Albany, New York, 12 September 2019 – Demand for electricity has surpassed all the previous records, therefore new ways are being developed to store energy that will help in providing electricity later. This has resulted in increased demand for advanced energy storage systems. Market research analysis states that by the year 2024, the revenue in the global advanced energy storage market is expected to reach ~ US$ 1.39 billion. During the forecast period from 2016 to 2024, this market has an incremental opportunity of approximately US$ 0.52 billion. With such high figures, the players in the market have high opportunities to earn more during the projected tenure. As the global advanced energy storage market is fragmented in nature, large and medium-scale players will have equal opportunity in the market to perform and strengthen their position. However, leading companies will experience a slight dominance in the market on the basis of vast experience, improved technical expertise, and strong sales and distribution channels.
The market also offers lucrative opportunities for new entrants, as the entry barriers are not that tough in this market. Moreover, with increased investments in product innovation and research and development activities, new growth dynamics are opening in this market. Engaging in mergers, agreements, contracts, and focusing on expansion are also some of the most constructive steps taken by players. For example, General Electric (GE) entered into an agreement with Helios Energy in early 2019, to create two hybrid solar array systems. This collaboration will benefit the company to witness faster gains in the foreseeable future. This initiative will also augment growth in the global advanced energy storage market.
In the report published by Transparency Market Research on the global advanced energy storage market, prominent players including EDF Renewables, LyondellBasell Industries N.V., Schneider Electric, AES Corporation, INEOS Group AG, and Maxwell Corporation along with few other are analyzed thoroughly.
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Rising Government Spending to Enhance Use of Renewable Sources Benefits Market’s Growth
The demand in the global advanced energy storage market is projected to grow significantly, as it is becoming crucial in the electricity management system due to frequently changing demand from time to time. Growing concerns regarding the use of alternative resources than fossil fuel and energy conservation have further triggered growth in the global advanced energy storage market.
Governments across the world are taking strict steps to reduce dependency on fossil fuel, for example, the U.S. Department of Energy introduced the Public Utility Regulatory Policies Act (PURPA) that will help in focusing on the development of renewable energy resources. This will help in reducing the emission of GHG and CO2. Moreover, these steps will also help in strengthening the advanced energy storage market. Along with this capacity to provide reserve power for critical loads and utility transmission along with growing demand for the product in electric vehicle charging stations. Combination of all these factors will drive the growth in the global advanced energy storage market.
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Increased Infrastructural Spending in Asia Pacific makes it a Leading Region in the Advanced Energy Storage Market
Asia Pacific to lead the global advanced energy storage market over the projected tenure, as the demand for advanced energy storage is increasing in the commercial, residential, and industrial sectors due to increased infrastructural spending. Moreover, capacity additions have improved significantly due to growing energy demand is expected to have a positive impact on the market’s growth in the near future. On the other Europe and North America are likely to contribute at a considerable rate in expanding the global advanced energy storage market. Rising grid-scale projects and increasing government funding are also a few other factors driving demand in this market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Advanced Energy Storage Market (Technology – Pumped Hydro, Battery Storage, Flywheel Storage, and Thermal Storage; Application – On-grid, Off-grid, and Micro Grid) – Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024”.
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The global advanced energy storage market has been segmented as below:
Technology
Application
Region
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