The global market for advanced energy storage features a largelyfragmented competitive landscape owing to the presence of several large- andmedium-scale companies and a low threat of new entrants owing to the market’scapital intensive nature, observes Transparency Market Research in a recentreport. Leading companies in the market benefit from their technical expertise,vast experience, and strong distribution and sales channels.
Focus on strategic alliances, long-term contracts, and expansion acrosshigh-growth regional markets has increased. A recent instance of this strategy isthe contract won by AES Energy Storage, a completely owned subsidiary of AESCorporation, under which the company will help San Diego Gas install andcommission energy storage installation arrays of capacity 37.5 MW.
According to Transparency Market Research, the global advanced energystorage market, which valued at US$0.87 bn in 2015, will reach US$1.39 bn by2024, expanding at a CAGR of 5.4% between 2016 and 2024.
Request A Sample- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2852
Pumped Hydro Storage technology Holds Massive Sharein Global Market
Based on technology, the global advanced energy storage market witnessedthe dominance of the segment of pumped hydro storage. The segment accounted fora massive 90% of the global advanced energy storage market in 2015 and islikely to remain the most preferred advanced energy storage technology in thenear- and long-term scenario. From a geographical standpoint, the market foradvanced energy storage in Asia Pacific held the dominant market share in theglobal market, followed by Europe and North America, in 2015. The developmentof advanced energy storage industry in Asia Pacific has seen rapid growth inthe last few year and is also expected to exhibit impressive rise during theforecast period.
Reduced Battery Costs Help Lift Market GrowthProspects
Some of the key forces driving the global market for advanced energystorage is the significant growth observed in the field of battery energystorage, the vast rise in micro grid and on-grid energy distributioninfrastructure across the globe, and lower regulatory constraints pertaining toenergy storage. Of these, the excellent growth observed in the battery industryin the past few years, which has helped in significantly reducing batteryprices, has fueled the growth of the electrochemical (battery) energy storagesegment and benefitted the growth prospects of the global advanced batterystorage market as well.
Impressive growth observed in the micro grid and on-grid energydistribution sector, especially across some of the world’s leading developedand emerging economies, has also had a massive positive impact on the overallgrowth prospects of the global advanced energy storage market. In the nearfuture, the market is expected to benefit from relaxation in tax structure andencouraging government regulations concerning energy storage, especially incountries across Europe and Asia Pacific where governments support the industryvia loan rebates and subsidies.
REQUEST FOR COVID19 IMPACTANALYSIS – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=2852
Lack of Global Standard for Deploying Novel EnergyStorage Technologies Hinder Growth Prospects
Some of the key restraints negatively affecting the growth prospects ofthe global advanced energy storage market are the rising costs of novel energystorage technologies such as liquid air energy storage, thermal energy storage,and hydrogen storage, and lack of global standards regarding the deployment ofthese technologies. Lack of proper infrastructure and integration technologiesin certain high growth potential regional markets is also limiting theexpansion of the advanced energy storage market.
This review of the global advanced energy storage market is based on arecent market research report published by Transparency Market Research, titled“Advanced Energy Storage Market (Technology - Pumped Hydro, Battery Storage,Flywheel Storage, and Thermal Storage; Application - On-grid, Off-grid, andMicro Grid) - Global Industry Analysis Size Share Growth Trends and Forecast2016 - 2024.”
For the study, the market has been segmented as follows:
Advanced Energy Storage Market – TechnologyAnalysis
· PumpedHydro
· BatteryStorage
· FlywheelStorage
· ThermalStorage
· Others
Advanced Energy Storage Market – Application Analysis
· On-Grid
· Off-Grid
· MicroGrid
· Others
Advanced Energy Storage Market – Regional Analysis
· NorthAmerica
o U.S.
o Canada
· Europe
o U.K.
o Italy
o Spain
o France
o Germany
o Rest ofEurope
· AsiaPacific
o China
o Japan& Korea
o India
o ASEAN
o Rest ofAsia Pacific
· Latin America
o Brazil
o Mexico
o Rest ofLatin America
· MiddleEast & Africa (MEA)
o GCC
o SouthAfrica
o Rest ofMEA
Purchase A Report- https://www.transparencymarketresearch.com/checkout.php?rep_id=2852<ype=S
About Us
Transparency Market Research (TMR) is a marketintelligence company, providing global business information reports andservices. Our exclusive blend of quantitative forecasting and trends analysisprovides forward-looking insight for thousands of decision makers. TMR’sexperienced team of analysts, researchers, and consultants, useproprietary data sources and various tools and techniques to gather, andanalyze information. Our business offerings represent the latest and the mostreliable information indispensable for businesses to sustain a competitiveedge.
Each TMR syndicated research report covers adifferent sector - such as pharmaceuticals, chemicals, energy, food & beverages,semiconductors, med-devices, consumer goods and technology. These reportsprovide in-depth analysis and deep segmentation to possible micro levels. Withwider scope and stratified research methodology, TMR’s syndicated reportsstrive to provide clients to serve their overall research requirement.
Contact
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Saudi Arabia Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com
