Pune, Aug. 24, 2020 (GLOBE NEWSWIRE) -- The global advanced energy storage system market size is predicted to reach USD 211 billion by 2026, exhibiting a CAGR of 4.82% during the forecast period. The growing requirement for transmission & distribution stations can be a critical factor bolstering the growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Advanced Energy Storage System Market Size, Share and Industry Analysis By Technology (Solid State Battery, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage), By Application (Residential, Commercial, Industrial, Utility) and Regional Forecast 2019-2026” the market size stood at USD 145 billion in 2018. The growing procurement of renewable energy to cater to the rising demand for energy will enable speedy growth of the market.
Advanced energy storage has the ability to enhance electricity grids. The gradual depletion of fossil fuels has created the need to conserve energy on the global platform. This has resulted in a huge emphasis on deployment of several methods of energy harnessing across the world. The adoption of advanced energy storage can play a major part in enhancing energy storage, thereby improving energy resource utilization. To suffice the needs of the massive global population, it essential to preserve energy and deploy it based on the convenience of end users. Recent advancements in advanced energy storage industry have, therefore, favored the growth of the global advanced energy storage market in recent years. The report provides a detailed analysis of several factors that have contributed to the demand for advanced energy storage. Fortune Business Insights forecasts the advanced energy storage market values for the period of 2019-2026.
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An Overview of the Impact of COVID-19 on this Market:
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Market Driver:
Rising Emphasis on Green Energy to Support Market Development
The growing focus of emerging countries towards green energy sources will foster the healthy growth of the market. The rising supply & demand for energy will create lucrative opportunities for the market. The expansion and upgradation of existing power grids will propel the market in the forthcoming years. The growing requirement for new infrastructure will contribute positively to the growth of the market. The rising popularity of electric vehicles will fuel demand for power stations, which in turn, will favor the growth of the market. Moreover, the growing concerns regarding air pollution and the importance of reducing carbon emissions are factors that will bode healthy for the market in the foreseeable future. Moreover, the rising employment of thermal energy storage (TES) systems in solar power (CSP) plants to store solar heat and generate electricity swiftly will aid the expansion of the market in the forthcoming years. In addition, the deployment of advanced energy storage systems to deliver uninterrupted supply during blackouts will spur opportunities for the market. The rising demand for Plug-In Electric Vehicles (PHEVs) in the automotive industry will influence the healthy growth of the market during the forecast period.
Company Collaborations Will Create Attractive Growth Prospects
The increasing number of company collaborations have created several opportunities for the companies involved. Mergers and acquisitions will help companies generate a substantial amount of advanced energy storage market revenue in the coming years. The report highlights a few of the major company mergers and takeovers in recent years and gauges the impact of these M&As on the global market. In 2019, General Electric (GE) signed an agreement with Helios Energy to establish two hybrid solar array systems. GE is expected to witness accelerated gains in the coming years due to this collaboration, which in turn will aid the growth of the global market.
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Regional Analysis:
Rapid Transformation in Storage Systems to Aid Growth in North America
The market in North America is expected to rise rapidly during the forecast period owing to the stringent government policies and regulations regarding carbon emissions. The declining costs of storage technologies along with retrofitting of existing pumped hydro storage facilities will boost the market in the region. The rapid transformation in energy storage systems and new large-capacity projects will drive the market in North America. The market in Asia Pacific is expected to witness an exponential growth rate. The growth in the region is attributed to the focus on fossil fuels for energy supply. The rising energy demand and availability of cost-effective storage options in emerging countries will bolster the growth of the market. The growing utilization of reliable, safe, efficient, and sustainable electricity systems will foster the growth of the market. The increasing investment in advanced energy storage systems by major companies will create opportunities for the market in the region.
Key Development:
April 2019: General Electric announced that it has signed an agreement with Helios Energy to install two hybrid storage systems combined with solar arrays in New York, USA, operations are due in the mid of 2020.
April 2019, Shanxi Electric Power Engineering, subsidiary of China Energy Engineering Group, announced the development of 250 MW solar plants with one of the largest energy storage systems in the country.
List Of key Companies Profiled In Advanced Energy Storage Market Are:
- ABB
- AES Corporation
- Ecoult Energy Storage Solutions
- LG Chem Ltd.
- Tesla Inc.
- GS Yuasa Corporation
- Samsung SDI Co.
- General Electric
- Mitsubishi Heavy Industries
- Evapco Inc.
- Panasonic Corporation
- Saft Groupe S.A.
- Hitachi Chems
- Sonnen GmbH
- Lockheed Martin
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Global Advanced Energy Storage Market Analysis (MW & US$ Mn), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Technology
- Solid State Battery
- Flow Battery
- Thermal Energy Storage
- Pumped Hydro Storage
- Others
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Utility
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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