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Strategic Assessment of the European Market for Alternative Energy Storage Solutions
Frost & Sullivan, March 2009, Pages: 52
This research service provides an in-depth analysis of the European alternative energy storage solutions such as flywheels, ultracapacitors, fuel cells, compressed air energy storage and thermal energy storage solutions. It provides an overview of the various drivers encouraging growth in this market as well as some of the key issues facing manufacturers. A section on how the financial crisis is expected to affect this market has also been given.
This Frost & Sullivan research service titled Strategic Assessment of the European Market for Alternative Energy Storage Solutions analyses key alternative energy storage technologies in the European market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following technologies: thermal energy storage, compressed air energy storage, flywheel, fuel cells and ultracapacitors.
Alternative Energy Storage Solutions Emerge as the Next ‘Big Thing’ in the Energy Sector
Alternative energy storage solutions are now opening up as a significant industry with immense potential. Different technologies in the developmental, near-commercialisation and commercialised stages are garnering increasing attention. Catering to specialised applications and end-user markets, these technologies have enormous potential and, if understood and utilised appropriately, can be highly beneficial to end users in the long term.
“The need for environment-friendly storage technologies rather than conventional batteries is promoting interest in novel energy storage technologies,” says the analyst of this research. “Moreover, the demand for storage solutions with a long lifetime is supporting R&D into new technologies.” The future of the energy market hinges largely on environmental concerns. Heightened anxiety over the environmental pollution caused by traditional lead-acid batteries has prompted several manufacturers to foray into green energy storage methods. Manufacturers in the alternative energy storage industry are attempting to devise cost-effective solutions that address energy storage concerns in a specialised way.
High Costs Threaten Uptake
The high cost of alternative energy storage solutions is threatening market prospects. It is likely to hinder large-scale commercialisation and result in limited uptake. “Consumers focusing on short-term benefits rather than long-term returns are discouraged by the high initial investment required by alternative energy storage technologies,” explains the analyst. “The sizeable outlay required for alternative energy storage technologies in comparison to conventional batteries is dampening demand for the former.”
Understanding the most suitable application and identifying the appropriate end user market for each technology is critical to boosting uptake. Market participants need to focus on R&D in order to reduce costs. To support volume sales, companies also need to educate consumers on the specific and effective uses of alternative energy storage as well as emphasise the advantages of various technologies. “Manufacturers are confident of achieving significant reductions in the prices of alternative energy storage solutions over the next five years,” notes the analyst. “In addition, enlightening consumers about these technologies will enable manufacturers to tap into unprecedented opportunities for growth and expansion.”
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