Global Utility-Scale Energy Storage Technologies Market: Overview
The increasing demand for energy is accelerating the deployment of utility-scale energy storage technologies around the world. The benefits offered by these technologies in terms of increasing the efficiency of energy storage are projected to help the market grow in the near future. In addition, the rising demand for reducing the carbon footprint is expected to propel the growth of the global utility-scale energy storage technologies market.
For the purpose of the study, the global utility-scale energy storage technologies market has been broadly assessed in terms of technology and geography. By technology, the market has been segmented into compressed air energy storage, pumped hydro-power, solid state batteries, and flywheels. Regionally, the market has been segmented into Europe, Asia Pacific, North America, and Rest of the World.
The research study is compiled using information obtained via proven research methodologies. It provides a comprehensive overview of the market covering the prevailing trends, growth drivers and limitations, growth opportunities, and historical performance. The report is thus intended to help stakeholders gain a better market perspective.
Global Utility-Scale Energy Storage Technologies Market: Key Trends and Opportunities
Rapid urbanization witnessed across the globe has spurred the demand for energy resulting in massive energy load on grids. Energy storages are essential to be integrated with power grids in order take the load off. This has created significant demand for utility-scale energy storage technologies around the world. Among the technologies in demand, the pumped hydro power segment is witness strong growth, Besides this, the report also foretells the demand for compressed air energy storage and solid state batteries will increase at a healthy pace in the forecast period.
Despite witnessing favorable opportunities, stringent government regulations with regards to energy storage could hinder the market in the coming years. Nevertheless, the increasing investment in research and development activities in this field will bolster growth opportunities for the companies operating in the market in the near future.
Global Utility-Scale Energy Storage Technologies Market: Regional Outlook
On a regional front, North America led the global utility-scale energy storage technologies market. Over 15 utility-scale technologies for energy storage are present in North America, which as per TMR will enable the region to continue dominating the global market through the course of the forecast period. In addition, the market is also expected to witness lucrative opportunities in Asia Pacific and Europe. The increasing investment in modernization of industries and the rising focus on automation are expected to be the chief drivers of the utility-scale energy storage technologies market in Asia Pacific. Hence industrialization witnessed in India and China will be major contributors of growth to the market in the region.
Global Utility-Scale Energy Storage Technologies Market: Competitive Landscape
To provide an executive-level blueprint of the global utility-scale energy market, the report profiles some of the leading companies operating therein. The strategies adopted for growth and the impact on the same on the overall market are studied in detail. In addition, SWOT analysis is conducted to study the strengths and weaknesses of the companies profiled and identify the threats and opportunities that these companies could witness in the near future.
Some of the leading enterprises operating in the global utility-scale energy market are ABB Ltd., Alstom, Hawaiian Electric Co. Inc., Eos Energy Storage, AES Corp., S&C Electric Co., Convergent Energy + Power, General Electric, and SEEO Inc.
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.