Energy Storage Market to Observe Major Growth in Coming Few Years

Published By : 03 Sep 2015 | Published By : QYRESEARCH

The renewable energy sector is expanding rapidly. Often times, countries, cities, and companies will find it challenging to maintain the surplus energy as the energy storage technologies are limited in performance. However, the rising energy production along with innovation in the renewable energy sector is bringing forth some very effective energy storage technologies.

This year in May, the firm Tesla grabbed a lot of attention when it declared its plans for a new battery product. This battery product would allow large scale commercial operations and homes to store energy generated from solar panels and offer a backup power source when any grid outages occur.

Companies in the global energy storage market are developing enhanced storage solutions as the renewable energy sources continue to gain more importance. However, one of the major issues with renewable energy sources such as wind and solar is that they are capable of generating energy intermittently. Take the example of solar panels, which can generate energy only when the sun is shining. Hence, expanding these renewable resources relies heavily on finding ways to save and store the energy as and when it gets generated so that this stored energy can be used in future.

Aquion Energy has come up with saltwater based batteries that offer high performance storage and prevent the expensive maintenance of competing chemistries. The giant, General Electric is investing over a hundred million dollars to develop an innovative sodium nickel chloride battery plant. Green Charge Networks has developed a solution which uses a lithium ion battery and complements onsite solar, energy efficiency, and electric vehicle charging.

Several major companies are coming with innovative energy storage solutions. Furthermore, companies are providing energy storage solutions which are customized that will fuel the growth of the global energy storage market even more in the coming years.
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