According to a new technical market research report, ‘Utility Power Storage Technologies’ from BCC Research, the global market for electric energy storage (EES) is expected to be worth $2.6 billion in 2008. This is expected to increase to over $3.8 billion by 2013, a compound average annual growth rate (CAGR) of 8%.
The report breaks down the t market into EES core applications and the power conversion systems that are needed to control and interface these technologies with the power grid. The EES core technologies segment is expected to be worth $1.9 billion in 2008 and reach $2.7 billion by 2013, a CAGR of 7.6%.
The EES core storage technologies of pumped hydro storage, compressed air energy storage, lead-acid batteries, sodium sulfur batteries, vanadium redox flow batteries, flywheels, superconducting magnetic energy storage and supercapacitors are positioned to make a significant impact over the next five years. These technologies can be deployed in various applications along the power chain, including use in bulk generation, transmission and distribution, as well as providing enhanced services for the end user.
Total revenue for EES power conversion systems is expected to reach $711 million in 2008. That figure is expected to rise at a CAGR of 8.9% and reach $1.1 billion by 2013.