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.
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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.
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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
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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
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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
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
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COVID-19 Impact Analysis
The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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