Next Generation Energy Storage Technologies (EST) Market Report 2024-2034: Next Generation EST is at the Forefront of a Transformative Shift in the Global Energy Landscape

DUBLIN, Feb. 27, 2024 /PRNewswire/ -- The "Next Generation Energy Storage Technologies (EST) Market Report 2024-2034" has been added to  ResearchAndMarkets.com's offering.

World revenue for Next Generation Energy Storage Technologies (EST) Market is forecast to surpass US$22.2 billion in 2024, with strong revenue growth through to 2034. 

The next generation energy storage technologies (EST) market is at the forefront of a transformative shift in the global energy landscape, driven by a growing demand for sustainable and efficient energy storage solutions. This market encompasses a diverse range of innovative technologies, including advanced batteries, hydrogen storage, and novel mechanical storage systems, aiming to address the challenges posed by intermittent renewable energy sources and optimize energy utilization across various sectors.

The market is propelled by several key drivers. Firstly, the increasing integration of renewable energy sources, such as solar and wind, into the power grid necessitates advanced energy storage solutions to manage fluctuations in energy supply. Additionally, a rising awareness of environmental sustainability and the urgent need to reduce carbon emissions are driving investments and policies favouring the adoption of cleaner and more efficient energy storage technologies. The electrification of transportation, particularly the rapid growth of electric vehicles (EVs), is further accelerating the demand for high-performance energy storage solutions.

Risk Associated with Battery Energy Storage System Hinder the Market Growth

The growth of the energy storage market is hindered by various restraining factors, with a prominent one being the risks associated with Battery Energy Storage Systems (BESS). The intricate nature of these systems poses challenges that could impede market expansion. One major concern is the potential for battery failure, which can occur due to a variety of reasons, including environmental factors, suboptimal construction, electrical abuse, physical damage, or temperature issues. The consequences of a failed system can range from the battery exploding to catching fire or emitting poisonous gases, highlighting the critical need for robust preventive measures and security protocols.

Forecasts to 2034 and other analyses reveal commercial prospects

• In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
• You will find original analyses, with business outlooks and developments.
• Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising next generation energy storage technologies (EST) prices and recent developments.

Key Market Dynamics

Market Driving Factors

• Growing Demand for Energy Coupled with Increasing Share of Renewable Sources
• The Rising Global Demand for Energy, Driven by Population Growth and Industrialization
• Ongoing Research and Development lead to Advancements in Energy Storage Technologies

Market Restraining Factors

• Risk Associated with Battery Energy Storage System Hinder the Market Growth
• High Cost of Installing Energy Storage Technologies Hinder the Market Growth
• Meeting the Diverse needs of Long-Duration Energy Storage Remains a Challenge

Market Opportunities

• Rapid Urbanization Trends and the Expansion of Microgrid Networks in Urban Areas Create Opportunities for Localized Energy Storage Solutions
• Supportive Policies, Incentives, and Subsidies from Governments to Promote the Development and Deployment of Advanced Energy Storage Solutions
• Growing Investments towards Sustainable Energy Resources opportunity for the Market

Segments Covered in the Report

Market Segment by Hydrogen

• Hydrogen Fuel Cells
• Hydrogen Compression and Storage

Market Segment by Mechanical

• Pumped Hydro Storage
• Compressed Air Energy Storage (CAES)
• Flywheel Energy Storage

Market Segment by Battery Type

• Lithium-ion Batteries
• Sodium-Sulfur Batteries
• Flow Batteries
• Advanced Lead-Acid Batteries

Market Segment by Application

• Electric Vehicles (EVs)
• Residential Energy Storage
• Commercial and Industrial (C&I)
• Utility-Scale Storage
• Other Applications

Market Segment by Technology Type

• Battery Energy Storage
• Mechanical Energy Storage
• Thermal Energy Storage
• Hydrogen Energy Storage
• Advanced Capacitors
• Other Technology Type

The report also includes profiles and for some of the leading companies in the Next Generation Energy Storage Technologies (EST) Market, 2024 to 2034, with a focus on this segment of these companies' operations.

Leading companies profiled in the report

• AES Energy Storage, LLC
• Alevo Group S.A.
• BYD Co. Ltd
• Fluence Energy
• General Electric Company
• Greensmith Energy Management Systems
• Hitachi Chemical Co., Ltd.
• Leclanche S.A.
• LG Chem Ltd.
• Maxwell Technologies Inc
• NEC Corporation
• Panasonic Holdings Corporation
• Saft Groupe SAS
• Samsung SDI Co. Ltd.
• Siemens AG

In summary, the report provides you with the following knowledge:

• Revenue forecasts to 2034 for Next Generation Energy Storage Technologies (EST) Market, 2024 to 2034 Market, with forecasts for hydrogen, mechanical, battery type, application, and technology type, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
• Revenue forecasts to 2034 for four regional and 20 key national markets - See forecasts for the Next Generation Energy Storage Technologies (EST) Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
• Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Next Generation Energy Storage Technologies (EST) Market, 2024 to 2034.

Companies Mentioned

• AES Energy Storage, LLC
• Alevo Group S.A.
• BYD Co. Ltd
• Fluence Energy
• General Electric Company
• Greensmith Energy Management Systems
• Hitachi Chemical Co., Ltd.
• Leclanche S.A.
• LG Chem Ltd.
• Maxwell Technologies Inc
• NEC Corporation
• Panasonic Holdings Corporation
• Saft Groupe SAS
• Samsung SDI Co. Ltd.
• Siemens AG
• 5N Plus Inc.
• AES Corporation
• AZUR SPACE Solar Power GmbH
• BASF Stationary Energy Storage GmbH (BSES)
• Brill Power
• CATL (Contemporary Amperex Technology Co. Limited)
• China National Development and Reform Commission (NDRC)
• Energy-Storage.news (media outlet)
• Engie EPS (Now NHOA S.A.)
• G-Philos Co., Ltd.
• Grenergy Renovables SA
• Korea Electric Power Corporation (KEPCO)
• Korea Midland Power Co., Ltd. (KOMIPO)
• NGK INSULATORS, LTD.
• NHOA Energy
• NHOA Group
• Quartux
• RayGen Power Plant
• Sella 2 (SolarEdge's battery cell manufacturing facility)
• SolarEdge Technologies
• Solaria
• Tata Power
• Tesla
• Canadian Electricity Association (CEA)
• China Energy Storage Alliance (CNESA)
• Clean Energy Council (CEC, Australia)
• Cornwall Insight Australia
• Electric Power Research Institute (EPRI)
• Global Wind Energy Council (GWEC)
• International Energy Agency (IEA)
• International Renewable Energy Agency (IRENA)
• Korea Institute of Energy Research (KIER)
• National Development and Reform Commission (NDRC)
• National Energy Administration (NEA)
• Saudi Power Procurement Co. (SPPC)
• SEMARNAT (Ministry of Environment and Natural Resources, Mexico)
• Solar Energy Industries Association (SEIA)
• United States Energy Storage Association (ESA)
• Very Fast Frequency Control Ancillary Services (VF FCAS)

For more information about this report visit https://www.researchandmarkets.com/r/mxy2ko

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