Published on : Feb 03, 2016
The global energy storage market is expected to growth significantly in the coming few years. This growth can be attributed to the vast opportunities present in the renewable energy sector. The global renewable energy industry is expanding at a rapid rate. This exponential growth can be seen in both developed and developing nations. Furthermore, several countries around the world have announced massive energy projects.
The competition between countries is so intense that they are trying to outdo each other in terms of future installations in renewable energy. Although the renewable energy boom is seen in several markets, one of the key markets is the solar power market. The expanding solar energy market in many emerging economies will have a positive impact on the demand for energy storage solutions. Let us look at the key trends that are projected to shape the global energy storage market.
- Regulatory Scenario: Industrial policy has a significant impact on clean energy storage markets and this trend will also make an impact on the global energy storage market. As storage is an existing problem in the energy industry, several government and non-government bodies are increasingly supporting the energy storage industry in the form of favorable policies and tariffs.
- Rising Funding: Many European countries in the global energy storage market are funding specific companies or technologies to develop energy storage solutions. This trend is projected to drive the global energy storage market.
- Support for Technological Development: Although in Europe, countries are funding companies, in Asia Pacific, countries are funding technologies. In addition to this, the drive for technological innovation is high in North America. These two trends will fuel innovation in the global energy storage market, which will boost the overall global energy market.
- R&D: In APAC, the investment is more focused on advanced battery storage technologies, so that these can be exported. On the other hand, in North America, government bodies are pursuing policies and funding to drive innovation. The intense research and development activity in the North America region will substantially impact the global energy storage market.
Besides the aforesaid trends, other trends such as development in software and control systems and high demand from end-use sectors will also positively impact the global energy storage market.