The Global Market for Advanced Energy Storage is Forecast to Reach 103.8 Thousand Megawatts by 2024

Committed Decarbonization Agenda & the Resulting Increased Renewables to Grid Integration to Spur Global Opportunities for Advanced Energy Storage, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Advanced Energy Storage market. The global market for Advanced Energy Storage is forecast to reach 103.8 thousand megawatts by 2024, driven by the speeding up of the decarbonization agenda in countries worldwide and the resulting increased focus on integrating renewable generation into grid operations as the first step towards reducing the energy industry’s carbon footprint.

World electricity industry is witnessing sea changes. Utilities, the most vital component of the energy industry, is undergoing rapid transformation right from digitalization, shifts in operating models to evolving diversity in energy sources. The growing focus on integrating alternative sources of renewable energy is driving opportunities for the commercialization of advanced energy storage technologies. Against the backdrop of growing concerns over global warming and climate change, the heavy dependence on fossil fuel has and still continues to attract flake, forcing governments the world over to legislate policies that mandate utilities to integrate renewable energy into the existing energy generation mix. Another factor also driving the reliance on renewables is the fact that modern economies, societies and businesses are critically reliant on energy, Interruption in energy supply and poor quality of energy supplied has the potential to erode business profits, result in poor quality of healthcare and cause huge economic and social losses and damages. Until now, in most markets across the globe power outage and/or scheduled blackouts was the popular load shedding strategy adopted to meet peak demand. However, with rapid digitalization, electrification and electronification of modern societies such a load shedding strategy is unsustainable and detrimental to the growth of economies. As a result, there is strong focus on integrating higher shares of intermittent sources of renewable energy to meet peak demand.      

Integrating and balancing high shares of renewable energy with very modest changes to power system requires the use of advanced energy storage systems given the intermittent nature of renewable energy. In addition to their variability, renewable energy sources are also located far away from clusters of urban population. The need of the hour for meeting renewable integration as supplemental power sources is therefore the ability to store this energy as save for future use for meeting peak load demands. Governments therefore are providing funding and financing support for grid-level energy storage projects. Future growth in the market will be largely dependent upon cost competitiveness of energy storage technologies; validated reliability and safety of these technologies; and development of an equitable regulatory environment.

As stated by the new market research report on Advanced Energy Storage the United States represents the largest market worldwide. Rest of World, comprising Eastern Europe, Latin America, the Middle East and Africa, ranks as the fastest growing market with a CAGR of 64.9% over the analysis period. The growth in the market is led by factors such as robustly growing regional economies; strong investments in new energy infrastructure build-outs; growing international pressure on emerging countries to reduce their per capita carbon dioxide emissions; and rich abundance of natural renewable energy sources such as sunlight, wind and water.  

Major players in the market include ABB Ltd., Active Power Inc., AES Energy Storage LLC, Alevo Group S.A., Altair Nanotechnologies Inc., Amber Kinetics Inc., Areva, Ashlawn Energy LLC, Axion Power International Inc., Beacon Power LLC, BYD Co. Ltd., Calnetix Technologies LLC, ECOULT, Electrochaea GmbH, Encell Technology Inc., EnSync Energy Systems Inc., Exide Technologies, General Electric Company, Gridflex Energy LLC, Highview Enterprises Ltd., Hitachi Ltd., Hyper Tech Research Inc., IMS group AS, ITM Power Plc, Kokam Co. Ltd, Leclanché SA, LG Chem, LightSail Energy, Maxwell Technologies Inc., McPhy Energy S.A., NEC Energy Solutions, NGK Insulators Ltd., Proton OnSite, Redflow Limited, Saft Groupe S.A., Samsung SDI Co. Ltd., Siemens AG, Dresser-Rand Group Inc., Temporal Power, Tesla Inc., Tianjin Lishen Battery Co. Ltd., Toshiba International Corporation and ViZn Energy Systems Inc., among others. 

The research report titled “Advanced Energy Storage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the USA, Western Europe, Asia-Pacific and Rest of World.


For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more