The alternate energy storage market is expected to rise to 423 million dollars in 2016 worldwide, research reveals.
According to the latest Electronics.CA Publications report entitled ‘Electrical Power Storage Technologies for Alternative Energy Sources’, the global market for alternative energy storage is growing significantly.
The report suggests the global market could equal 325 million in 2011 and this could reach 423 million dollars in 2016 as it increases at a five year compound annual growth rate of 5.4 percent.
It explains the market can be broken down into four segments: batteries, capacitive energy storage, fuel cells, and flywheel energy storage.
The batteries segment is estimate to be worth 256 million dollars in 2011 and this is expected to rise to 322 million dollars alone by 2016, with a five year compound annual growth rate of 4.7 percent.
- Capacitive energy storage
This segment is estimated to be worth currently 30 million dollars, but is expected to grow at a five year compound annual growth rate to 40 million dollars by 2016.
- Fuel cells
This segment is estimated at 25 million dollars, and is expected to grow at a rate of 12 percent to 44 million dollars by 2016.
- Flywheel energy storage
The flywheel energy storage segment is estimated to be worth 14 million dollars at the moment and should rise at a rate of four percent to 17 million dollars in the next five years.
Alternative energy units
These can range quite significantly. They can be small kilowatt units to giant developmental modules that can store megawatts of power.
It is expected the power storage systems in wind and solar applications, specifically the photovoltaic segments will cause the most growth over the next five years, as the world tries to increase the amount of environmentally friendly energy sources used.
Visit: http://www.challengercomponents.com for more information and to discuss your electronic component requirements in more detail.