The global advanced energy market is valued at USD 1.6 trillion and is projected to expand at a high CAGR during the forecast period due to rising demand for advanced energy from various applications such as solar energy, wind energy, natural gas turbines, and building efficiency.
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Advanced energy encompasses a wide range of technology, products, and services that facilitates sustainability, security, and affordability in the use of energy. Uninterrupted innovation through research & development and dynamic government policies are fueling market growth. Advanced energy works to make existing energy systems become secure, clean, proficient, and affordable.
Market Trends, Drivers, Restraints, and Opportunities:
Rising demand for advanced energy sector through solar PV industry is expected to increase the demand for advanced energy during the forecast period. The electricity generation sector has been growing at a rapid pace and this trend is anticipated to continue during the forecast period. Rising applications in lighting, building envelope, electronics propulsion systems, HVAC, appliances, and fright logistics is anticipated to boost the global advanced energy market growth from 2020 to 2027. Increasing demand for hybrid and electric vehicles globally, particularly in Europe is projected to drive the market in the coming years. Growing demand from building efficiency is anticipated to drive the market during the forecast period.
Advanced Energy Market Insights:
The building efficiency segment is projected to grow consistentl
Based on applications, the advanced energy market can be divided into building efficiency, electricity delivery & management, advanced transportation, advanced fuel production, advanced industry, advanced fuel delivery, and advanced electricity generation. The building efficiency segment has been growing at a rapid pace due to technological innovation and climate & greenhouse gas (GHG) reduction requirements put forth by governments of various nations.
The advanced transportation segment accounted for a key share of the market. Motivated by lower battery prices, all electric power train systems, a proliferation of new models and maturing plug-in hybrid, sales generated by PEV are expected to enter a period of high growth thereby driving the growth for the advanced transportation segment.
The advanced fuel production segment projected to hold significant market share.
Globally, CNG/LNG now holds the biggest share of the advanced fuel market. Furthermore, as consumption and capture of landfill gas is on the rise, bio-methane is expected to show stable growth globally.
Rise in global production and the implementation of advanced technology in industrial processes have increased manufacturing machinery & process equipment expansion, thus boosting the revenue of the advanced industry segment during the forecast period.
The revenue of the advanced fuel delivery segment is projected to remain stagnant or decline due to the reduction in investments in natural gas refueling equipment for big vehicles, thereby increasing developments in the electrification of medium- and heavy-duty trucks.
Surging investments in nuclear generation is fueling the growth of the advanced electricity generation segment. Additionally, the number of large hydropower projects is rising in Africa, thus creating of long development cycles.
Europe to constitute dominant share of the largest market
In terms of regions, the global advanced energy can be fragmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the global advanced energy market in 2019 and this trend is expected to continue during the forecast period due to the growing number of power generation companies in the region and rising technological developments in the region.
Competitive Analysis
Some prominent plays are Siemens AG, Brammo Inc. Clean Energy fuel Corp., BG group, Silver Spring Networks, Ford, Schneider Electric SE, Alstom, Ascent Solar, Spang Power Electronics, Gripping Power, Glassman High Voltage, Advanced Energy, Keller HCW, and Tigo.
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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.
