Storage Devices
Market
Share, Trends, Analysis,
Research, Report,
Opportunities,
Segmentation and Forecast,
2014
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Rise in the energy demand and depleting fossil fuels is pushing the market towards nonconventional sources of energy. Energy demand is expected to increase by 70% between
2012 and 2035. The existing conventional sources of energy are depleting at a much
faster rate than expected and their depletion is equally proving detrimental to the
climate. Although renewable sources of energy will help in addressing all the
environmental issues, this technology is still at its nascent stage and needs more
investment in R&D to harness its full potential. This has led to the market inclination
towards energy storage devices. These storage devices store energy to harness it in
future. This balances the demand and supply gap for future purposes.
Report
Description
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The rising demand for renewable sources of energy, particularly wind and solar energy,
high priority for smart grid up-gradation, and battery-operated vehicles is causing the
energy storage market to grow at an exponential rate.
Geographically, ASEAN, North America, and Europe are the three most lucrative markets
for storage devices. ASEAN market is the most diverse market globally with a large
population base and robust economic growth. Though ASEAN members, particularly
Indonesia, are rich in conventional sources of energy, government is focusing on clean
energy. From 2004 to 2009, ASEAN achieved its 10% target to promote and install nonconventional sources of energy for the power sector. It is expected that the ASEAN-6
(Indonesia, Malaysia, the Philippines, Thailand, Singapore, and Vietnam) will achieve 15%
target by FY 2015. Besides these 6 members, Lao PDR is the market with the most
potential in terms of hydro power. Close proximity to major economic hubs, India and
China, are other added advantages for ASEAN members. Thailand is the automotive
leader in ASEAN region. With the government focusing on clean energy, battery-operated
automobiles will see greater penetration in the Thailand market. Together, these ASEAN
regions offer a huge untapped energy market for business enterprises operating in
energy storage devices.
Europe is another major market for ESD. Being an industrialised region with the presence
of key automotive players in Germany, UK, France and Italy, is driving the European ESD
market to its zenith. While Eastern Europe is still inclined towards traditional sources of
energy, Western Europe has invested considerable amounts in R&D and power grid
installation of non-conventional sources of energy. Flywheel is the most used technology
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North America is the next major market for energy storage devices. Solar energy,
biomass, and wind power segments are overtaking the power segment at an exponential
rate. Wind power installation will witness 6X times growth by FY 2020. The government
in North America is promoting these renewable sources to cut its CO2 emissions and
thereby limiting global warming to maximum 20C.
General Electric, NEC Corporation and NRG Energy are some of the key players in the
global energy storage device market.
With the market accelerating towards non-conventional sources of energy, the future
seems promising for energy storage devices market. As ASEAN is still underdeveloped in
terms of harnessing energy through solar and wind power, the global market for energy
storage devices is set to grow at a moderate CAGR rate. More investment and R&D across
ASEAN is set to offer momentum to the growth of this market.
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