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European Large Scale Energy Storage Market and Opportunities from Growth in Renewable Energy
Frost & Sullivan, May 2011, Pages: 104
Large scale energy storage technologies discuss about the different storage options such as pumped hydro, compressed air, hydrogen energy storage, battery energy storage, molten salt energy storage and other emerging technologies such as flywheels, supercapacitors and superconducting magnetic energy storage methods. In-depth analysis of each of these technologies and its growth prospects are discussed in this study for a period from 2007 to 2017. The growth from 2011 to 2017 along with the detailed analysis of the installations and the revenue generated in this period is covered in this study.
Research Overview
This Frost & Sullivan research service titled European Large Scale Energy Storage Market and Opportunities from Growth in Renewable Energy provides overall market growth, revenue analysis, competitive structure, industry challenges, drivers, restraints and pricing trends. In this research, Frost & Sullivan's expert analysts thoroughly examine the following technologies: pumped hydro energy storage, compressed air energy storage, hydrogen energy storage, battery energy storage and molten salt energy storage.
Market Overview
Success of Large Scale Energy Storage Technologies and Renewable Energy is Mutually Dependent
All western European countries have targets aimed at boosting the contribution of renewable energy. Such high use of renewable energy is possible through efficient energy storage methods, creating opportunities for market growth. The escalating demand for energy, paralleled by technological advancements such as smart grids, widespread electric vehicles use and the more widespread deployment of renewable energy are underlining the importance of large scale energy storage technologies. “Targets to increase the contribution of renewable energy sources is encouraging the implementation of large scale energy storage technologies,” notes the analyst of this research. “Long-term plans to install smart grids and achieve complete automation are possible only if large scale energy storage is implemented, as it will ensure regular power supply from renewable energy sources.”
The European region has aimed at increasing the contribution of renewable energy to the energy generation mix. Effective energy storage systems could make this goal achievable, while concomitantly reducing the need to deploy new utilities. As most of the energy storage technologies are environment-friendly, renewable energy could be effectively stored without environmental hazards for a time frame ranging from a few seconds to several months. “Smart energy management systems are also promoting the prospects of energy storage technologies,” adds the analyst. “Smart energy systems include solutions such as demand side management and smart grid solutions that offer reliable, high quality power, while effectively meeting spiraling energy demand. Smart energy management will be difficult to achieve unless efficient energy storage systems are installed.”
Government Support and Incentives Critical to Sustain Market Momentum
The lack of specific targets for implementing large scale energy storage is dampening the market’s outlook. Heavy capital investments, coupled with the absence of specific targets and standardised equipment, are projected to slow market growth. Most energy storage technologies are in a nascent phase and still relatively expensive. Moreover, they are yet to prove their reliability and performance, resulting in the market experiencing slow growth, despite their myriad benefits.
“There needs to be a proper understanding of the importance of large scale energy storage,” concludes the analyst. “Government regulations and incentives that promote the use of energy storage will trigger exceptional market growth.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following technologies in this research:
- Pumped hydro energy storage
- Compressed air energy storage
- Hydrogen energy storage
- Battery energy storage
- Molten salt energy storage
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