LONDON, May 8, 2017 /PRNewswire/ --
It is predicted that the global economy will increase by three-folds between now and 2050. This, in turn, is likely to result in increased energy demands. According to Enerdata Energy Statistical Yearbook 2016, electricity demand has more than doubled between 1990 and 2015 to reach 20,568 TWh. This demand is projected to grow even further; in fact, by 2035, the growth is expected to be in the range of 69% to 81%. As the global economy aims for energy security, renewable energy sources such as solar and wind are expected to hold a key position in the future. However, a major constraint with such renewable sources is that energy is generated with a highly variable output in an intermittent manner. Therefore, the surplus energy is required to be stored so that it can be supplied during non-optimal generation periods such as at night time or when the wind is not blowing. Storage at a large scale has remained a major challenge; however, several developments have taken place in this domain and efforts are being made towards their feasible commercial deployments.
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A variety of grid scale energy storage technologies are known to the industry and can be broadly categorized based on the type of energy being stored. Pumped hydro energy storage (PHES) is a well-established energy storage technique; however, because of known challenges, various other energy storage techniques, backed by public and private lending, have surfaced over the last decade. For a market such as energy storage, which is linked to the economy of a country, initiatives related to policy decisions and mass awareness play a key role in the growth. Some countries have introduced reforms / amendments in the policies to encourage the market for energy storage, while others are still debating on it. The White House Summit 2016 is a recent example of such initiatives. At the summit, a range of utility, industry and government storage commitments were highlighted to signify the importance of this subject. Post this, the Federal Energy Regulatory Commission (FERC) started working on re-evaluating some of the policies to encourage energy storage in the US.
At the time of release of this study, policies favoring renewable energy over other sources were in place in about 50 countries. The common theme across these policies is priority dispatch of electricity from renewable sources, special feed-in tariffs, quota obligations for renewable energy and energy tax exemptions. In addition, legal bindings / agreements, such as COP21, to tackle climate change are encouraging the use of renewable energy, which, in turn, is likely to drive the energy storage industry.
SCOPE OF THE REPORT
The Grid Scale Energy Storage Technologies Market, 2017-2030 report provides a comprehensive analysis of the current market landscape and a detailed future outlook of the large scale energy storage technologies. The study highlights various energy storage technologies that are currently commercially available or are under development. These technologies can be classified as mechanical energy storage, chemical energy storage, electrochemical energy storage, thermal energy storage or electromagnetic energy storage technologies. The industry has long revolved around pumped hydro energy storage, which currently contributes close to 95% of the global energy storage capacity. However, several geographical and environmental constraints associated with it are likely to limit its growth in the long term. As a result, stakeholders have developed / are developing novel energy storage technologies to overcome the limitations of conventional systems. The primary focus of this study is on these novel / upcoming energy storage technologies, including different types of battery storage, compressed air energy storage, concentrated solar power / molten salt energy storage, flywheel energy storage and power-to-gas energy storage.
The study provides a holistic coverage of the developments that are impacting the current energy storage setup and are likely to drive significant changes in energy management approaches in the long term. We were able to identify close to 170 energy storage technologies (excluding PHES) segmented across aforementioned categories. In addition to other elements, the study elaborates on the following:
- The current status of the market with respect to key players / technologies along with information on rated power, energy, duration / discharge time of the technologies and geographical location of the companies.
- Comprehensive profiles of some of the upcoming players under each energy storage category, covering details on the current focus of the companies, their specific energy storage technologies and associated recent developments / initiatives.
- Various investments and grants received by companies focused in this area to support their R&D activities, a key enabler that will continue to drive developments in the long term. In addition, respective governments have taken encouraging policy decisions, which have provided positive outlook to the energy storage industry.
- A case study on pumped hydro energy storage, where we have provided information on the plants that are currently operational as well as the ones expected to be operational in the near future. In addition, we have highlighted the historical trends that are likely to govern the future evolution.
- Key drivers and restraints for the growth of the grid scale energy storage market. Factors such as rising adoption of renewable energy sources, limitations of conventional energy storage systems and high electricity charges are likely to fuel the demand of energy storage systems.
- Potential future growth of the grid scale energy storage market (both in terms of installed capacity and expected revenue generation) across different technologies (CSP / molten salt energy storage, compressed air energy storage, lithium-ion batteries, lead acid batteries, flow batteries, flywheel energy storage, power-to-gas energy storage and other upcoming technologies). We have taken into account the levelized cost of energy storage to determine revenues for different energy storage technologies. The report covers forecast (till 2030) for the global as well as specific regional markets (North America, Europe, Asia and Rest of World) in terms of installed capacity. It also includes individual forecasts on the installed capacity in specific countries, including the US, France, Germany, Italy, Spain, the UK, Ireland, China, India, Japan, South Africa, South Korea, Chile and Morocco, that are poised to witness healthy growth in the short-midterm and long term.
Our opinions and insights presented in this study were influenced by discussions conducted with several key players in this domain. The report features detailed transcripts of interviews held with Anoop Mathur (CTO and Founder, Terrafore Technologies), Camilo Lopez Tobar (Business Development Manager, Electrochaea), Dr. Markus Ostermeier (Product Development Manager, Electrochaea), Eric Murray (President and CEO, Temporal Power), Itai Karelic (Vice President Business Development, EnStorage), John McCleod (Vice President Engineering, ZincNyx Energy Solutions) and Suresh Singh (President and CEO, ZincNyx Energy Solutions), Nicolas Velasco (Commercial Director, Albufera Energy Storage), Rainer Grumann (Vice President Sales, Heliocentris), Sonya Davidson (President and CEO, H2 Energy Now), and Tom Stepien (CEO and Co-founder, Primus Power).
Most of the data presented in this report has been gathered via secondary and primary research. For all our projects, we conduct interviews with experts in the area (academia, industry, medical practice and other associations) to solicit their opinions on emerging trends in the market. This is primarily useful for us to draw out our own opinion on how the market will evolve across different regions and technology segments. Where possible, the available data has been checked for accuracy from multiple sources of information.
The secondary sources of information include
- Annual reports
- Investor presentations
- SEC filings
- Industry databases
- News releases from company websites
- Government policy documents
- Industry analysts' views
While the focus has been on forecasting the market over the coming ten years, the report also provides our independent view on various non-commercial trends emerging in the industry. This opinion is solely based on our knowledge, research and understanding of the relevant market gathered from various secondary and primary sources of information.
Chapter 2 provides an executive summary of the insights captured in our study. The summary offers a high level view on the likely evolution of energy storage market, with a special focus on technologies that are meant for large scale storage applications.
Chapter 3 is an introductory chapter on energy storage technologies. It focuses on various renewable energy sources and their current status in terms of their contribution to the overall energy generation. In addition, the chapter provides information on various challenges being faced by the energy sector, highlighting the unmet need and how energy storage can revolutionize the market. We have briefly discussed different types of energy storage technologies and their applications at the grid level.
Chapter 4 identifies the energy storage technologies that have been developed / are under development by different companies. It provides information on rated power, energy capacity and duration / discharge time. The technologies have been classified on the basis of the type of stored energy (mechanical, electrochemical, chemical, thermal or electromagnetic). The classification system mentioned in this chapter helps develop a deeper understanding of the market. In addition, we have identified various trends in the industry that are likely to govern the future of energy storage industry.
Chapter 5 features a detailed discussion on a number of factors that act as drivers or barriers to the growth of energy storage market. It describes the increasing trend towards the use of renewables over the past few years due to initiatives being taken by the government bodies, constantly rising prices of electricity and high demand charges.
Chapter 6 provides a detailed review of mechanical energy storage technologies. It includes profiles of upcoming players in this domain that are in the process of developing / deploying their compressed air energy storage or flywheel energy storage technologies. The profiles cover information about the company, details on their specific technology and recent developments / future plans with respect to the energy storage industry.
Chapter 7 reviews chemical energy storage technologies, which store energy in the form of hydrogen gas. The technology is also known as power-to-gas energy storage, and we have presented profiles of some of the upcoming players in this area, covering information about the company, details on their specific energy storage technology and recent developments / future plans with respect to the energy storage industry.
Chapter 8 provides a detailed review of electrochemical energy storage technologies, including a wide variety of batteries such as lithium-ion, lead acid, flow batteries and sodium based batteries. It presents profiles of some of the upcoming players that have developed / are developing these technologies covering information about the company, details on their specific battery storage technology and recent developments / future plans with respect to the energy storage industry.
Chapter 9 reviews thermal energy storage technologies, which primarily include concentrated solar power / molten salt energy storage technologies. The chapter presents profiles of some of the upcoming players in this area, covering information about the company, details on their specific energy storage technology and recent developments / future plans with respect to the energy storage industry.
Chapter 10 provides a detailed review of energy storage technologies other than the ones mentioned in Chapters 6, 7, 8 and 9. These include superconducting magnetic energy storage technologies and the use of ultracapacitors / supercapacitors as energy storage systems. We have presented profiles of some of the players in this area covering information about the company and details on their specific energy storage technologies.
Chapter 11 is a case study on pumped hydro energy storage technology. It highlights the key advantages and constraints of pumped hydro energy storage technology. It features information on currently operational pumped hydro storage plants across the globe and specific energy storage trends across different regions. The chapter also provides a list of upcoming pumped hydro storage plants.
Chapter 12 provides information on several funding instances that have driven innovations in this industry. Our analysis reveals interesting insights on the growing interest of venture capitalists and other stakeholders in this market.
Chapter 13 presents a detailed 14 year forecast highlighting the future potential of grid scale energy storage technologies. The forecast, which estimates the market opportunity (both in terms of value and installed capacity) across various types of energy storage technologies (CSP / molten salt, CAES, batteries (lithium-ion, lead acid and flow batteries), flywheels and power-to-gas), is backed by robust secondary research and inputs gathered from senior stakeholders via primary research. The analysis also highlights the relative growth opportunity across various regions across the globe (Asia, Europe, North America and Rest of World) in terms of installed energy storage capacity. Within these regions, we have provided forecasts for individual countries that currently have or are likely to have an impact on the overall energy storage industry in the future.
Chapter 14 is a collection of transcripts of interviews conducted with key players during the course of this study. We have presented the details of our discussions with Anoop Mathur (CTO and Founder, Terrafore Technologies), Camilo Lopez Tobar (Business Development Manager, Electrochaea), Dr. Markus Ostermeier (Product Development Manager, Electrochaea), Eric Murray (President and CEO, Temporal Power), Itai Karelic (Vice President Business Development, EnStorage), John McCleod (Vice President Engineering, ZincNyx Energy Solutions) and Suresh Singh (President and CEO, ZincNyx Energy Solutions), Nicolas Velasco (Commercial Director, Albufera Energy Storage), Rainer Grumann (Vice President Sales, Heliocentris), Sonya Davidson (President and CEO, H2 Energy Now), and Tom Stepien (CEO and Co-founder, Primus Power)..
Chapter 15 summarizes the overall report. In this chapter, we have provided a recap of the key takeaways and an independent future outlook based on the research and analysis described in earlier chapters.
Chapter 16 is an appendix, which provides tabulated data and numbers for all the figures provided in the report.
Chapter 17 is an appendix, which provides a list of companies and organizations mentioned in the report.
1. Over 170 grid scale energy storage technologies (excluding PHES) are either commercially available and / or are under development across different regions worldwide. The energy storage technologies landscape is distributed across a variety of systems; these include mechanical energy (compressed air energy storage (CAES) and flywheels), chemical energy (power-to-gas), electrochemical energy (batteries), thermal energy (concentrated solar power (CSP) / molten salt energy storage) or electromagnetic energy (supercapacitors and superconducting magnetic energy storage).
2. Specifically, battery energy storage systems are becoming quite popular; these are expected to witness a healthy growth in the future once the cost barriers are overcome. Over 60% of the players we identified during our study are focused on developing different types of batteries for grid scale applications. Examples include (in alphabetical order) ABB, AES Energy Storage, Bosch Energy Storage Solutions, Gildemeister Energy Solutions, Greensmith Energy, Hitachi, LG Chem, Lockheed Martin, Mitsubishi Heavy Industries, NGK Insulators, Panasonic, S&C Electric Company, Saft, Samsung SDI, Sony Energy, Sumitomo Electric, Tesla Motors and Toshiba.
3. At the same time, it is worth highlighting that concentrated solar power, molten salt energy storage (categorized as thermal energy storage) and compressed air energy storage are amongst relatively more established energy storage technologies. Specifically, thermal energy storage technologies have about 3 GW of installed capacity across the globe. Countries such as Spain (over 1 GW of capacity), the US (600 MW), Chile (over 480 MW) and India (over 200 MW) are leaders in this specific domain.
4. Upcoming energy storage technologies such as flywheels, power-to-gas and ultracapacitors are also being explored for their applications at grid level. Such technologies are being developed by a large number of SMEs and start-ups. Examples of such companies working in these areas include Amber Kinetics, Beacon Power, Temporal Power and Teraloop (in flywheels); Areva, Electrochaea, H2 Energy Now, Heliocentris, Hydrogen Technologies and Hydrogenics (in power-to-gas); Ioxus and Nesscap (in ultracapacitors).
5. Funding agencies have strongly backed the innovation. We identified over 250 instances of funding across 70 companies since 2000. The total amount invested has been close to USD 16 billion; of this, a staggering amount of USD 14.5 billion has been invested during the last ten years alone. Some of the companies that have raised capital in multiple funding rounds include (in order of number of instances) Plug Power, Superconductor Technologies, A123 Systems, Tesla Motors, Abengoa Solar, Boston-Power, Aquion Energy, BrightSource Energy, Fluidic Energy, Electrovaya, SolarReserve and Eos Energy Storage. Debt funding (USD 6.5 billion of the total amount raised) has been quite popular. In addition, several VC firms have supported the ongoing initiatives. Examples of prominent VC firms active in this area include (in alphabetical order) Khosla Ventures, North Bridge Venture Partners, Oak Investment Partners, Sequoia Capital, Total Energy Ventures, VantagePoint Capital Partners and Venrock Associates.
6. Government organizations such as US Department of Energy, NSW Department of Environment, Department of Energy and Climate Change (UK) have also supported the initiatives of technology developers; over 70 instances of grants, with an encouraging value of USD 1.8 billion, have been recorded since 2000.
7. Over the course of next decade, we expect the current installed capacity of 5.8 GW (excluding PHES) to grow at an annualized rate of 4.9% (till 2030). North America and Europe are currently the leading markets and this trend is likely to sustain in the long-term. Specific pockets of growth (in terms of technologies under development) include lithium-ion batteries, flow batteries, power-to-gas and flywheels.
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