Published By : 27 Apr 2016 | Published By : QYRESEARCH
As the name suggests, wind energy storage devices are used to store wind energy. In the last few years, the renewable sources of energy such as wind and solar have emerged as potential alternatives for reducing the dependence on non-renewable energy resources such as fossil fuel. Additionally, concerns relating to climate change, favorable government initiatives boosting the use of alternative energy sources, and rising consumer efforts are primary factors fuelling demand for wind energy for generating power.
However, wind energy has variable and uncertain output, unlike fossil fuels. This is because it is not likely for the wind to blow always at a uniform speed. Hence, there is an increasing demand for deploying proper energy storage facilities, which in turn is boosting the demand for wind energy storage devices around the world.
Global Wind Energy Storage Devices Market to Exhibit CAGR of 25.4%, 2012-2018
As per an analysis by Transparency Market Research, the global wind energy storage devices market will exhibit a CAGR of 25.4% between 2012 and 2018. The persistent deficit between the demand and supply of wind energy, has been bolstering the demand for wind energy storage devices. Apart from this the market for wind energy storage devices is also benefiting from the dwindling market for fossil fuels leading to volatility in petroleum prices. Thus the demand for energy from renewable sources increases which subsequently boosts the global wind storage energy devices market.
Wind energy storage devices are specially designed to store energy generated at peak times to be used at during the times of high demand. However, these devices are needed to be installed in locations that meet a few specific criterion to ensure that they perform efficiently. This in turn restricts the demand for wind energy storage devices to certain locations.
Favorable Government Initiatives to Boost Market
Nevertheless, the demand for these devices is anticipated to increase significantly as demand for alternative sources of energy rises. With the increasing investment by governments around the world in the wind energy market, energy storage devices will play a significant role in making available clean energy across industrial, residential, and commercial sectors.