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