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Pune, India, 7th August 2019: The Global Advanced Energy Storage System Market size will benefit from the increased number of government subsidies. According to a report published by Fortune Business Insights, titled “Advanced Energy Storage System: Global Market Analysis, Insights, and Forecast, 2018-2026,” the market was valued at US$ 144.9 Bn. Fortune Business Insights states that the market value will reach US$ 211.2 Bn by 2026, thereby exhibiting a CAGR of 4.82%.
Energy consumption has risen globally due to the use of electricity in applications across diverse industries. Electricity is at the core of all industrial operations, and the demand for electricity has given rise to innovative ways to harness solar energy. The awareness regarding global warming and its impact on the environment has led to a growing emphasis on deploying ways to minimize fuel combustion and at the same time, increase uses of solar energy. The growing adoption of solar energy has led to a subsequent adoption of advanced energy storage systems across the world. The report showcases several strategies that companies have adopted in order to establish a stronghold in the market. Besides this, the report encompasses several other factors that have contributed to the growth of the global advanced energy storage system market size in recent years.
Pumped Hydro Storage to Witness High Demand
The report segments the global market based on several parameters such as technology, application, and regional demographics. Among product types, Fortune Business Insights states that the pumped hydro storage segment is likely to witness considerable growth in the coming years due to the increasing demand for pumped hydro storage across the world. Pumped hydro storage possess the ability to produce electricity by passing water through altered heights. The properties of pumped hydro storage systems such as energy balancing, high stability, and the ability to generate large electrical loads within less time. Additionally, pumped hydro storage possesses a life span of close to 50 years. The increasing emphasis on the research and development of pumped hydro storage (PHS) will lead to a greater adoption for the product across the world.
The Asia Pacific to Hold Considerable Market Share on a Global Scale
The growing awareness regarding energy conservation in emerging countries of China and India will favor the growth of the advanced energy storage system market share in the Asia Pacific. The paradigm shift from demonstrating projects to commercially operating storage facilities have contributed to the demand for advanced energy storage systems in the Asia Pacific. Fortune Business Insights has predicted that the market in the Asia Pacific will emerge dominant in the coming years, driven by the increasing concerns towards energy conservation. The increased adoption of storage facilities and rapid large scale projects will favor the advanced energy storage system market size in North America.
Fortune Business Insights highlights some of the leading companies that have accounted for significant growth of the global market. A few of the rominent companies that are currently operating in the global market are ABB, AES Corporation, Ecoult Energy Storage Solutions, LG Chem Ltd., Tesla Inc., GS Yuasa Corporation, Samsung SDI Co., General Electric, Mitsubishi Heavy Industries, Evapco Inc., Panasonic Corporation, Saft Groupe S.A., Hitachi Chems, Sonnen GmbH, and Lockheed Martin.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/advanced-energy-storage-system-market-100817
The global advanced energy storage system market is segmented based on:
· Solid State Battery
· Flow Battery
· Thermal Energy Storage
· Pumped Hydro Storage
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (China, South Korea, Australia, and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)