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Forbes – Ariel Cohen – Charging Up: Battery Storage Investments To Reach $620 Billion By 2040
The market for energy storage is rapidly gaining momentum around the world. The growing cost-competitiveness of carbon-free energy sources, coupled with improving technology and more environmentally conscious government policies are driving a demand boom for batteries in both the transportation and utility power sectors. But just how big is this boom expected to be?
Bloomberg New Energy Finance (BNEF) predicts that the global energy storage market will grow to a cumulative 942GW by 2040, attracting a whopping $620 billion in investments. This makes sense, given that combined wind and solar power generation capacity is expected to eclipse that of natural gas shortly after 2040 – at least according to the International Renewable Energy Agency (IRENA). And those renewable energy stations, which produce power intermittently (the sun is not always shining and the wind is not always blowing), will require adequate storage to make them economically viable.
That’s to say nothing of battery-powered electric vehicles (EVs), where the global fleet has been expanding at a compounded annual growth rate (CAGR) of 52% over the past 5 years. That rate is expected to level off to about 25% between now and 2025. There are currently 3 million EVs on the road today, and an estimated 1.2 million of them were sold in 2017. That’s around 1.5% of all car sales last year……
China, US, India, Japan, Germany, France, Australia, South Korea, and the UK lead the energy storage markets, together accounting for two-thirds of 2040’s installed capacity
The major players operating in the battery energy storage system market include ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla (US). Keep an eye on these companies as battery deployment and investment continue to rise.
Link here to read full article on Forbes website
Feedback plc announces the first sale for research purposes of Feedback’s TexRAD texture analysis software in South Korea. As part of the new PET-CT scanner installed by Siemens at Seoul National University Bundang Hospital, (SNUBH), TexRAD software was purchased for use by the Nuclear Medicine department at SNUBH to undertake research studies in cancer and other diseases. Uniteko Co.,Ltd are the Siemens PETNET Korea Co., Ltd (“Siemens”) authorised distributor who facilitated the purchase and installation process of TexRAD research software at SNUBH on behalf of Siemens.
SNUBH is one of the specialty branches of the Seoul National University Hospital system. It is South Korea’s national medical research hospital dedicated to the study and treatment of geriatric diseases. When SNUBH opened in 2003, it was the first fully digital, paperless hospital in the Asia-Pacific region. It is now the digital cornerstone of the South Korean national healthcare system and is a world leader in the use of data to inform clinical decision-making in the diagnosis and management of individual patients.
Dr. Ho-Young Lee, Assistant Professor in the Department of Nuclear Medicine, Seoul National University, College of Medicine, SNUBH commented, “We are very excited with the prospects of using the TexRAD imaging research software platform in conjunction with the new PET-CT scanner being installed at our institution, further reinforcing our vision and reputation of being early adopters of new technologies, particularly in the fascinating area of quantitative imaging and its applications in cancer care.”
TexRAD research software will extract key heterogeneity information via a novel quantitative texture analysis approach from SNUBH’s cancer imaging datasets. TexRAD has already established itself as a leading, innovative texture analysis software product, currently employed as a research tool in a number of prestigious imaging centres and university hospitals in the UK, EU, and USA. Similarly it is envisaged that TexRAD will assist in enhancing the research output in cancer imaging at SNUBH and identify potential clinical applications and impact on care management of cancer patients in the future.”
Dr. Balaji Ganeshan, Chief Scientist and New Business Officer at the Company’s subsidiaries TexRAD Ltd and Cambridge Computed Imaging Ltd, commented, “We are delighted to receive this order – a first on several fronts: Firstly, working with a leading original equipment manufacturer (OEM) on this sale, bundling TexRAD research software with the OEM offering and lastly but not least, entry into the Korean market – particularly the prestigious Seoul National University Bundang Hospital who are keen to undertake further exciting research in cancer imaging. This will open up new avenues and opportunities for Feedback in establishing itself and fulfilling its vision as an innovative multi-modality medical imaging software company.”