The global advanced energy storage market 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 Bn. Fortune Business Insights states that the market will reach US$ 211.2 Bn by 2026, thereby exhibiting a CAGR of 4.82%.
- Samsung SDI
- LG Chem
- Fluence Energy
- General Electric
- Primus Power
- Saft Batteries
- Lockheed Martin Energy
- Eos Energy Storage
- Con Edison Solutions
- Duke Energy
Advanced energy storage 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 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 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 market values for the period of 2019-2026.
1. By Technology
- Solid State Battery
- Flow Battery
- Thermal Energy Storage
- Pumped Hydro Storage
2. By Application
3. By Geography
- 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)
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 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 in the forthcoming years.
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 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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Table Of Content
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
5.3. Market Analysis, Insights and Forecast – By Application
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Latin America
5.4.4. Asia Pacific
5.4.5. Middle East & Africa
6. North America Advanced Energy Storage System Market Analysis (MW & US$ Mn), Insights and Forecast, 2015-2026
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Technology
6.2.1. Solid State Battery
6.2.2. Flow Battery
6.2.3. Thermal Energy Storage
6.2.4. Pumped Hydro Storage
6.3. Market Analysis, Insights and Forecast – By Application
6.4. Market Analysis, Insights and Forecast – By Country
7. Latin America Advanced Energy Storage System Market Analysis (MW & US$ Mn), Insights and Forecast, 2015-2026
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast – By Technology
7.2.1. Solid State Battery
7.2.2. Flow Battery
7.2.3. Thermal Energy Storage
7.2.4. Pumped Hydro Storage
7.3. Market Analysis, Insights and Forecast – By Application
7.4. Market Analysis, Insights and Forecast – By Country
7.4.3. Rest of Latin America
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