Market Research Report
Global Advanced Battery Energy Storage System Market Size study, by Technology, by Application and Regional Forecasts 2020-2027
|Published by||Bizwit Research & Consulting LLP||Product code||990168|
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|Global Advanced Battery Energy Storage System Market Size study, by Technology, by Application and Regional Forecasts 2020-2027|
|Published: February 15, 2021||Content info:||
Global Advanced Battery Energy Storage System Market Size study, by Technology (Solid State Batteries, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage), by Application (Residential, Commercial, Industrial, Utility) and Regional Forecasts 2020-2027.
Global Advanced Battery Energy Storage System Market is valued at approximately USD 151.96 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2020-2027. Battery energy storage systems can store viable amount of energy from renewable sources, such as wind and sun. This means that the power grids can be supplied, through using clean, natural sources, preserving on energy production costs, and preventing the distribution of pollutants into the environment. Power storage is a benefit as a consequence of its swift response and as compared to any fossil fuel, storage technologies can deliver energy much more rapidly. This is a vital benefit particularly when the consumption of electricity increases and surpasses the supply. Therefore, rising focus toward improving the cost competitiveness of the power grid by safeguarding high stability, coupled with extensive adoption of clean energy sources will strengthen the demand for advanced battery energy storage system market. For instance, the government of Saudi Arabia has announced the initiative for renewable energy funding of USD 28 billion in October 2019 that offers a loan as high as 1.2 billion riyals (USD 0.32 billion) for clean energy projects. Thus, the increased availability of funds and grant for clean energy projects may fuel the demand for advanced battery energy storage system market. Utilization of sophisticated batteries in electric vehicles and fuel-based vehicles can allow fuel-efficient and cost-effective method for powering the vehicles. Therefore, the rise in production and sales of automotive vehicles, along with growing demand for technologically advanced grid infrastructure are the few factors responsible for the high CAGR of the market during the forecast period. For instance, the Edison Electric Institute (EEI) found that the global sale of electric vehicles (EVs) was almost 312,000 units in first quarter of 2018, indicating an increase of 58% from first quarter of 2017 (197,000 units). Likewise, as per the Bloomberg New Energy Finance (BNEF) report 2019, the sales of electric vehicles likely to reach almost 54 million by the year 2040 worldwide, which is nearly 32% of the world passenger vehicles. Therefore, the healthy growing sales of electric vehicles is likely to create huge demand for sophisticated battery energy storage system to enhance the switching speed while avoiding power losses, resulting in higher market growth over the forecast period. However, the high capital investment, coupled with the concern on environment safety are the few factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Advanced Battery Energy Storage System market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the rising government support to implement advanced solutions in grid network, along with the wide presence of market vendors in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising application of these systems in electric vehicles and increasing power demand across developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the advanced battery energy storage system market in the Asia-Pacific region.
Major market player included in this report are:
Ecoult Energy Storage Solutions
LG Chem Ltd.
GS Yuasa Corp.
Samsung SDI Co.
Mitsubishi Heavy Industries
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Solid State Batteries
Thermal Energy Storage
Pumped Hydro Storage
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027
Target Audience of the Global Advanced Battery Energy Storage System Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
List of figures