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Residential ESS and Molten Salt Thermal Storage Will Record Strong Growth, as New Business Models Continue to Emerge
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The energy storage market is being swept by a wave of disruptive technologies and business models with companies looking to capitalise on this lucrative market. Deep understanding of the BESS technologies is currently a roadblock to its widespread adoption. Companies should embrace technologies such as energy storage virtual power plants to not only reduce the demand charges during the peak demand period but also offer a revenue generation opportunity by participating in the utilities’ DR programs and other load-balancing programs. Integration of innovative business models and multiple revenue streams such as revenue stacking must be adopted by the storage providers to tap the full potential while enhancing the attractiveness of the energy storage solutions. This outlook deliverable highlights the key trends in the energy storage industry for the year 2018. It covers alternative energy storage technologies such as thermal energy storage (TES), flywheel energy storage (FES), compressed air energy storage (CAES), and supercapacitors and batteries that are used for renewable energy storage, as well as in consumer, industrial, and electric vehicles. It provides the technology forecast, applications, and regional trends (Asia-Pacific, Europe, and North America), along with key government initiatives, value chain analysis, and emerging companies in the energy storage domain. Some of the trends include the following: 1) Total installed capacity will grow 15.9% between 2017 and 20182) Molten salt thermal storage market will dominate in 20183) Flow batteries will provide strong competition for lithium ion in battery energy storage applications. Key Growth Opportunities include: 1) Innovations in current offerings and expansion of product offerings.2) Innovative business models and multiple revenue streams. 3) Mergers and acquisitions and geographic expansion. 4) Rise of wearable technologies and thin film batteries.Some of the key companies in this market include: Project Developers: AES, Younicos, NEC Energy Solution, Greensmith Energy, S&C Electric, LG CNS, Advanced Microgrid, Convergent Power+Energy, Duke Energy, Tesla, Nextra Energy. BESS Technology Providers: Redflow, NGK Insulators, BYD, Sumitomo, Tesla, Samsung SDI, LG Chem, Kokam, Fiamm, Saft, NEC, Panasonic. Power Electronics Suppliers: ABB, Acme Electricity Corporation, Alfen, Eugana Technologies, Clean Energy Storage, LG CNS, GE, Parker Hannifin, Princeton Power Systems, Schneider, Dynapower, Eaton, S&C Electric, Bosch, SMA. Software Solutions: Stem Inc, Greencharge, Greensmith Energy, Geli Fluence, JLM Energy, Sunverge, Advanced Microgrid Solutions Inc. Utilities: Consolidation Edison Company of New York, Duke Energy, EDF, Enel, National Grid, E.On, San Diego Gas & Electric, Hawaiian Electric Company, Korea Electric Power Corporation, Kyushu Electric Power Company, Pacific Gas & Electric, Southern California Edison, Terna, Western Power.
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