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Visiongain has printed a brand new report entitled Next Generation Energy Storage Technologies (EST) Market Report 2024-2034: Forecasts by Hydrogen (Hydrogen Fuel Cells, Hydrogen Compression and Storage), by Mechanical (Pumped Hydro Storage, Compressed Air Energy Storage (CAES), Flywheel Energy Storage), by Battery Type (Lithium-ion Batteries, Sodium-Sulfur Batteries, Flow Batteries, Advanced Lead-Acid Batteries), by Application (Electric Vehicles (EVs), Residential Energy Storage, Commercial and Industrial (C&I), Utility-Scale Storage, Other), by Technology Type (Battery Energy Storage, Mechanical Energy Storage, Thermal Energy Storage, Hydrogen Energy Storage, Advanced Capacitors, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The international subsequent era vitality storage applied sciences (EST) market was valued at US$20.3 billion in 2023 and is projected to develop at a CAGR of 9.7% throughout the forecast interval 2024-2034.
Increasing Focus on Energy Efficiency and Sustainability
The rising deal with vitality effectivity and sustainability is prompting industries and shoppers to undertake next-generation vitality storage applied sciences. Energy storage techniques assist optimize vitality utilization, scale back waste, and reduce greenhouse gasoline emissions. Advanced battery applied sciences, corresponding to lithium-ion batteries with silicon anodes and solid-state batteries, supply larger vitality effectivity and decrease environmental impression in comparison with typical batteries. Companies like Panasonic and LG Chem are investing in sustainable battery manufacturing processes to reduce environmental footprint.
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How has COVID-19 had a major destructive impression in the marketplace?
The COVID-19 pandemic has considerably impacted the subsequent era vitality storage applied sciences market, inflicting disruptions throughout varied sides of the business. The preliminary phases of the pandemic led to produce chain disruptions, hampering the manufacturing and manufacturing processes of vitality storage applied sciences. Lockdowns, journey restrictions, and workforce challenges disrupted the worldwide provide chain, affecting the well timed supply of parts and gear important for vitality storage initiatives.
Moreover, the financial uncertainties triggered by the pandemic prompted mission delays and cancellations, particularly within the renewable vitality sector. Many companies confronted monetary constraints and uncertainties, resulting in a cautious method in adopting and investing in next-generation vitality storage applied sciences. The diminished capital expenditures and mission funding impacted the general progress trajectory of the market throughout the pandemic.
However, the pandemic additionally highlighted the significance of resilient and sustainable vitality infrastructure. As the world grappled with the disaster, there was an elevated recognition of the necessity for sturdy vitality storage options to make sure grid stability, help renewable vitality integration, and improve total vitality resilience. This recognition has acted as a catalyst for governments and companies to prioritize investments in vitality storage applied sciences as a part of their long-term methods for mitigating future disruptions.
How will this Report Benefit you?
Visiongain’s 421-page report supplies 130 tables and 210 charts/graphs. Our new research is appropriate for anybody requiring industrial, in-depth analyses for the worldwide subsequent era vitality storage applied sciences (EST) market, together with detailed section evaluation out there. Our new research will show you how to consider the general international and regional marketplace for Next Generation Energy Storage Technologies (EST). Get monetary evaluation of the general market and totally different segments together with hydrogen, mechanical, battery sort, software, and know-how sort and seize larger market share. We consider that there are robust alternatives on this fast-growing subsequent era vitality storage applied sciences (EST) market. See the best way to use the prevailing and upcoming alternatives on this market to achieve income advantages within the close to future. Moreover, the report will show you how to to enhance your strategic decision-making, permitting you to border progress methods, reinforce the evaluation of different market gamers, and maximise the productiveness of the corporate.
What are the Current Market Drivers?
The Rising Global Demand for Energy, Driven by Population Growth and Industrialization
Another important driving issue influencing the next-generation vitality storage applied sciences market is the growing international demand for vitality. The relentless progress in inhabitants and industrialization throughout the globe amplifies the necessity for dependable and scalable vitality options. With extra nations present process speedy industrial improvement and urbanization, the pressure on vitality infrastructure intensifies. Next-generation vitality storage applied sciences supply a strategic response to this surge in vitality demand by offering enhanced grid stability, flexibility, and effectivity. As the demand for electrical energy continues to soar, pushed by each increasing populations and industrial actions, the marketplace for superior vitality storage options experiences a parallel ascent. Meeting the evolving vitality wants of a burgeoning international inhabitants turns into extra achievable with the deployment of modern vitality storage applied sciences.
For occasion, on 8 Dec 2023, The Indian Institute of Technology Roorkee has launched its ‘2nd International Meeting on Energy Storage Devices 2023,’ aiming to unite numerous vitality storage applied sciences on a standard platform. The occasion, coupled with an Industry-Academia Conclave, seeks to delve into current developments and future analysis instructions within the discipline. With over 600 visitors anticipated, the initiative fosters collaboration and information alternate within the realm of vitality storage.
Advancements in Renewable Energy Integration and Grid Modernization
Advancements in renewable vitality integration and grid modernization are driving the necessity for next-generation vitality storage applied sciences. With the growing penetration of renewable vitality sources like photo voltaic and wind, grid operators face challenges associated to intermittency and variability in energy era. Energy storage techniques play a vital position in smoothing out fluctuations in renewable vitality output, enhancing grid stability, and enabling larger ranges of renewable vitality penetration. Projects such because the Tesla Megapack set up in South Australia’s Hornsdale Power Reserve reveal the effectiveness of large-scale vitality storage options in supporting grid modernization efforts and accelerating the transition to a renewable energy-based energy system.
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https://www.visiongain.com/report/next-gen-est-market-2024/
Where are the Market Opportunities?
Innovation in Battery Chemistry for Enhanced Performance
Innovations in battery chemistry are propelling the expansion of next-generation vitality storage applied sciences by providing improved efficiency traits. Advanced battery chemistries, corresponding to lithium-sulfur and solid-state batteries, promise larger vitality density, sooner charging charges, and longer cycle life in comparison with typical lithium-ion batteries. Companies like Solid Power and Oxis Energy are on the forefront of growing solid-state batteries that provide enhanced security and vitality storage capabilities, driving the adoption of next-generation vitality storage options throughout varied purposes.
Expansion of Microgrid and Distributed Energy Systems
The growth of microgrid and distributed vitality techniques is creating alternatives for next-generation vitality storage applied sciences to help decentralized vitality era and consumption. Microgrids combine renewable vitality sources, vitality storage techniques, and sensible grid applied sciences to supply dependable and resilient energy provide to localized communities, industrial services, and distant areas. Projects just like the Brooklyn Microgrid in New York and the Kodiak Island Microgrid in Alaska reveal the potential of superior vitality storage applied sciences, corresponding to lithium-ion and circulation batteries, to boost the reliability and sustainability of microgrid deployments.
Competitive Landscape
The main gamers working within the subsequent era vitality storage applied sciences (EST) market are AES Energy Storage, LLC, Alevo Group S.A., BYD Co. Ltd, Fluence Energy, General Electric Company, Greensmith Energy Management Systems, Hitachi Chemical Co., Ltd., Leclanché S.A., LG Chem Ltd., Maxwell Technologies Inc, NEC Corporation, Panasonic Holdings Corporation, Saft Groupe SAS, Samsung SDI Co. Ltd., Siemens AG. These main gamers working on this market have adopted varied methods comprising M&A, funding in R&D, collaborations, partnerships, regional enterprise growth, and new product launch.
Recent Developments
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14 Nov 2023, GE Vernova has signed time period sheet with Next Energy (ONE) to speed up U.S. battery know-how for vitality storage. ONE’s focus is on doubling EV vary, sustainable supplies, and localized provide chains.
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04 Nov 2023, Siemens Energy and Fluence partnered with Ørsted on a 420 MW battery storage mission in Denmark. This mission shall be one of many largest battery storage techniques in Europe and can assist to help the combination of renewable vitality into the Danish grid.
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About Visiongain
Visiongain is without doubt one of the fastest-growing and most modern impartial market intelligence suppliers round, the corporate publishes lots of of market research reports which it provides to its intensive portfolio annually. These experiences supply in-depth evaluation throughout 18 industries worldwide. The experiences, which cowl 10-year forecasts, are lots of of pages lengthy, with in-depth market evaluation and precious aggressive intelligence information. Visiongain works throughout a variety of vertical markets with a number of synergies. These markets embody automotive, aviation, chemical compounds, cyber, defence, vitality, meals & drink, supplies, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market analysis experiences supply a bespoke piece of market intelligence customised to your very personal enterprise wants.
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