Wind energy storage devices, as the name suggests, are used to store energy harnessed from wind. Renewable energy sources such as solar and wind have considerable potential of reducing dependence on non-renewable energy sources such as fossil fuel. Concerns pertaining to climate change, favorable initiatives adopted by government (such as renewable portfolio standards), and consumer efforts, have resulted in the increasing dependence on wind energy for generating power. However, the wind energy has variable and uncertain output, unlike the conventional sources of electricity generation used around the world. Because wind doesn’t always blow, there has been a pressing need for deploying proper energy storage facilities, which translates into high demand for wind energy storage devices.
According to the report, the global wind energy storage devices market will exhibit a CAGR of 25.4% by 2018. The primary factor driving the wind energy storage devices is the deficit between demand and supply of wind energy, which can be mitigated using stored wind energy. Apart from this, the market is also gaining from the dwindling market for fossil fuels, which has made petroleum prices highly volatile and increased the need for clean energy sources to curb the rising carbon footprint.
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Wind energy storage devices are designed to store wind energy generated at peak times and utilize the same later during the time of high demand. Wind power provides a variable source of energy and the setup of these storages devices is based on actual energy generated at a particular plant. However, for these storage devices to perform efficiently, certain geographical requirements are imperative. Thus, it is very important for the potential installation locations to meet certain criteria. This concentrates the demand for wind energy storage devices only in locations that meet these criteria.
Nevertheless, the report forecasts impressive growth prospects for the wind energy storage devices market, since storage is as important as generating energy from renewable sources. With the increasing investment by governments in the wind energy market, energy storage will play a pivotal role in making available clean energy for industrial, commercial, or domestic uses.
The report provides a detailed analysis of the various factors contributing to the growth of this market. To study the prevailing competitiveness in the market, the report profiles companies such as Dresser-Rand, Extreme Power, Duke Power, Beacon Power, and Ballard Power.
A recent analysis by Transparency Market Research, titled “Wind Energy Storage Devices Market – Global Industry Size, Share, Trends, Analysis, and Forecast 2020 provides an in-depth analysis of the global market for wind energy storage devices. Compiled with the intent of updating industry stakeholders about the prevailing market dynamics, the report also presents refined forecasts for the market.