Energy storage devices are predominately gaining attention after energy sector has started shifting gears from traditional to renewable sources and advent of electric vehicles. Energy storage devices store energy for the purpose of later use of energy, and they help in managing the supply and demand gap existed because of fluctuating energy demands. Energy storage technologies can be segmented into chemical, electrochemical, biological, electrical, mechanical and thermal systems.
Currently, consumer electronics market is the major user of energy storage technologies; however it is expected that transportation sector will displace consumer electronics in energy storage usage. Electric vehicles would be the major user of energy storage batteries and would increase the demand of lithium-ion batteries. Drop in prices due to increasing demand of lithium-ion batteries would help in gaining further acceptance in other stationary applications.
Demand for advanced grid-level energy storage systems is also increasing as they will facilitate in mitigating major problems related to electric supply such as peak load management, power congestion on grids, and distribution of power uniformly. Integrating battery storage with power sector is facing some barriers such as cost competitiveness, regulatory environment built around the legacy power systems and acceptance of new storage systems by different industries.
Energy storage market is highly fragmented considering range of storage technologies offered by different companies. Major companies operating in the energy storage systems market include ABB Ltd., AES Energy Storage, Alevo, Aquion Energy, Beacon Power, LLC, Altair Nanotechnologies, GE Energy, LG Chem Ltd., NEC Energy Solutions, SustainX Inc., Redflow Limited, Samsung SDI Co., among others.
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