Global advanced battery energy storage system market size to accumulate USD 221.12 billion by 2027
Selbyville, Delaware, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Seasoned analysts claim that global advanced battery energy storage system industry was remunerated at USD 151.96 billion in 2019 and is projected to record a y-o-y growth rate of 4.8% over the next six years, hence crossing USD 221.12 billion mark by the year 2027. Inclination towards adopting clean energy sources, in consort with focus on maintaining power grid cost competitiveness by ensuring stability are impelling the demand for advanced battery energy storage systems.
Worldwide advanced battery energy storage system market, as per analysts, is scrutinized with respect to technology terrain, and application landscape. Apart from highlighting the industry share held by each segment, the report also expounds on the regional outlook and competitive hierarchy of the business vertical. Moreover, the intelligence document takes the liberty to examine the impact of Covid-19 on the marketplace and suggest contingency plans for companies to maintain their profit inflow.
In addition, government emphasis and investment towards development of clean energy projects is stimulating the market outlook. Citing an instance, Saudi Arabia federal agency declared an initiative with USD 28 billion renewable energy funding in October 2019, which will offer USD 0.32 billion as loan for clean energy projects.
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There has been an upsurge in production of electric vehicles (EV), which along with urgency of using sophisticated batteries in EVs and improving the fuel & cost efficiency of fuel-based automotive are contributing towards worldwide advanced battery energy storage system industry valuation. As per Edison Electric Institute, a total of 197,000 units of EV were sold in first quarter of 2017, which rose to 312,000 units in first quarter of 2018.
On the downside, huge capital investment for incorporation of advanced battery energy storage system is key challenge which needs to be tackled by industry moguls to propel their profits.
Explicating market fragmentations:
Based on the technology terrain, the industry is classified into pumped hydro storage, thermal energy storage, flow battery, and solid state batteries. While various application areas include utility, industrial, commercial, and residential.
Outlining regional landscape:
As per the report, North America, Europe, Latin America, and Asia Pacific are major contributors towards global advanced battery energy storage system industry expansion. However, Asia Pacific held the majority market share in the recent past and is touted to grow substantially over 2020-2027. The lucrative opportunities are attributed to increasing power demand across emerging nations like India and China, escalating adoption of electric vehicles, and government funding towards implementing advanced solution in grid network.
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Global Advanced Battery Energy Storage System Market by Technology Gamut (Revenue, USD Billion, 2017-2027)
Pumped Hydro Storage
Thermal Energy Storage
Solid State Batteries
Global Advanced Battery Energy Storage System Market Application Spectrum (Revenue, USD Billion, 2017-2027)
Global Advanced Battery Energy Storage System Market Regional Outlook (Revenue, USD Billion, 2017-2027)
Global Advanced Battery Energy Storage System Market Company Profiles (Revenue, USD Billion, 2017-2027)
Mitsubishi Heavy Industries Ltd.
General Electric Company
Samsung SDI Co.
GS Yuasa Corp.
Lockheed Martin Corp.
LG Chem Ltd.
Ecoult Energy Storage Solutions
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Advanced Battery Energy Storage System Market, by Region, 2018-2027 (USD Billion)
1.2.2. Advanced Battery Energy Storage System Market, by Technology, 2018-2027 (USD Billion)
1.2.3. Advanced Battery Energy Storage System Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Advanced Battery Energy Storage System Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Advanced Battery Energy Storage System Market Dynamics
3.1. Advanced Battery Energy Storage System Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Advanced Battery Energy Storage System Market Industry Analysis
4.1. Porter's 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Advanced Battery Energy Storage System Market, by Technology
5.1. Market Snapshot
5.2. Global Advanced Battery Energy Storage System Market by Technology, Performance - Potential Analysis
5.3. Global Advanced Battery Energy Storage System Market Estimates & Forecasts by Technology 2017-2027 (USD Billion)
5.4. Advanced Battery Energy Storage System Market, Sub Segment Analysis
5.4.1. Solid State Batteries
5.4.2. Flow Battery
5.4.3. Thermal Energy Storage
5.4.4. Pumped Hydro Storage
Chapter 6. Global Advanced Battery Energy Storage System Market, by Application
6.1. Market Snapshot
6.2. Global Advanced Battery Energy Storage System Market by Application, Performance - Potential Analysis
6.3. Global Advanced Battery Energy Storage System Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
6.4. Advanced Battery Energy Storage System Market, Sub Segment Analysis
Chapter 7. Global Advanced Battery Energy Storage System Market, Regional Analysis
Solar Energy Storage Market Size, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2025
Global Solar Energy Storage Market size is predicted to grow over 35% CAGR by 2025. Strict regulatory norms in line with rising environmental concerns to reduce emissions through the installation of effective energy conservation measures will boost the industry growth. Moreover, ongoing technological advancements & upgrades to provide a cost-competitive business outlook will augment the industry dynamics. Asia Pacific solar energy storage market is anticipated to exceed 40% by 2025. Stringent government norms coupled with public and private investments in renewable energy solutions across the region inculcating partial decarbonization activities will positively influence the business outlook. Growing investor inclination toward new renewable projects after post-COP21 agreement has witnessed a rapid expansion of the conventional bond industry.
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