Advanced Energy Storage Systems Market Research Report- Forecast to 2027
Advanced Energy Storage Systems Market Growth
Strategies and Upcoming Trends Forecast to 2027
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Copyright Š 2018 Market Research Future.
Advanced Energy Storage Systems Market Research Report- Forecast to 2027
1 Summary The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage systems. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced. The tremendous yearly addition in capacity of renewable energy is certainly boosting the energy storage systems globally. Energy storage system primarily utilizes potential energy to convert it into various forms of energy through mechanical, electrochemical, thermal and chemical conversion. Energy storage utilizes various technologies which comprises of numerous associated equipment, the gradual downfall in the raw material prices and manufacturing cost of the primary products have certainly boosted the energy storage system market.
Key Players: Yuasa Corporation , Samsung SDI Co. Ltd. , Hitachi Limited, Toshiba Corporation, ABB Limited, Siemens A.G., Alstom, Exide Technologies, L.G. Chem. Limited, Alevo Group S.A., Maxwell Technologies Inc., AES Corporation, Tesla Inc., General Electric Company, Voith GmbH, Sulzer Ltd., Hydrostor Inc., Highview Power Storage, Linde AG, Hydrogenics Corporation and SolarReserve, LLC.. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Advanced energy storage systems Market.
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Advanced Energy Storage Systems Market Research Report- Forecast to 2027
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Market Overview
The energy storage systems are driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all enduser industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems. As per the study conducted by Market Research Future, the global market for advanced energy storage systems is likely to grow at the CAGR of around 20.18%.
Industry News
In July, 2017 – Siemens AG (“Siemens”) and The AES Corporation (NYSE: AES, “AES”) announced their agreement to form a new global energy storage technology and services company under the name Fluence. The joint venture will bring together AES’ ten years of industry-defining experience deploying energy storage in seven countries with over a century of Siemens’ energy technology leadership and its global sales presence in more than 160 countries.
In February, 2017 – MAN Diesel & Turbo and Karpowership renewed their ongoing partnership to develop Powerships with the utilization of MAN Diesel & Turbo. 18V 51/60 engines.
In November, 2016 – AES Energy Storage, a subsidiary of The AES Corporation (NYSE: AES), showcased two new Advancion battery-based energy storage sites, totaling 37.5 megawatts (MW), in partnership with San Diego Gas & Electric (SDG&E), a leading energy company delivering safe, reliable and clean power.
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Advanced Energy Storage Systems Market Research Report- Forecast to 2027
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Market Research Analysis
The global directional drilling market is also expected to have exponential growth by virtue of recovering global oil prices. North America and Europe regions are expected to dominate the market for directional drilling. The regions are observing a large number of oil exploration activities from Gulf of Mexico and North Sea, which will lead more drilling activities in these regions. Besides, the large number of mature oil wells from North Sea in Europe and Permian Basin and Bakken in North America are likely to demand new drilling activities thus, driving the directional drilling market. Africa and Middle East are also expected to witness significant growth over the forecast period due to the growing exploration activities coupled with increasing demand for fuel from growing nations.
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Copyright Š 2018 Market Research Future.
Advanced Energy Storage Systems Market Research Report- Forecast to 2027
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Copyright Š 2018 Market Research Future.