Next Generation Energy Storage Systems Market Scope
The next-generation battery energy system consists of battery modules that are connected in series in order to meet the required direct voltage level, typically 600-1500Vdc. Next Generation Energy Storage System can be used for a variety of applications, including frequency regulation, demand response, transmission and distribution infrastructure deferral, integration of renewable energy, and microgrids. A Large number of Different battery technologies can enable different applications that can provide various benefits to utility services, Independent System Operator (ISO) services, Regional Transmission Organization (RTO) services, and consumer services. Geographically Europe is the leading region followed by the UK has the largest installed capacity of offshore wind in the global, but the ability to capture the energy and purposefully deploy it can increase the value of clean energy; by increasing production and potentially reducing costs. Furthermore, the UK government estimates technologies like battery storage systems are supporting the integration of more low-carbon power, heat, and transport technologies that could save the UK energy system up to £40 billion by 2050, ultimately reducing consumer energy bills.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | NextEra Energy (United States), Toshiba (Japan), Tesla (United States), sonnen GmbH (Germany), General Electric (United States), Siemens (Germany), Panasonic (Japan), ABB (United States), Johnson Controls (Ireland), Fluence (United States), Samsung SDI (South Korea), LG Chem (South Korea), Eversource Energy (United States), Invenergy LLC (United States) and Others |
CAGR | % |
A major player is exploring the market by adopting new technological advancements as well as mergers & acquisitions, expansions, investments, new service launches, and new collaborations as their preferred strategies. The major players are exploring the new regions through expansions and acquisitions to avail a competitive advantage through combined synergies. The market is expected to grow in the end-use industry. It has wide applications in commercial and residential spaces. Several major companies such as Tesla, Toshiba are operating in the market to provide customers with various features & unique offering products and services. The market is a partially fragmented market with the presence of several market players and local players.
NextEra Energy (United States), Toshiba (Japan), Tesla (United States), sonnen GmbH (Germany), General Electric (United States), Siemens (Germany), Panasonic (Japan), ABB (United States), Johnson Controls (Ireland), Fluence (United States), Samsung SDI (South Korea), LG Chem (South Korea), Eversource Energy (United States), Invenergy LLC (United States) and Others are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Next Generation Energy Storage Systems market by Type , by Application (Commercial, Residential and Industrial) and Region with country level break-up.
On the basis of geography, the market of Next Generation Energy Storage Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
On December 2021 Shell had acquires Savion. The main aim of the acquisition is to expand its global solar portfolio.
On November 2021 Panasonic has Launches Next-Generation Solar Energy Battery Storage System, and On February 2022 Polarium has launched a next-generation battery. The aim main for developing a new product to target future
Influencing Trend:
Energy Storage-as-a-Service (ESaaS) is becoming a Key Service Model in the upcoming year
Market Growth Drivers:
Greater energy flexibility and reliability
Challenges:
The cost of raw materials is huge
Restraints:
The cost of raw materials and the initial investment is high
Opportunities:
Rising demand for Lithium-ion batteries and Lead-acid batteries
Key Target Audience
Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments/Council, Raw Material Supplier, OEM (Original Equipment Manufacturer) and End-use Industry