LONDON--(BUSINESS WIRE)--The global advanced energy storage systems market is expected to post a CAGR of over 8% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the government initiatives to promote advanced energy storage. Electricity grids require a balance between supply and demand at any given moment. It requires constant adjustments to the supply for predictable changes in demand as well as unexpected changes due to equipment overloads or force majeure activities. These factors make it necessary for energy storage systems to create a balanced and reliable grid system.
This market research report on the global advanced energy storage systems market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increased adoption of microgrids as one of the key emerging trends in the global advanced energy storage systems market:
Global advanced energy storage systems market: Increased adoption of microgrids
A microgrid is a small-scale power grid that has its own generation and storage resources and definable boundaries. Microgrids can operate independently or collaboratively with other small power grids. If the microgrid is integrated into the main power grid, it is referred to as a hybrid microgrid. A microgrid can connect and disconnect from the power grid to operate in both grid-connected mode and island mode.
“A microgrid can shift to island mode when there is an outage on the main power grid or if the system was disconnected from the main grid intentionally. When a microgrid is connected to the main grid and has a renewable energy source, energy storage makes sure no amount of the energy generated goes waste,” says a senior analyst at Technavio for research on energy storage.
Global advanced energy storage systems market: Segmentation analysis
This market research report segments the global advanced energy storage systems market by technology (thermal energy storage and electrochemical energy storage) and geographical regions (APAC, EMEA, and the Americas).
The thermal energy storage segment held the largest market share in 2017, accounting for nearly 51% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 50% of the market share. The market share occupied by this region is anticipated to decrease by nearly 11% during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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