The global market for electric energy storage (EES) is expected to be worth $2.6 billion in 2008, according to a new market research report.
The report, called "Utility Power Storage Technologies" also says the market is likely to increase to $3.8 billion by 2013, an annual growth rate of 8% that is being driven, in part, by the need to collect and store electricity produced by intermittent renewable sources, like solar power and wind.
EES can be broken into two market segments–the core applications and the power conversion systems needed to control and interface these technologies with the power grid. According to the report from BCC Research, the core technologies segment will account for $1.9 billion in 2008 and $2.7 billion in 2013.
The most promising core storage technologies for the next five years, the report says, include pumped hydro storage, compressed air, lead-acid batteries, sodium sulfur batteries, vanadium redox flow batteries, flywheels, superconducting magnetic energy storage and supercapacitors. The advantages of these technologies are the ability to be deployed in a range of applications along the power chain and their suitability to bulk power generation, transmission and distribution.
The report says total revenue for EES power conversion systems is expected to be $711 million in 2008–rising 8.9% to $1.1 billion by 2013.
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