LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global liquid air energy storage systems market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Thanikachalam Chandrasekaran, a lead analyst from Technavio, specializing in research on the energy storage sector, says, “The global liquid air energy storage systems market is anticipated to witness rapid growth during the forecast period. This market is in its nascent stage and many countries have been investing in the technologies and products that make up the market. The growth of the global liquid air energy storage systems market depends upon the integration of the liquid air energy storage systems in power plants, such as wind and solar power plants.”
The global liquid air energy storage systems market is likely to grow at a CAGR of more than 178% between 2017-2021. Rising installations of wind and solar PV have generated demand for the global liquid air energy storage systems. Countries across the globe are adopting advanced ESS to overcome the intermittent nature of renewable energy resources. Developed countries are investing heavily in technologies that can overcome issues related to electricity grids.
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The top three emerging trends driving the global outsourced software testing market according to Technavio energy research analysts are:
Stringent vehicle emission regulations
Auto regulators around the world have been setting emission targets to control emissions as the transport sector accounts for about a quarter (23%) of global energy-related GHG emissions, which comprise nitrogen oxides (NOx), sulfur oxide (SOx), hydrocarbons, carbon monoxide, and particle matter (PM). While different regions across the world are setting different regulations, the overall message and targets are clear. Accordingly, the automobile industry needs to drastically limit the amount of emissions it produces.
“The adoption of liquid air energy storage system worldwide will help in reducing the global carbon emissions. The EU has set a target for the region to reduce the GHG emissions and countries, such as the US and China have also set a target to decrease the GHG emissions by 15% to 20% by 2020,” according to Thanikachalam.
Market-driven innovations
Synergies between energy efficiency and renewable power are the twin pillars of creating a sustainable energy economy. With the surge in electricity generation worldwide due to the growing population and changing lifestyle patterns, utilities are generally operating the plants at full capacity to generate more power from the existing infrastructure.
Simultaneously, investments in the renewable energy technology and innovation are helping to improve the power generation in renewable plants. This is also leading to a decrease in the overall cost of production, which will result in overall reduction of harmful emissions. A few years ago, generating power from solar was inefficient and expensive.
Rising number of vendors and collaborations
Many new vendors are foraying into the market with the rapid increase in advanced energy storage installations. Battery manufacturers are raising funds from high-profile investors and collaborating with other companies for the development of next-generation batteries. The advanced energy storage techniques pose a serious threat to conventional technologies.
Many vendors are forging partnerships to provide innovative products and increase their profitability. Such partnerships also help them to differentiate their products and remain competitive in the market. GE Oil & Gas and Highview Power Storage, for instance, partnered in 2014 to integrate liquid energy storage in their cryogenic plants.
The key vendors are as follows:
- Custom Metalcraft
- GE Oil & Gas
- Heatric
- Highview Power Storage
- The Linge Group
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