable electrochemical systems used for storing energy. Super-capacitor storage technology’s where electricity storage is by the means static charge rather than an electrochemical process. Hydrogen storage technologies by pressurization or absorption, pneumatic, and pumped storage technologies etc. are some of the storage technologies which are currently being used.
Some of the market players in this industry are POWERTHRU, VYCON, Pentadyne Power Corp., NedStack, Bloom Energy, Arotech Corp., Evans & Sutherland, C&D Technology Inc., and many more.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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