With a 2011 revenue of $39.5 billion, the global energy storage market is set to increase steadily through 2020, according to the latest report by GBI Research: “Global Energy Storage Market to 2020 – Targeting Transportation Sector Applications, Advanced Batteries, Ultracapacitors and Fuel Cells all Set for Growth.”
According to the GBI press release, Asia is the leading market for energy storage, followed by North America and Europe. Several of the leading energy storage companies were also Asian in origin, including SANYO, Samsung SDI, and China BAK. Other industry leaders included BYD Company Limited, Active Power and LG Chem.
GBI Research believes the world market will be growing at around 9 percent a year by 2016. The most promising sector will be capacitor-based energy devices, set to grow by around 10 percent per year. The company forecasts that worldwide energy demands will be boosted by increased government grants and more smart grid infrastructure that automatically (and efficiently) apportions energy as it is needed. The international level of energy demand and technological advancement is also expected to increase.
In March, GBI also predicted that the advanced battery market, made from more complex batteries such as lithium-ion and nickel-metal hydride, will rise steadily, expanding by 119 percent between now and 2020. The trends affecting these more advanced batteries are similar, as many markets adopting mobile devices such as smartphones and laptops. Potential also exists in the automotive industry, which continues to experiment with electric batteries.
Problems for the market, as indicated by the report, will likely arise from battery disposal issues. Safe, environmentally friendly disposal of batteries and their corrosive materials may lead to greater regulation or loss of revenue for some companies.
The growth of the energy storage market has begun to shift attention to new technologies in both the university and business worlds. In higher education, the focus is primarily on new materials and approaches. At Clemson, courtesy of a $1.2 million grant, professors are studying carbon nanomaterials for use in electrochemical capacitors that could be used in future electronics. City University of New York recently made news by studying traditional batteries to create potential alkaline-based electronic grids.
A large amount of investment in the business world is also moving toward grid technology, especially in strong markets like the United States. Particular attention is being paid to “microgrids” that gather energy (often from alternative sources) and power only limited areas. An April 2013 Navigant Research report predicted that the world microgrid market would surpass $40 billion by 2020 thanks to rising new trends.
Which businesses benefit from such trends depends largely on the industry habits of global areas. A recent PV Magazine report on the storage market indicated that the Asia Pacific region is proving slow to adopt new technologies due to its bias for locally developed technologies. North America and Western Europe, with their frequent government contracts and diverse technological markets, are better areas for the latest advances and research.
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