Seattle, WA -- (SBWIRE) -- 09/30/2019 -- Energy storage systems are expected to become an imperative element in the electricity management system owing to frequently changing demand peaks by time of the day as well as season. Furthermore, rising concerns regarding energy conservation and transition from fossil fuels to alternative sources is expected to surge demand for advanced storage systems over the forecast period.

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The market is anticipated to witness increase in the utilization over the coming years due to rising concerns associated with CO2 and GHG emissions. U.S. Department of Energy (DOE) has proposed the Public Utility Regulatory Policies Act (PURPA) for the development of renewable energy resources. Presence of such stringent regulations will improve the industry outlook for advanced energy storage systems. Furthermore, the ability of the product to provide standby power for utility transmission & critical loads coupled with growing scope for the product in electric vehicle charging stations are expected to drive the market over the forecast period.
Increasing demand of flywheel technology in industrial applications is expected to augment the growth over the forecast period. Flywheel is a mechanical energy storage system. This technology has vast market opportunities on account of more reliability, longer life, enhanced efficiency and less maintenance.

Industry participants have been intensively investing in research and development projects on employing this technology for emerging grid storage systems. For instance, Hawaii-based firm American Electric Co. LLC deployed the 8-kW energy storage system with flywheel technology at a power generating station in Oahu. The system stores electricity in the form of rotational kinetic energy and charges & discharges without any loss of capacity for multiple duty cycles per day.
The technology is estimated to experience a high growth as a result of uninterrupted & continuous power supply to the grid with immediate response, quality improvement, and frequency regulation. However, high capital investment is expected to be a major constraint for this technology over forecast period.

Global Advanced Energy Storage Systems market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
LG Chem, ABB, Nippon, Toshiba, BYD Company, NGK Insulators, Toshiba Corporation, Exide Technologies, GS Yuasa Corporation, Samsung SDI, Enersys, A123 Systems, Maxwell Technologies, China BAK Batteries, Hitachi, Beacon Power, General Electric Company, Nippon Chemi-Con Corporation, Calmac Manufacturing, PATHION, Pacific Energy, AES Energy Storage

On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
Electro Chemical Technology
Mechanical Technology
Thermal Storage Technology

On the basis of the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate for each application, including
Residential
Commercial
Industrial

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This report studies the Advanced Energy Storage Systems market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Advanced Energy Storage Systems market by product type and applications/end industries.