Improving energy storage economics, innovations in financing and business models, the growing integration of storage with renewables.
Increasing replacement of gas peaker plants, supportive government policies and schemes, increasing adoption of Energy Storage Systems (ESS) to enhance the resilience of the electrical grid are some of the factors driving the energy storage systems market.
With the outbreak of the COVID-19 pandemic, there is a sharp pullback in economic activity due to mandatory lockdowns and other containment measures.
According to the IMF World Economic Outlook published in June 2020, the world economy is set to post a -4.9% GDP growth rate in 2020.
That will be a downgrade of 8.2% from January 2020. The impact of COVID-19 pandemic on the energy, automobile, and battery industries has already been profound.
The economic downturn induced by the coronavirus will hinder the residential energy storage deployment due to the financial uncertainty faced by the customers and commercial & industrial (C&I) segment as companies are avoiding non-essential capital investments.
According to the report, despite the challenges presented by the COVID-19 outbreak, the outlook for energy storage remains strong, and the market is expected to proliferate during the forecast period.
Trends & Developments
- In June 2020, NEC Energy Solutions Inc., part of Japan’s NEC Corp, a communications and technology giant, has taken a significant blow by the grid-scale battery storage business conditions, and the COVID-19 crisis forcing it to proceed with a wind-down of the business.
- In May 2020, Southern California Edison, one of the US state of California’s three major investor-owned utilities (IOUs), has signed seven contracts for a combined 770 megawatts of grid battery projects, one of the most significant single procurements of its kind.
The report provides deep insight into the current and future state of energy storage across various regions. Also, the study comprehensively analyzes the energy storage systems market by segmenting it based on geography, and by type (Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), Others (Compressed Air Energy Storage (CAES), etc.)), and by Application (Residential, Non-residential & Utility).
The report examines the market drivers and restraints that are influencing the growth in detail including the impact of COVID-19 on the market.
The study also covers emerging market trends, developments, latest ESS projects, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape section with profiles of major companies and their projects.
KEY COMPANY PROFILES
Fluence Energy LLC
Nidec ASI S.p.A.
General Electric Company
NextEra Energy, Inc.
Powin Energy Corp.
BYD Co. Ltd.
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