Alternative energy storage systems are now opening-up as a significant industry with immense potential.
By staff at Frost & Sullivan Inc., Great Britain
LONDON – Alternative energy storage systems are now opening-up as a significant industry with immense potential. Various technologies in the developmental, near-commercialisation, and commercialised stages are garnering increasing attention.
Catering to specialised applications and end-user markets, these technologies, if understood and utilised appropriately, can be highly beneficial to end users in the long term.
New analysis from Frost & Sullivan (F&S), titled European Market for Alternative Energy Storage Solutions, identifies alternative energy systems as ‘the next big thing' in the energy market. The following technologies are covered in this research: thermal energy storage, compressed air energy storage, flywheel, fuel cells, and ultracapacitors.
F&S research manager, Malavika Tohani. Says: "The need for environment-friendly storage technologies rather than conventional batteries is promoting interest in novel energy storage technologies. Furthermore, the demand for storage systems with a long lifetime is supporting R&D into new technologies."
Environmental pollution issues
The future of the energy market hinges largely on environmental concerns. Heightened apprehensions over the environmental pollution caused by traditional lead-acid batteries have prompted several manufacturers to foray into ‘green’ energy storage methods. Manufacturers in the alternative energy storage industry are attempting to devise cost-effective solutions that address energy storage concerns in a specialised way. However, the high cost of alternative energy storage systems is threatening market prospects. It is likely to hinder large-scale commercialisation and result in limited uptake.
Ms. Tohani explains: "Consumers focusing on short-term benefits rather than long-term returns are discouraged by the high initial investment required by alternative energy storage technologies. The sizeable outlay required for alternative energy storage technologies in comparison to conventional batteries is dampening demand for the former."
Understanding the most suitable application and identifying the appropriate end-user market for each technology are crucial to boosting uptake. Market participants need to focus on R&D in order to reduce costs. To support volume sales, companies need to educate consumers on the specific and effective uses of alternative energy storage, in addition to emphasising the advantages of various technologies.
Unprecedented opportunities
"Manufacturers are confident of achieving significant reductions in the prices of alternative energy storage systems over the next five years," Ms. Tohani says. "In addition, enlightening consumers about these technologies will enable manufacturers to tap into unprecedented opportunities for growth and expansion."
Anyone interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, is invited to send an e-mail to chiara.carella@frost.com, with their full name, company name, title, telephone number, company e-mail address, company website, city, state, and country. On receipt of this information, a brief brochure will be sent by e-mail.
European Market for Alternative Energy Storage Solutions is part of the Power Supplies Growth Partnership Services programme, which includes research in the following markets: European Flywheel UPS Market, European Inverter Market for Renewable Energy Systems and, World Ultracapacitor Markets.
All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. California-based F&S has 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.
More at www.powersupplies.frost.com and www.frost.com
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