Advanced Energy Storage System Market Size worth USD 211 Billion by 2026 | Fortune Business Insights
Fortune Business Insights
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Fortune Business Insights
According to Fortune Business Insights, the global advanced energy storage system market size is projected to reach USD 211 billion by 2026 from its value USD 145 billion in 2018, at CAGR of 4.82% during forecast period.
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.
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.
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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.
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:
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