“Next-Generation Energy Storage Technologies are estimated 5,460.6 mw in 2019” says new Visiongain report
18 November 2019
Visiongain has launched a new energy report Next Generation Energy Storage Technologies (EST) Market Forecast 2020-2030: Analysis of Technology Maturity, Performance & Commercialisation of Mechanical (Innovative Pumped Hydro Storage (PHS), Advanced Adiabatic Compressed Air Energy Storage (AA-CAES), Isothermal CAES & Liquid Air Energy Storage (LAES)), Chemical (Hydrogen Storage & Fuel Cells), Electrical (Superconducting Magnetic Energy Storage (SMES)), Electrochemical (Lithium-Air, Lithium-Sulphur, Lithium-Ion, Magnesium-Ion & Zinc-Air Batteries) & Thermal Technologies for Renewable Energy Sources (RES) Integration.
Energy transition and decarbonization of electricity market globally has emerged as one of the most trending discussions in the energy industry and is expected to affect the global economies. 2019 has been a year of significant events around energy transition and environmental agendas. Energy Storage Technologies can play a vital role in the energy transition, as they appear the most efficient solution to Renewable Energy Sources intermittency. The last two years have been a landmark for energy storage industry, as the capacity increased at astonishing rates. The decreased costs of energy storage technologies as lithium-ion (costs 85% less than 2010), the global pressure towards a greener future, the rise in electricity demand in emerging countries and the successful testing of many next generation technologies, are expected to give significant boost to the Next-Generation EST market. Specifically, the capacity of next-gen ESTs is projected to have a CAGR of 18% for the next decade, while the CAPEX, a CAGR of 8%. Except for the thorough market analysis, the report features an interview of two market experts, the Vice President and the Market Applications Team Manager of Fluence Energy LLC, a company formed by Siemens and AES.
The Visiongain report analyst commented: "These next-generation energy storage technologies have the ability to change the face of the grid network by even more than we are currently experiencing. The successful demonstration projects and the continuous investments in Research and Development bring constant development in these technologies, and naturally the costs are sinking, making projects economically viable. More companies are entering the EST market, and many countries understand the necessity of a developed energy storage infrastructure and they invest in their first domestic EST projects. While the resources are not abundant, the enhanced efficiency of next generation technologies is expected to assist further development of energy storage market in the next decade. The fast-paced growth though, has caught authorities unprepared, as the current regulatory framework in many countries does not facilitate the proliferation of Next-Generation Energy Storage Technologies, and appears as the most critical challenge for the years to come."
Leading companies featured in the report who are developing Next-Generation Energy Storage Technologies include: Johnson Controls, LG Chem Ltd., NextEra Energy Ltd., Edison International, Mitsubishi Electric Corporation, BYD Co. Ltd., ABB Group, Samsung SDI Co., Robert Bosch GmbH. Duke Energy Corporation, Panasonic Corporation, Tesla Inc. and CATL Corporation.
Notes for Editors
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