Energy Storage Market in the US 2012-2016
- ID: 2526547
- April 2013
- Region: United States
- 38 pages
TechNavio's analysts forecast the Energy Storage market in the US to grow at a CAGR of 18.17 percent over the period 2012-2016. One of the key factors contributing to this market growth is the benefits of using such storage in solar plants. The Energy Storage market in the US has also been witnessing an increase in Research and Development initiatives. However, the lack of awareness of energy storage technologies could pose a challenge to the growth of this market.
TechNavio's report, Energy Storage Market in the US 2012-2016, has been prepared based on an in-depth market analysis with inputs from industry experts. The report focuses on the US; it covers the Energy Storage market in the US and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The key vendors dominating this space are Abengoa Solar S.A., Areva Solar Inc., GE Energy LLC, and Pratt and Whitney Rocketdyne Inc.
Key questions answered in this report:
- What will the market size be in 2016 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of each of these key vendors?
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01. Executive Summary
02. List of Abbreviations
04. Scope of the Report
05. Market Landscape
05.1 Global Energy Storage Market
05.2 Energy Storage Market in the US
Market Size and Forecast
05.3 Technology Segmentation
05.4 Application Segmentation
05.5 Five Forces Analysis
06. Vendor Landscape
07. Buying Criteria
08. Market Growth Drivers
09. Drivers and their Impact
10. Market Challenges
11. Impact of Drivers and Challenges
12. Market Trends
13. Key Vendor Analysis
13.1 Pratt & Whitney Rocketdyne Inc.
13.2 Abengoa Solar S.A.
13.3 Areva Solar Inc.
13.4 General Electric (GE) Energy LLC
14. Other Reports in this Series
List of Exhibits
Exhibit 1: Global Energy Storage Market 2012-2016 (US$ billion)
Exhibit 2: Energy Storage Market in the US 2012-2016 (US$ billion)
Exhibit 3: Energy Storage Market in the US 2012 by Technology Segmentation (percent)
Exhibit 4: Energy Storage Market in the US 2012 by Application Segmentation (percent)
Exhibit 5: Molten Salt TES market in the US Vendor Segmentation 2012
Exhibit 6: Research Initiatives on Energy Storage 2011
Exhibit 7: Pratt & Whitney Rocketdyne Inc. Operating Segments
Exhibit 8: Abengoa Solar S.A. Business Segments
Exhibit 9: Areva Solar Inc. Industries Served
TechNavio Announces the Publication of its Research Report -Energy Storage Market in the US 2012-2016
TechNavio recognizes the following companies as the key players in the Energy Storage Market in the US: Pratt & Whitney Rocketdyne Inc., Abengoa Solar S.A., Areva Solar Inc. and GE Energy LLC.
Commenting on the report, an analyst from TechNavio's Clean Tech team said: ''The increasing demand for energy is one of the major trends observed in the Energy Storage market in the US. For instance, the governments of various countries have forecast that their nationwide energy demand will double within the next decade. By 2035, the global energy demand is predicted to increase by up to 75 percent. The energy consumption pattern is likely to undergo variation in each country across the world. For instance, in 2009, China used energy that was equivalent to only half of what the US consumed. However, in 2010, China exceeded its previous consumption and stood in first place in terms of energy consumption in the world. Furthermore, the current global demand for energy is expected to more than double globally by 2020. With the existing power generation capacity, it will not be possible to meet the future energy demand. The storage of energy will help maintain a backup for catering to the high future energy demand. Large-scale and small-scale grid energy storage systems will meet this need, thus boosting the growth of the Energy Storage market in the US.''
According to the report, the benefits associated with the use of energy storage technologies in the Solar industry include increased solar plant efficiency, access to back-up power, peak load management, and power saving.
Further, the report states that one of the major challenges is the lack of awareness of energy storage technologies. There is a lack of awareness of the benefits of the energy storage devices and a lack of awareness of the technology. In many power utilities, the employees handling the energy storage systems are unaware of the technical functioning of the technology as it is relatively new, hindering wide adoption of the technology.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.