Global Utility-scale Electricity Storage Market Outlook - Trends, Forecast, and Opportunity Assessment (2014-2022)
The Global Utility-Scale Electricity Storage market is accounted for $11.3 billion in 2014 and is expected to grow at a CAGR of 16.04% to reach $38.1 billion by 2022. The market is estimated to grow due to increase in global demand for electricity. The U.S. commanding the largest share, followed by China, Japan and Germany. Demand for battery energy storage systems (BESS) is driven by the need for grid modernization owing to increased usage of renewable energies and new regulatory policies. Growth in the electric vehicle and consumer electronics market are also playing a crucial role. The major viable Utility-Scale Electricity Storage (UES) technologies are presently being implemented in the power generation industry. These technologies are executed to temporarily store electricity during available generation capacity, to further use during periods of increased demand, in support of grid balancing and load leveling.
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Global Utility-Scale Electricity Storage market is mainly segmented by organization, by technology, by products and components and by geography. Based on organization, market is segmented into engineering and project management contractors, component manufacturers and fabricators, raw materials producers, utility-scale electricity storage developers, construction and procurement contractors. Based on technology, market is classified into Compressed Air Energy Storage (CAES), Pumped Hydrologic Storage (PHS), and Grid Scale Battery Energy Storage (BES).
Based on products and components, market is categorized into injection pumps, wellheads, compressors, expanders, gas turbines, hydro turbines, dams, centrifugal pumps, and others. Based on geography, market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
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The key players in the Utility-Scale Electricity Storage market include, AES Energy storage, Alevo, LG Chem, Oncor, GE Energy storage, Beacon Power LLC, CODA Energy LLC, E.ON, Emera Inc, and HDR Inc.
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