Published By : 14 Apr 2016 | Published By : QYRESEARCH
The rapidly rising demand around the world has been providing lucrative opportunities for the global energy storage technologies market. Energy storage refers to converting energy obtained from conventional sources into a form that can be easily stored for future use. The process has been gaining significant impetus in the market since it allows to store energy during the time when it is low in demand and is priced at its lowest, to be used at times of high demand.
Rising Demand for Energy Boosts Global Energy Storage Technologies Market
Rapid urbanization has been fuelling the demand in the energy sector, which in turn is propelling the global market for energy storage technologies. Furthermore, the growing need for developing low-carbon energy technologies to reduce carbon emission is also boosting the market for energy storage technologies.
Globally, the need for resiliency and reliability of the grid, coupled with the proper integration of renewable sources of energy, has been increasing at a rapid pace. This is anticipated to accelerate the growth in the energy storage technologies market. Additionally, the enterprises operating in the market will also benefit from the de-carbonization of energy sector rendered by efficient energy storage technologies to offer better connectivity between heat networks and electricity.
Demand for Improving Efficiency of Energy Resources Fuels Demand for Energy Storage Technologies
Moreover, these technologies also provide better access to energy and help to improve efficiency of energy resources, which subsequently boosts demand for energy storage technologies. This necessitates designing secure and sustainable energy system. The global energy storage technologies can be broadly classified on the basis of geography and various technologies. Based on technology, the market can be segmented into thermal energy storage, flywheels, solid state batteries, pumped hydro-power, and compressed air energy storage.
Globally, the demand for energy required for various purposes has increased significantly, which subsequently augmented the need for low-carbon technologies. This is a primary factor fuelling demand from the market for energy storage technologies. Furthermore, energy storage systems are used in off-grid applications, dedicated heating and cooling networks, and in electricity grids.