Electrical Power Storage Technologies For Alternative Energy Sources growth rate (CAGR) of 34.0% through 2022

The global market for alternative energy storage market reached $847 million in 2016. This market should reach $1.3 billion in 2017 and nearly $5.7 billion by 2022 under a consensus scenario at a compound annual growth rate (CAGR) of 34.0% through 2022.

Report Scope:

As defined by this report, alternative electrical power storage includes approaches that use primarily electric and high-speed kinetic approaches as opposed to larger-scale kinetic approaches such as pumped hydro and compressed air. As such, alternative electrical power storage includes:

- Batteries (including lead acid, nickel-based, lithium-based, sodium-sulfur, and redox flow systems).
- Fuel cells, which can be powered by hydrogen generated by excess capacity.
- Flywheel energy storage, which stores excess energy in a high-speed rotating kinetic battery.

Capacitive energy storage, which uses an electronic rather than an electrochemical approach to store electrical energy.

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As defined by this report, alternative electrical power storage refers primarily to power generated by means other than coal, oil, natural gas, nuclear, and hydroelectric (wind, solar, geothermal, and tidal/wave). However, the alternative market is discussed in relation to this established “conventional” market.  It should also be noted that many of the energy-storage technologies discussed in this report can also be used during conventional power generation for peak shifting.

This report discusses the North American, European, Far Eastern, and Rest of World market in terms of units, value and megawatt capacity.  A target market based on optimistic, pessimistic, and consensus alternative energy adoption and power storage potential is provided. This is compared to the conventional power generation target and peak-shifting opportunities.  Major utility-scale alternative electrical power companies are listed and characterized, and energy-storage system companies and integrators are profiled in detail.

Note that there is a significant distinction between the term “alternative power” and the more commonly used term “renewable energy.” The distinction is as follows: 
- “Alternative power” is generated using processes beyond commonly used coal, oil, natural gas, nuclear, and hydropower.
- “Renewable energy” is generated using processes that do not expend mined or pumped resources such as coal, oil, natural gas, and nuclear. However, in addition to all of the alternative fuels, renewable energy also includes hydropower.

An in-depth analysis of technical and business literature and published dissertations; a review of the history of the technologies involved; and interviews with industry experts, company representatives, federal government researchers, and university scientists provided an assessment of the outlook for alternative power storage.

Report Includes:

- An overview of the markets for electrical power storage technologies for alternative energy sources.
- Analyses of global market trends, with data from 2016, projections for 2017, and projections of compound annual growth rates (CAGRs) through 2022.
In depth analysis of:
   - Batteries (including lead-acid, nickel-based, lithium-based, sodium-sulfur, and redox-flow systems).
   - Fuel cells, which can be powered by hydrogen generated by excess capacity.
   - Flywheel energy storage, which stores excess energy in a high-speed, rotating, kinetic battery.
   - Capacitive energy storage, which uses an electronic rather than an electrochemical approach to storing electrical energy.
- Analysis of the market's dynamics, specifically growth drivers, restraints, and opportunities.
- Major utility-scale alternative electrical power companies listed and characterized, and energy storage systems companies and integrators profiled.

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Summary

When considering the alternative power storage market, it is important to keep in mind that alternative power storage is just a part of the overall power storage market. 
On one hand, the overall power storage market includes grid power storage (load leveling, peak shaving, etc.), in which power was not generated using alternative methods such as wind, solar, tidal/wave, or geothermal. At the same time, alternative power can be stored using techniques beyond the battery, fuel-cell, capacity, and flywheel approaches considered in the scope of this report.  For instance, pumped hydro, compressed air, and hydrogen-for-combustion fuel are other potential approaches. 

With this in mind, as defined in this report, the global alternative electrical power storage market in 2017 will be worth more than $1.3 billion, including more than $1.1 billion worth of electrochemical batteries.  This market is expected to grow at a compound annual growth rate (CAGR) of 34% between 2017 and 2022 under a consensus scenario.  This will result in a global market of approximately $5.7 billion in 2022 under a consensus scenario, including $5.4 billion worth of electrochemical batteries. Most of this value and growth will result from alternative power storage systems used in the wind power and the solar power (especially photovoltaic) industries.  
BCC Research anticipates a $700-million wind power storage market and a $600-million solar power storage market in 2017 under a consensus scenario. An optimistic but still possible scenario could see a wind power market worth $3.5 billion by 2022 (based on a 38% CAGR). 

Alternative power storage units range from small kilowatt units to giant developmental modules or arrays that can store megawatts of power. In 2017, BCC Research predicts that $766-million worth of small-scale batteries will be sold under a consensus scenario. This market is forecast to grow at about a 36% CAGR to more than $3.5 billion by 2022.   

The following table summarizes the global historic and projected alternative power storage market under a consensus scenario.  Please refer to this report’s “Alternative Power Storage Market” section for detailed definitions of each market as well as point-by-point lists and discussions of influencing factors and optimistic and pessimistic scenarios.

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