Advanced Energy Storage System Market to Reach $211.2 Billion by 2026
August 21, 2019 | PRNewswireEstimated reading time: 2 minutes
Fortune Business Insights states that the global advanced energy storage system market will reach $211.2 billion by 2026, thereby exhibiting a CAGR of 4.82%.
Advanced energy storage system has the ability to enhance electricity grids. The gradual depletion of fossil fuels has created the need to conserve energy on the global platform. This has resulted in a huge emphasis on deployment of several methods of energy harnessing across the world. The adoption of advanced energy storage system can play a major part in enhancing energy storage, thereby improving energy resource utilization. To suffice the needs of the massive global population, it essential to preserve energy and deploy it based on the convenience of end users. Recent advancements in advanced energy storage industry have, therefore, favored the growth of the global Advanced Energy Storage System Market in recent years. The report provides a detailed analysis of several factors that have contributed to the demand for advanced energy storage. Fortune Business Insights forecasts the advanced energy storage system market values for the period of 2019-2026.
Increasing Number of Solar Farms Will Fuel Demand
The increased awareness regarding global warming and ways to minimize it has given rise to several products that are able to harness solar energy. In a bid to conserve energy, governments across the world are actively engaged in building the right platforms for efficient distribution of solar energy. Solar farms are by far, the most effective ways of harnessing solar energy to generate electricity. Growing number of government subsidies have further attracted the riches and solar farm deployment firms are gaining investor traction. The adoption of advanced energy storage system in solar farms has led to efficient energy harnessing methods. In April 2019, subsidiaries of the China Energy Engineering Corp. initiated two solar farms with the ability to generate a combined 500 MW solar energy. Considering the enormous population in China, this will be a major step towards establishing green energy regions, in a bid to conserve energy. Fortune Business Insights states that the use of advanced energy storage systems in solar plants across the world will have a positive impact on the global market growth in the forthcoming years.
Company Collaborations Will Create Attractive Growth Prospects
The increasing number of company collaborations have created several opportunities for the companies involved. Mergers and acquisitions will help companies generate a substantial amount of Advanced Energy Storage System Market revenue in the coming years. The report highlights a few of the major company mergers and takeovers in recent years and gauges the impact of these M&As on the global market. In 2019, General Electric (GE) signed an agreement with Helios Energy to establish two hybrid solar array systems. GE is expected to witness accelerated gains in the coming years due to this collaboration, which in turn will aid the growth of the global market.
Suggested Items
LPKF Receives Major Customer Order in Solar
03/18/2024 | LPKFThe technology company LPKF Laser & Electronics SE has once again received a major order in the solar market, continuing its long-standing successful collabo[1]ration with a leading international manufacturer.
Asia/Pacific PC Market Dropped 16.1% in 2023
03/18/2024 | IDCThe traditional PC market (Desktops, Notebooks, and Workstations) in Asia/Pacific (including Japan and China) posted a 16.1% decline in 2023 to 97.4 million units, according to the International Data Corporation (IDC) Quarterly Personal Computing Devices Tracker, Q4 2023. Shipments are not expected to rebound significantly in 2024 due to weak demand and a slow economic recovery.
Terran Orbital Unveils Next-Generation SmallSat GEO Solution
03/15/2024 | BUSINESS WIRETerran Orbital Corporation, a global leader in satellite-based solutions primarily serving the aerospace and defense industries, announced their entrance into the small satellite geosynchronous orbit (GEO) market with their SmallSat GEO™ solution for satellites above 500kg.
HBM3 Initially Exclusively Supplied by SK Hynix, Samsung Rallies Fast After AMD Validation
03/15/2024 | TrendForceTrendForce highlights the current landscape of the HBM market, which as of early 2024, is primarily focused on HBM3. NVIDIA’s upcoming B100 or H200 models will incorporate advanced HBM3e, signaling the next step in memory technology.
Global Shipments of PC Workstations Shrank Nearly 9% in 2023
03/15/2024 | IDCThe global desktop and mobile workstation market reported a slight recovery as it exited 2023, with unit shipments growing 6.1% year over year in the fourth quarter (4Q23).