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The global market for advanced energy storage features a largely fragmented competitive landscape owing to the presence of several large- and medium-scale companies and a low threat of new entrants owing to the market’s capital intensive nature, observes Transparency Market Research in a recent report.

Leading companies in the market benefit from their technical expertise, vast experience, and strong distribution and sales channels.Focus on strategic alliances, long-term contracts, and expansion across high-growth regional markets has increased.

A recent instance of this strategy is the contract won by AES Energy Storage, a completely owned subsidiary of AES Corporation, under which the company will help San Diego Gas install and commission energy storage installation arrays of capacity 37.5 MW.According to Transparency Market Research, the global advanced energy storage market, which valued at US$0.87 bn in 2015, will reach US$1.39 bn by 2024, expanding at a CAGR of 5.4% between 2016 and 2024.

Request for Discount on This Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=D_id=2852Pumped Hydro Storage technology Holds Massive Share in Global MarketBased on technology, the global advanced energy storage market witnessed the dominance of the segment of pumped hydro storage.

The segment accounted for a massive 90% of the global advanced energy storage market in 2015 and is likely to remain the most preferred advanced energy storage technology in the near- and long-term scenario.

From a geographical standpoint, the market for advanced energy storage in Asia Pacific held the dominant market share in the global market, followed by Europe and North America, in 2015.

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In the past, the technologies available for energy storage devices were largely static and limited to the construction of mechanical and chemical-storage systems.

They are designed to be long lasting, reliable, safe and reliable.

Some advanced energy-storage systems store power during power outages and then release the stored energy into the power grid when power returns.

Demand response is one of the largest sources of renewable energy in North America, and it accounts for most of the new power generation capacity added each year.Advanced energy storage is used in an array of applications to provide an alternative source of energy that can replace traditional power sources and fuel sources.

Advanced energy-storage devices are also used to convert kinetic energy into mechanical energy or to heat a building, to pump fluids and water for domestic use and to create electricity.

These applications represent a broad spectrum of uses, some of which may never be touched by a traditional power generating plant.To facilitate the installation and operation in advanced energy storage, there is a growing need for trained personnel with training in both traditional and advanced energy-storage technology.