Pune, India, April 21, 2023 (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 US$ 144.9 Billion. Fortune Business Insights states that the market will reach US$ 211.2 Billion by 2026, thereby exhibiting a CAGR of 4.82%.
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. Recent advancements in advanced energy storage industry have, therefore, favored the growth of the global advanced energy storage system 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 system market values for the period of 2019-2026.
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.
Get a Free Sample Research Report: https://www.fortunebusinessinsights.com/enquiry/sample/advanced-energy-storage-system-market-100817
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 4.8% |
| 2026 Value Projection | USD 211.2 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 144.9 Billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 130 |
| Segments covered | Advanced Energy Storage Market Size, Share and Global Trend 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 |
Growth Driver:
Increasing Number of Solar Farms Will Fuel Demand
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 due to disruptions in multiple industry verticals. The alarming spike in COVID-19 patients may lead to the closure of transport activities. Furthermore, the closure of manufacturing facilities significantly reduced the service demand. However, the resumption of manufacturing activities may enhance manufacturing activities, thereby fostering the demand for the service. These factors may propel the market development during the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/advanced-energy-storage-system-market-100817
Segmentation:
The advanced energy storage market is a growing industry, driven by technological advancements, increasing demand for energy storage solutions, and the need to reduce carbon emissions. The market segmentation based on technology, application, and geography provides a clear understanding of the market dynamics, trends, and opportunities for growth.
Technology: The different types of technologies used in advanced energy storage include batteries, flywheels, compressed air energy storage (CAES), pumped hydro storage (PHS), thermal energy storage (TES), hydrogen storage, and others. Each technology has its own unique characteristics and advantages, and they are suitable for different applications.
Application: Advanced energy storage systems find their applications in various sectors such as transportation, residential, commercial, industrial, and grid storage.
Regional Insights:
The advanced energy storage market can be analyzed regionally to gain insights into the market trends, drivers, and challenges. The major regions analyzed in the advanced energy storage market are North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Quick Buy - Advanced Energy Storage Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100817
Competitive Landscape:
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 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.
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 Market Segmentation:
By Technology:
- Solid State Battery
- Flow Battery
- Thermal Energy Storage
- Pumped Hydro Storage
- Others
By Application:
- Residential
- Commercial
- Industrial
- Utility
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/advanced-energy-storage-system-market-100817
Table of Content:
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….
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/advanced-energy-storage-system-market-100817
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
