DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/w63jhc/energy_storage) has announced the addition of the "Energy Storage Market in the US 2012-2016" report to their offering.
The 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.
The key vendors dominating this space are Abengoa Solar S.A., Areva Solar Inc., GE Energy LLC, and Pratt and Whitney Rocketdyne Inc.
Commenting on the report, an analyst from the 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. 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.
For more information visit http://www.researchandmarkets.com/research/w63jhc/energy_storage
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