Pune, India, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The global Advanced Energy Storage System Market was USD 145 billion in 2018. The global market size is expected to be reach USD 211 billion by 2026, exhibiting a CAGR of 4.82% during the forecast period from 2021-2026. This information is provided by Fortune Business Insights, in its report, titled, “Advanced Energy Storage System Market, 2021-2026.”
According to our analysts, the factors such as increasing number of solar farms and growing awareness of energy conservation will favor growth. Recent advancements in advanced energy storage industry have, therefore, favored the growth of the global advanced energy storage system market in recent years.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2020 to 2026 CAGR | 4.82% |
| 2026 Value Projection | USD 211 billion |
| Base Year | 2018 |
| Market Size in 2019 | USD 145 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 130 |
| Segments covered | By Technology, By Application, and By Region |
| Growth Drivers | Increasing Number of Solar Farms Will Fuel Demand |
| Company Collaborations Will Create Attractive Growth Prospects |
COVID-19 Impact Analysis-
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Drivers and Restraints:
The increased awareness regarding global warming and ways to minimize it has given rise to several products that are able to harness solar energy. In a bid to conserve energy, governments across the world are actively engaged in building the right platforms for efficient distribution of solar energy. Solar farms are by far, the most effective ways of harnessing solar energy to generate electricity. Growing number of government subsidies have further attracted the riches and solar farm deployment firms are gaining investor traction.
The adoption of advanced energy storage system in solar farms has led to efficient energy harnessing methods. In April 2019, subsidiaries of the China Energy Engineering Corp. initiated two solar farms with the ability to generate a combined 500 MW solar energy. Considering the enormous population in China, this will be a major step towards establishing green energy regions, in a bid to conserve energy. Fortune Business Insights states that the use of advanced energy storage systems in solar plants across the world will have a positive impact on the global market growth in the forthcoming years.
Advanced energy storage system 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 system 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. The report provides a detailed analysis of several factors that have contributed to the demand for advanced energy storage.
Industry Developments:
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 Players Mentioned in the Report:
- 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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Key Benefits for Advanced Energy Storage System Market:
- The Advanced Energy Storage System market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Advanced Energy Storage System market during the forecast period.
- The report outlines the current market trends and future scenario of the global Advanced Energy Storage System market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
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.
Competitive Landscape:
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 system 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.
Advanced Energy Storage System Market Segmentation:
By Technology:
- Solid State Battery
- Flow Battery
- Thermal Energy Storage
- Pumped Hydro Storage
- Others
By Application:
- Residential
- Commercial
- Industrial
- Utility
Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5.Global Advanced Energy Storage System Market Analysis (MW & US$ Mn), Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Technology
5.2.1. Solid State Battery
5.2.2. Flow Battery
5.2.3. Thermal Energy Storage
5.2.4. Pumped Hydro Storage
5.2.5. Others
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
5.3.4. Utility
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Latin America
5.4.3. Europe
5.4.4. Asia Pacific
5.4.5. Middle East & Africa
Continued…
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