Energy Conservation is Key to World’s Energy Usage Future; Global Advanced Energy Storage Systems Market Can Show the Way

The current market for bulk energy storage, for the most part, is being held by pumped hydroelectric power, and dams can provide the best example of energy storage so far. These are, however, conventional methods that have already been around for centuries. The current power consumption rate is not something that can be quenched by conventional means. And therefore, grew the need for advanced energy generation and storage methods. Advanced does not necessarily mean larger; it can also mean the implementation of systems and methods that are completely new to the market.

The answer to these three questions will make the current situation with energy storage and the global advanced energy storage market a lot clearer:

What Exactly Are the Advanced Methods for Energy Storage?

Modern and advanced energy storage methods differ from the conventional storage options in the sense that they can store energy that is directly useable as it is. Conventional storage options, such as hydroelectric power stations, store ‘energy’, or water, which is the source of potential energy, at a height. This water, when released, falls down through gravity to produce kinetic energy, which is then converted to electricity. 

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Advanced energy storage is more than just a matter of where and how one can get energy. It is now a resource that is a major part of the economy. This makes the global advanced energy storage market an integral part of off-the-grid usage of electricity, which is the use of electricity at a location that may or may not have an existing electricity distribution infrastructure. From the perspective of technologies, the global advanced energy storage market can be segmented into compressed air energy storage, super capacitors, superconducting magnets, fuel cells, batteries, flywheels, and pumped hydro.

Is there Investment Interest in the Global Advanced Energy Storage Market?

There are many investors currently eyeing the global advanced energy storage market, owing to some of the more feasible energy storage options that are currently under development. And it’s not just private investors in the game – a large part of the global advanced energy storage market is currently being funded by government organizations. For instance, Beacon Power Corporation, a U.S.-based company, had received a grant of US$2.25 mn from the nation’s Department of Energy for work on their flywheel-based energy storage tech. On the other hand, one of the most sought-after technologies in the global advanced energy storage market currently is the pumped hydro energy storage technology. It is an excellent way to achieve peak power shaving and load balancing capabilities.

What Companies are Currently Involved in Advanced Energy Storage?

The list is not too long, but there are a significant number of key players that are dominating several segments of the global advanced energy storage market. The names include LG Chem Ltd., Hitachi, GS Yuasa Corporation, Valence Technology, The Furukawa Battery Co. Ltd., Toshiba Corporation, Exide Technologies, Nippon Chemi-Con Corporation, Enersys, Maxwell Technologies, China Bak Battery Inc., Electrovaya Inc., Energizer Holdings Inc., BYD Company Ltd., Altair Nanotechnologies Inc., and Active Power, Inc. These players are expected to dictate a large portion of the shares in the global advanced energy storage market for the coming years.