Quick Take:You’ll pull several insights from the new research report described and linked below. Note that they predict:

The sector will grow 9% per year
Asia will lead the way
Smart grid will be one of the key sectors along with transportation

– Jesse Berst

A new report from GBI Research forecasts substantial and steady growth in the global energy storage market to 2020. The research firm says the global market was valued at $39.5 billion in 2011 and should reach $62 billion by 2016, with a compound annual growth rate of 9%.

GBI says the growth is probably attributable to continuing smart grid development and other drivers, including transportation applications. “It is likely to be driven by the ongoing development of smart grid infrastructure, growing energy demand worldwide, increasing government grants and funding and constant technological advances in the energy storage industry.”

Highlights from the report include:

• Asia is the leading regional market for energy storage with the U.S. and Europe in second and third place
• BYD Company Limited, SANYO, LG Chem, Active Power, China BAK Battery and Samsung SDI are some of the leading players in the global energy storage market
• Capacitor-based energy storage is “one of the most promising” sectors

The report also notes that safety concerns regarding battery disposal could be a challenge to growth in the energy storage market.