Published on : Jun 13, 2016
Currently, the bulk energy storage market is mostly sustained by pumped hydroelectric power, and provides the best example of energy storage so far. However, these are conventional methods and have been around for centuries. The current demand for power consumption is not something that can be fulfilled by conventional means. This has necessitated the need for advanced energy generation and storage methods.
Advanced energy storage methods are not necessarily larger, they also refer to systems that are completely new to the market. Modern and advanced energy storage methods are different from conventional ones as energy stored in these is directly utilizable. Conventional storage facilities such as hydroelectric power stations, collect energy, or water, which stores potential energy at a height. This water, when discharged, falls down through gravity to produce kinetic energy, which is later converted into electricity.
Advanced energy storage is now a resource that is major part of any economy. Due to this, advanced energy storage market is a vital component of off-the-grid electricity usage, which is the utilization of electricity at a location that may or may not have an infrastructure for existing electricity distribution. On the basis of technology, the global market for advanced energy storage is divided into compressed air energy storage, superconducting magnets, batteries, pumped hydro, super capacitors, fuel cells, and flywheels.
There lie immense investment opportunities in the global advanced energy storage market that investors are eyeing on. This is owing to the development of more feasible energy storage solutions that are underway. It is not only private investors that are in the game, a significant part of this market is currently being sponsored by government organizations. For example, U.S. based Beacon Power Corporation, received a grant of US$2.25 mn from the Department of Energy for their work on flywheel-based energy storage technology. Other than this, the pumped hydro energy storage technology is one of the most sought-after technologies in this market. It offers excellent capabilities to attain peak power shaving and load balancing.
Some of the dominant players that are present in the global advanced energy storage market are LG Chem Ltd., Valence Technology, and Toshiba Corporation among others.