Rise in the energy demand and depleting fossil fuels is pushing the market towards non-conventional sources of energy. Energy demand is expected to increase by 70% between 2012 and 2035. The existing conventional sources of energy are depleting at a much faster rate than expected and their depletion is equally proving detrimental to the climate. Although renewable sources of energy will help in addressing all the environmental issues, this technology is still at its nascent stage and needs more investment in R&D to harness its full potential. This has led to the market inclination towards energy storage devices. These storage devices store energy to harness it in future. This balances the demand and supply gap for future purposes.
Energy storage devices (ESD) can be broadly segmented on the basis of geography, technology, applications, and end use sectors. Flywheels, flow batteries, solid state batteries, compressed air energy storage, thermal and pumped hydro power are different types of storage technology being employed by end use sectors such as wind, thermal and solar companies. While flywheel and battery storage technology is witnessing massive popularity in North America, emerging economies are employing super magnets and synthetic gas to harness the energy demands. Flywheel and battery storage with its robust features is set to capture the APAC and ASEAN market in future.