Global Energy Storage Technologies Market: Overview
Energy storage refers to a process of transfiguring energy from the traditional sources to a form that can be easily stored and then again converted back to the original state as per requirement. This process helps in storing energy that can be later used at peak demand and consumption periods, high generation costs, and low energy production. A robust rise in the demand for energy across the globe is expected to bode well for the growth of the global energy storage technologies market. Rising need to develop advanced low carbon energy technology is anticipated to drive the deployment of energy storage technologies across various industries. In addition, the mounting requirement for reliability and resiliency of the energy grid coupled with the integration of the available renewable energy resources is further expected to accelerate the progress of the global energy storage technologies market. Energy storage technologies are also anticipated to a play a prominent role in the energy industry in terms of de-carbonization by efficiently connecting electricity with heat networks. Energy storage technologies can shift the balance of supply and demand of energy for a short period of time. This helps in avoiding blackouts and also corrects load imbalances.
The research report is an examination of the growth trajectory based on the historical, current, and future opportunities of the global energy storage technologies market. It provides an evaluation of the dynamics that are anticipated to affect the progress of the market and the predominant trends have also been stated in the study. The report also presents a diverse viewpoint on the competitive landscape of the market through the value chain and Porter’s five forces analysis. The report mentions the research and development projects, mergers and acquisitions, details on collaborations and licensing. The study provides insights into the marketing strategies, products, and shares of the key players operating in the global energy storage technologies market.
Global Energy Storage Technologies Market: Trends and Opportunities
The growth of the global energy storage technologies market can be attributed to the growing demand for energy across the globe along with the rising need for low carbon emitting technologies. Energy storage technologies have application in cooling and heating networks, off-grid applications, and electricity grids. However, the most efficient and cost effective energy storage devices also face difficulties in terms of harsh regulatory and market conditions that are expected to hinder their deployment. Research and development may help in addressing these issues and are also likely to provide companies lucrative growth opportunities.
Based on technology, the global energy storage technologies market has been segmented into solid state batteries, flow batteries, flywheels, compressed air energy storage, thermal energy storage, and hydro-power. Initial high investment and capital cost is further expected to restrict the growth of the market. In spite of the high cost, the pumped storage hydropower segment is likely to gain traction in the near future.
Global Energy Storage Technologies Market: Regional Outlook
Geographically, the global energy storage technologies market is classified into Europe, North America, Asia Pacific, and the Rest of the World. Among these, North America is expected to emerge as the potential consumer region owing to its technological diversity. With the introduction of high-end storage projects, Europe and Asia Pacific are also expected to follow the trail.
Companies Mentioned in the Report
The key companies in the market are SEEO Inc., S&C Electric Company, Hawaiian Electric Company Inc., Eos Energy Storage, Convergent Energy + Power, General Electric, AES Corporation, ABB Ltd., and Alstom.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.