Different 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 (powersupplies.frost.com), European Market for Alternative Energy Storage Solutions, identifies alternative energy solutions 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.
"The need for environment-friendly storage technologies rather than conventional batteries is promoting interest in novel energy storage technologies," says Frost & Sullivan Research Manager, Malavika Tohani. "Moreover, the demand for storage solutions with a long lifetime is supporting R&D into new technologies."
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 solutions is threatening market prospects. It is likely to hinder large-scale commercialisation and result in limited uptake.
"Consumers focusing on short-term benefits rather than long-term returns are discouraged by the high initial investment required by alternative energy storage technologies," explains Tohani. "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 critical to boosting uptake. Market participants need to focus on R&D in order to reduce costs. To support volume sales, companies also need to educate consumers on the specific and effective uses of alternative energy storage as well as emphasise the advantages of various technologies.
"Manufacturers are confident of achieving significant reductions in the prices of alternative energy storage solutions over the next five years," remarks Tohani. "In addition, enlightening consumers about these technologies will enable manufacturers to tap into unprecedented opportunities for growth and expansion."
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Chiara Carella, Corporate Communications, at chiara.carella[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brief brochure will be sent to you by email.
European Market for Alternative Energy Storage Solutions is part of the Power Supplies Growth Partnership Services programme, which also 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.
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.
European Market for Alternative Energy Storage Solutions / M2C1