How is Rising Requirement for Unconventional Energy Sources Driving Energy Storage Market?

Various factors are contributing to the increasing demand for unconventional sources of energy, including the rapid urbanization, degradation of environment due to the increased usage of fossil fuels, and ready availability of these sources. Unconventional sources of energy, such as wind energy, hydro power, and solar energy, can produce clean energy and also have the potential to match the surging energy demand across the globe. Moreover, these renewable energy technologies have variable outputs, due to which storage technologies have great potential of smoothing out the power supply from these sources. This is further driving the requirement for energy storage systems. These systems have the capability to discharge power to the grid quickly, whereas fossil fuel sources take longer time to ramp up.

Energy storage system enables the integration of renewable energy and provides resilient and clean supply of energy. As per a study conducted by P&S Intelligence, in the global energy storage market, the installed capacity was 6,275.4 MW in 2017 and is expected to go up to 51,426.0 MW in 2023, growing with a 42.5% CAGR in the coming years. The several types of energy storage systems are chemical, electrochemical, thermal, mechanical, and others (which include biological and fossil fuel storage). Out of these, the mechanical energy storage systems were the most in demand during 2013–2017. This was because these systems can be implemented in the utility systems on a large scale and utilized in a high demand scenario for dealing with the irregularities of the demand or supply. Mechanical energy storage systems are further of different types: compressed air energy storage, pumped hydro storage, liquid air energy storage, and others (including flywheel and torsion or plate spring).

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The energy storage market is categorized into backup supply, arbitrage, ancillary services, fuel saving, and others (which include running mills and air conditioning). Among these, the largest application area for energy storage systems was ancillary services during 2013–2017 and is further predicted to retain its position in the near future. These services are mandatory for supporting the transmission of electric supply from the generation site to the customers because of transmitting utilities and control areas within those control areas for maintaining reliable operations of the interconnected transmission system. The application area of arbitrage is projected to witness the fastest growth rate in the coming years.
The growing adoption of energy storage systems in the transportation sector is expected to increase their demand in the near future. The transportation sector is growing rapidly because of the rise in the economic status of consumers, which is resulting in increased demand for advanced vehicles. Conventionally, the manufacturers did not have the technology for making a car efficient, in terms of energy conservation. But now, with the changing research and development scenario, manufacturers are increasingly focusing on improving their technology in order to make vehicles more efficient, which, in turn, has led to the growing adoption of storage technologies in different components.

How is Inadequate Power Driving Supply Virtual Power Plant Market Forward?

In majority of the areas around the world, the power transmission infrastructure has become dated. Developed countries are switching to renewable energy due to rising concerns about the environment as well as depleting fossil fuel reserves. Though the conventional power transmission infrastructure is capable of integrating the energy generated by renewable energy plants, virtual power plants perform this task more efficiently. Further, the emerging economies face the problem of extreme power failures, and also, they are witnessing high power demand due to the improving economy, which is boosting the industries and living standards. In both the scenarios, the power transmission network is incapable of supplying the required amount of power. This can be taken care of by the inclusion of virtual power plants. They can help in solving such problems by accurately estimating the electricity demand and supply, and these plants can control the power generated by the renewable energy generation projects. They can further ensure the stability of the entire power transmission network by maintaining the continuous flow of electricity.

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Virtual power plants are an integrated system that have a main control system, which is connected to the power-generating, distributing, and transmitting units that help in regulating, optimizing, and managing the electricity supply from numerous electricity-generating sources to end users. Virtual power plants are based on different technologies, namely mixed asset, supply side, and demand response. During 2013–2017, the most amount power was supplied by the demand response model. In this model, end users can alter the electricity consumption depending on the electricity demand. Incentives, such as lower tariff are offered to consumers if they reduce the consumption during peak hours. This helps in managing the demand-supply scenario at the grid level at a time. Virtual power plants based on this model are extensively used in the North America, mainly the U.S. In the coming years, the virtual power plant market is expected to advance at a CAGR of 18.6%.

Virtual power plants help various sectors, such as residential, commercial, and industrial meet their energy requirements and also supply energy to electric vehicles. These plants supplied the maximum electricity to the industrial users in 2017. This was observed due to the rapid industrialization in developing countries, such as India, Brazil, Indonesia, and China. In the coming years, the fastest growth in demand in the virtual power plant market is predicted to be witnessed by electric vehicles, as to cut back on vehicular emission, governments are focusing on the utilization of clean energy for charging these vehicles, which can be supplied via these plants.



Majority of the developing nations suffer from inadequate power infrastructure and acute power shortages. In recent years, these countries have improved their economy massively, which is driven by heavy investments in the commercial and industrial sectors. The improving economy is leading to the high demand for electricity across various industries, which is resulting in more investments for the development of power projects based on renewable energy, such as wind and solar, along with smart grids, and the expansion of power transmission and distribution network. The huge inflow of investment in the energy sector is providing massive opportunities for innovative solutions, such as virtual power plants to integrate the sustainable energy with the conventional power transmission set ups without incurring the cost of updating the whole infrastructure.

How is Rising Concerns Regarding Vehicular Pollution Aiding in Hydrogen Storage Market Growth?

Amidst rising concerns regarding vehicular emission and changing climate as a result of the accumulation of greenhouse gases, the need for alternative fuels is being felt across the globe. Conventional energy sources, such as crude oil, have been major contributors to environmental pollution, as they are made of carbon, and upon burning, release carbon dioxide in huge amounts. The accumulation of these gases into the environment has led to the phenomenon of global warming. Therefore, governments and various agencies across the world are trying to come up with low-emission fuels alternatives to curb vehicular emission.



Many countries across the world have implemented stricter emission laws and are working tirelessly to make consumers aware about the significance of low emission fuels and clean energy. The Environmental Protection Agency reported that as of 2015, there were over 10,000 fuel stations in the U.S. that provided alternative fuels. Further, to power fuel cell electric vehicles, hydrogen storage is gaining popularity due to the benefits of using hydrogen as fuel, such as high performance and economic viability. Further, the fluctuating prices of oil is also a factor driving the demand for alternative energy sources.

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Hydrogen storage is a technology that has led to the advancements in hydrogen and fuel cell technologies; hydrogen is considered a clean fuel, which on burning only produces water. Hydrogen can be produced from a wide range of sources, such as biomass, natural gas, renewable energy, and nuclear power. These make hydrogen an attractive alternative fuel for transportation and electricity generation. The generated hydrogen is stored and then used as stationary power, portable power, and in transportation. A study conducted by P&S Intelligence has predicted that the hydrogen storage market would advance at a 7.6% CAGR during 2016–2026.



Hydrogen can be stored in all the three states of matter: solid, gases, or liquid. The produced hydrogen is stored in two different forms of storage: material-based and physical. Throughout 2012–2015 period, the demand for physical storage of hydrogen was more in demand. Hydrogen is stored either in a gaseous or liquid form in physical storage. Hydrogen is stored physically as liquid, compressed, or cold/cryo compressed. This type of hydrogen storage is expected to witness high demand due to the implementation of strict government regulations on emission control and poor quality of crude oil. This is expected to drive the demand for physical hydrogen storage in coming years as well.


Keeping up with the global efforts in curbing vehicular pollution, the hydrogen storage market is headed toward prosperity, as numerous countries, such as the U.K. and the U.S. have already launched programs to promote the use of hydrogen-fueled vehicles. The U.K. government is said to have invested a sum of $2.2 million in 2016 to include an additional 100 hydrogen fuel cell vans and cars in the coming years. Further, the growing demand for methanol and ammonia in countries, such as India, Japan, China, and South Korea, would also drive the demand for hydrogen storage.

Solar Encapsulant Market to Achieve 28.4% CAGR in Coming Years

Rising burden on conventional energy sources for power generation has become a major environmental concern as fossil fuels are depleting at a worrisome rate, and their combustion results in the release of toxic pollutants in the environment. This is contributing massively to global warming. Therefore, alternate sources of energy, such as wind, water, and solar, are being pursued for clean energy generation. The most popular renewable energy is solar, which makes use of photo voltaic (PV) technology. This technology is capable of directly converting sunlight into electrical energy. PV modules are being heavily deployed for harnessing solar power, as they offer numerous benefits, such as environmental sustainability, economic viability, and clean energy. Many countries are now increasingly investing in the manufacture of PV modules, for instance, China has increased its installed capacity of solar power generation to 48 GW, which is further expected to reach 110 GW by 2020, as mentioned by the China Photo Voltaic Industry Association.  Solar encapsulants are products that are used for providing adhesion between the top and rear surfaces of the module to offer protection from high moisture, temperature, and external stress.



Solar encapsulants are based on the following materials: polyolefin elastomer, ethylene vinyl acetate (EVA), polyvinyl butyral (PVB), polydimethylsiloxane, ionomers, and thermoplastic polyurethane. Of all, the demand for EVA-based solar encapsulant was the highest during the 2013–2017 period. EVA is a copolymer of ethylene and vinyl acetate and it is highly elastic which can be molded into any form. Owing to its excellent toughness, it is extensively used in the PV industry. Further, EVA is preferred because it is cost-effective and highly efficient. It even protects modules from dirt, humidity, external shocks, delamination, corrosion, and vibration. In the coming time, the fastest growth in demand is expected to be witnessed by the PVB material-based encapsulants. PVB is an amorphous copolymer of vinyl alcohol, vinyl butyral, and vinyl acetate. It provides module durability and increases lamination yield. A study conducted by P&S Intelligence has predicted the solar encapsulant market to register a 28.4% CAGR in the coming years.



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Solar encapsulants find their application in various sectors, such as automotive, electronics, construction, defense, and aerospace.  The construction sector was the largest end user of these encapsulants throughout the 2013–2017 period. To harness electricity generated from sunlight, solar panels are installed on roofs of residential and commercial buildings, which is then used to operate electronic devices, such as solar heaters, fans, and lights. Further, owing to their high thermal resistivity and durability, they are being preferred to be used in green building construction.  Therefore, due to their heavy deployment in buildings, this sector would continue to generate the highest demand for solar encapsulants, keeping the abovementioned factors in mind.



The increasing interest of manufacturers and consumers in solar panels is inviting more investments, thereby resulting in rising research and development activities for improving the durability and efficiency of solar cells, and solar encapsulants. Continuous efforts of scientists and researchers have led to the development of third-generation PVs that are superior than their predecessors. Technological advancements have made the manufacturing of solar encapsulants comparatively easy, which has helped reduce their prices, thereby adding to the demand for solar encapsulants. This can be a massive opportunity for growth for the manufacturers dealing in this market.

Automotive Elastomers Market to Exhibit 4.8% CAGR in Near Future

The rising pollution level has become a major environmental concern. A report by the Netherlands Environmental Assessment Agency mentioned that in 2011, about 31.6 gigatons of carbon dioxide (CO2) was emitted globally, of which 23% emissions were reported from all transport sectors. This alarming concentration of CO2 along with sulfur dioxide and carbon monoxide in the environment is immensely contributing to the greenhouse effect, which is causing drastic climatic changes across the globe.

Keeping this in mind, research and development activities are going on in developing vehicles that run on alternate sources of energy, but while that happens, researchers are also focusing on developing lightweight vehicles. Materials such as aluminum, plastic, and composites are now being preferred to plastics, steel, polyvinyl chloride, and rubber for constructing the vehicle body. Lightweight materials are being used in automotive manufacturing as they improve fuel efficiency. Therefore, automotive polymers are one such material that help in the manufacture of fuel-efficient lightweight vehicles.

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Elastomers are extremely elastic polymers that are lightly cross-linked and amorphous. The polymer chains are held together by weak intermolecular forces. Automotive elastomers are specifically used for manufacturing automotive components, such as body side cladding, grills, wheel trims, trunk seal to name a few, as they are resistant to high heat, and have low density and offer high glossy finish. They are of two types: thermoplastic and synthetic. Throughout 2012–2015, the demand for synthetic elastomers was higher between the two. Synthetic elastomers are manufactured artificially from petroleum by-products.

They are capable of handling a wide temperature range, and are resilient to various fluid types, corrosive, and extreme environments. Different types of synthetic polymers are silicone rubber, chloroprene rubber (CR), fluoroelastomers, nitrile butadiene rubber (NBR), ethylene propylene diene monomer (EPDM), and styrene butadiene rubber (SBR). In the coming time, thermoplastic elastomers would experience the fastest growth in demand in the coming years. The automotive elastomers market is predicted to grow at a 4.8% volume CAGR in the near future, as predicted by P&S intelligence.



Automotive elastomers are used for various applications, such as molded parts, weather seal, under hood, interior, and exterior. Among all, during 2012–2015, automotive elastomers were used the most for the exterior application. Automotive applications are a major part of the exterior applications, such as mirror gaskets, wiper deflectors, front and end parts, hood strip, and fuel filler seals. These elastomers offer high-quality finish, dimensional stability and durability, as well as result in the improved fuel efficiency and controls CO2 emissions. Further, as these elastomers are highly flexible, they allow the creation of complex designs.

In the coming years, the fastest growth in demand is predicted to be witnessed by the interior application, which is aimed at reducing the wear and tear of the interiors of an automobile, ranging from cup-holder liners, airbag cover, soft-touch grips, and armrest covers to dashboard covering, glass run channels and door trim panels, control panel switch, and console box liner. These elastomers help in the manufacture of cost-effective, innovative, and lightweight automobile interiors.