Compressed Air Energy Storage Market Overview
It is highly unlikely that the demand for energy will ever decrease. The way the population around the globe is increasing, the energy requirement will only increase. However, the conventional ways of generating energy are now unable to fulfil this rapidly growing need for power. In addition to this, the excessive utilization of non-renewable resources has resulted in global warming. The International Energy Association has estimated that for keeping global warming below 2 degree Celsius. About 266 GW of energy is required to be stored by 2030, globally, rising from 176.5 GW in 2017.
It is due to these factors that the demand for alternative ways of generating and storing clean energy is increasing day by day, which, in turn, is resulting in the growth of the global compressed air energy storage market. The dependence on renewable sources for generating energy is rising across the globe. Different form of renewable energy, such as solar and wind, are largely dependent on energy storage systems. Owing to which, the need for adopting different types of storage systems is rising as well. One of such systems is the compressed air energy storage, which is based on gas turbine cycle.
Compressed Air Energy Storage Market Outlook
Excessive power is utilized for compressing air by making use of a rotary compressor, which is then stores in an underground chamber. In case power is needed, the compressed air is released from the chamber and is passed through an air turbine, which produces electricity from the flowing high-pressure air. Different types of compressed air energy storage are diabatic, adiabatic, and isothermal. Out of all these, the demand for diabatic type is predicted to increase considerably in the years to come. This is majorly ascribed to the simple design and lower operating cost of this type, as compared to isothermal and adiabatic compressed air energy storage systems.
Compressed Air Energy Storage Market Share
In addition to this, isothermal and adiabatic compressed air energy storage systems are still in the developmental phase, which is why, the industry is dominated by diabatic compressed air energy storage systems. When geography is taken into consideration, North America is predicted to emerge as a major compressed air energy storage market in the near future, which is primarily due to the surging requirement for electricity storage systems in the region. According to the Environmental and Energy Study Institute, the U.S. produced 4 billion megawatt-hours of electricity, however only 431 megawatt-hours of power was stored in 2017.
In conclusion, the demand for compressed air energy storage systems is growing due to the surging population, increased consumption of fossil fuels, rapid degradation of the environment, and rising dependence on alternative resources for generating energy.
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Smart Battery Charger Market Overview
Smart batteries are batteries with complex functioning. These microchips help them in informing the user on the current state of charge, and state of health. Smart batteries are highly preferred in computer devices, medical equipment, military tools, and video and digital cameras. The state of charge and state of health is crucial for functionality, and smart batteries are natural matches for such devices.
From mobile phones, tablets, and hearing-assisted devices to electric cars and drones, all such devices function through the power generated by the battery. The various types of smart batteries used by consumers include; maintenance-free, wet cells (flooded), gel cell, and absorbed glass mat.
Smart Battery Charger Market Trends
The microprocessor-controlled charger is known as a smart battery charger. It works only with smart batteries equipped with special microchips that are programmed to communicate with the same brand’s charge.
The system intelligence is employed in the battery pack, concerning the safety feature. The SBS battery enables digital supervision through chip that manages the battery charge and facilitates communication in a closed loop.
The analog signals from the chemical battery communicate with the charger to stop the charge with the addition of temperature sensing. The fuel gauge technology known as System Management Bus incorporates IC chip systems in single-wire or two-wire systems.
The innovation in the EV smart charging management system drives the sales of smart battery chargers. The conventional chargers cannot be connected to the cloud. But smart battery charges can be monitored, managed, and restrict the use of the remote device to reduce energy consumption.
Smart Battery Charger Market Outlook
There is a surging requirement for smart electric vehicle chargers. And charging systems to develop a sustainable energy system that does not rely on fossil fuels for energy generation. A smart battery charger enables precise charging and due to this, the smart batteries are not likely to get overcharged. These chargers facilitate communication between the battery, equipment, and user.
The major companies operating in the industry are; Storage Battery Systems LLC, Exide Technologies, HindlePower Inc., Delta-Q Corporation, Associated Equipment Corporation, and Panasonic Corporation.
The constant advancements in the telecom, and consumer electronics industries drive the smart battery charger industry. Moreover, the rising adoption of electric vehicles to reduce dependence on fossil fuels propel the smart battery demand, which results drives the sales of the smart battery charger.
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