Advanced Energy Storage Technologies Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
By recognizing the role of energy storage systems, several government bodies across the globe have been aiming at building an affordable, reliable, and sustainable power supply structure for catering to the snowballing energy needs of their citizens. The competitive scenario of the global advanced energy storage technologies features acquisitions, mergers, partnerships, and product launches as the most leveraged growth strategies.
For example, in May 2017, Wärtsilä Corporation announced that it is planning to acquire Greensmith Energy Management Systems Inc., a prominent provider of advanced energy storage technology solutions based in the U.S. The strategic acquisition will enable Wärtsilä to ramp up its international footprint in the advanced energy storage technologies market. As the competition between the leading companies operating in the market intensifies, the growth of the market for advanced energy storage technologies is likely to shoot up.
The growth of the global market for advanced energy storage technologies is also being fuelled by the initiatives of different organizations and agencies. For instance, in May 2017, the Advanced Energy Storage Caucus was launched in the U.S. Congress by representatives. Executives from the leading manufacturers, suppliers, and developers of advanced energy storage technologies attended the conference, whose central objective is educating the members about the advantages of these systems.
Such initiatives inform government officials and people at large about how the use of advanced energy storage technologies can transform the way power is generated, distributed, and utilized. Also, the implementation of advanced energy storage removes the hurdles that are associated with higher use of battery storage.
Advanced energy storage systems play a crucial role in the power industry. Maintenance of power quality, effective distribution, and proper energy management are some of their unique perceived benefits. They carry out the aforementioned tasks through frequency regulation, mitigating power congestion on grids, and supplying power uniformly in distributed generation. Advanced energy storage technologies first convert electricity into energy, store it, and then convert it back into usable electricity when the need arises. This is because while only a fixed amount of electricity can be generated at a time, the demand for electricity changes all the time.
A report by TMR Research furnishes valuable insights into the global advanced energy storage technologies market by analyzing the key trends and current competitive dynamics. It segments the market based on applications, technologies, and geography. In terms of technologies, for example, it classifies the market into super capacitors, pump hydro storage, batteries, flywheels, compressed air energy storage, and fuel cells. There are also more recent, upcoming technologies such as synthetic gas, super magnet, and hydrogen gas. Among all of these, pump hydro storage has been around for a very long time and dominates the market too. Application-wise, the report segments the market into transportation and grid storage.
Spiking daily electricity consumption along with the yawning gap between energy supply and demand has necessitated substantial storage capacity additions. This has been the single-most important factor contributing to the global advanced energy storage technologies market. Other factors driving the market are the burgeoning renewable energy installations and the spurt in demand for hybrid and electric vehicles. Additionally, increasing concerns about greenhouse gas and carbon dioxide emissions is also filliping the global advanced energy storage technologies market. This is because advanced energy storage technologies assist in effectively managing the flow of energy resources thus reducing the need for power generation, thereby bringing about energy conservation.
Advanced energy storage systems have also allowed consumers to manage their electricity needs by using the load shifting technique which helps to bring down costs. Furthermore, other factors including the growing need of smart grid installation and new transmission and distribution grid construction and upgrades has also bolstered the global market for advanced energy storage technologies market.
Depending upon geography, the global market for advanced energy storage technologies can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America, among them, is the leading market on account of the soaring popularity of electric vehicles and rising use of grid storage. North America is trailed by Asia Pacific and Europe. Going forward, Asia Pacific is predicted to outshine all other regions in terms of growth rate.
To present an insightful assessment of the competition prevailing in the global market for advanced energy storage technologies, the report profiles companies such as Sony, Nippo Chemi-Con Corp., A123 System LLC, Denso, Hitachi, and Toshiba.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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