Pune, India, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global advanced energy storage system market size is likely to derive growth from the increasing number of solar farms. According to a report published by Fortune Business Insights, titled “Advanced energy storage system: Global Market Analysis, Insights, and Forecast, 2018-2026,” the market was valued at USD144.9 Billion. Fortune Business Insights states that the market will reach USD 211.2 Billion by 2026, thereby exhibiting a CAGR of 4.82%.
Industry Development:
In July 2021-Babcock & Wilcox have announced an Intellectual Property Option Agreement with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). According to the agreement, B&W will have the exclusive rights to market an advanced, particle-based thermal energy storage technology. B&W is further expected to develop a long-term thermal energy storage system, pressurized fluidized-bed heat exchanger, and an innovative electric particle heater.
In June 2021-Pearl Homes in Florida, a community-focused home builder, developed a series of luxury home communities in Cortez. The development includes 86 eco-friendly family homes powered by solar plus Sonnen ecoLinx energy storage systems. With Sonnen ecoLinx, homeowners can control their energy consumption manage backup power.
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Reports Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 4.82% |
| 2026 Value Projection | USD 211.2 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 145 Billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 130 |
| Segments covered | 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 |
| Growth Drivers | Increasing Number of Solar Farms Will Fuel Demand |
| Company Collaborations Will Create Attractive Growth Prospects |
Drivers & 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.
Covid-19 Impact:
This market is expected to be negatively affected during the COVID-19 pandemic because of severe supply chain restrictions. The sudden spike in COVID patients led to the adoption of stringent lockdown norms, thereby negatively affecting the market’s development. The restrictions on transport, declining automotive sales, and the lack of raw materials led to severe disruptions in the supply chain. Further, manufacturing restraints negatively affected manufacturers’ revenue generation. These factors may propel market development during the pandemic.
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Report Coverage:
The market report contains qualitative and quantitative insights by providing a detailed aspect of the market size and growth rate for all possible aspects. Additionally, the report also encompasses a comprehensive analysis of various critical aspects of the market such as market dynamics, emerging trends, and competitive landscape. Also, the report contains individual segments, recent industry developments, partnerships, and mergers & acquisitions to pack all the required elements for navigating the market scape.
Regional Insights:
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, South Korea, Australia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
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.
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A List of Key Manufacturers Operating in the Global Market:
- 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.
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
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Table of Content:
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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