by Shane Henson — August 2, 2013—Research and Markets has announced that it has added TechNavio’s Energy Storage Market in the US 2012—2016 report to its online offerings. The report finds that the U.S. energy storage market is poised for growth.
According to TechNavio, a global technology research and advisory company, one of the key factors contributing to this market growth is the benefit of using such storage in solar plants. The energy storage market in the United States has also been witnessing an increase in research and development initiatives. However, the lack of awareness of energy storage technologies could pose a challenge to the growth of this market, the company says.
Currently, the key vendors dominating this space are Abengoa Solar S.A., Areva Solar Inc., GE Energy LLC, and Pratt and Whitney Rocketdyne Inc., notes TechNavio
“The increasing demand for energy is one of the major trends observed in the energy storage market in the United States,” says an analyst from TechNavio’s clean tech team commenting on the report. “For instance, the governments of various countries have forecast that their nationwide energy demand will double within the next decade. By 2035, the global energy demand is predicted to increase by up to 75%. The energy consumption pattern is likely to undergo variation in each country across the world.
“For instance, in 2009, China used energy that was equivalent to only half of what the United States consumed. However, in 2010, China exceeded its previous consumption and stood in first place in terms of energy consumption in the world. Furthermore, the current global demand for energy is expected to more than double globally by 2020.
“With the existing power generation capacity, it will not be possible to meet the future energy demand. The storage of energy will help maintain a backup for catering to the high future energy demand. Large-scale and small-scale grid energy storage systems will meet this need, thus boosting the growth of the energy storage market in the United States.”
