AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Outlook for the Global Energy Storage Industry (2020) - Growth in 2020 Will Be Largely Determined by the United States, China, and South Korea - ResearchAndMarkets.com

February 10, 2020 GMT

DUBLIN--(BUSINESS WIRE)--Feb 10, 2020--

The “Outlook for the Global Energy Storage Industry, 2020” report has been added to ResearchAndMarkets.com’s offering.

This study focuses on and/or provides:

The overall global energy storage was at 4.2GW in 2019. It would be witnessing a steady, strong growth in 2020 as well, with an estimated capacity of above 6GW.

Energy storage is gaining importance with increasing demand for energy in residential and industrial applications. With growing data consumption and a proliferation of cloud services, the demand for energy increases proportionately. Energy storage is a viable solution to utilize renewable energy and an attractive option for implementing clean energy sources.

Key countries including the United States, the United Kingdom, China, Germany, Japan, South Korea, India, and the UAE have set a target to achieve significant power generation through clean energy sources. Most governments have come up with supportive legislative policies, regulations, and incentives that drive energy storage installations.

Battery Energy Storage Solution (BESS) is a strong segment, along with the Thermal Energy Storage (TES) system. Within BESS, lithium-ion (Li-ion) is the most widely used storage solution, followed by flow batteries and sodium-sulfur (NaS) batteries.

South Korea was the global leader in energy storage solutions in 2018. However, in 2019, the United States surpassed South Korea and became the global market leader.

Growth in 2020 will be largely determined by the demand in the United States, China, and South Korea followed by other key countries such as Australia, the United Kingdom, Germany, India, and UAE.

Among end-user categories, residential-scale storage is witnessing significant growth, exceeding commercial and utility, while utility-scale storage is also gaining momentum alongside commercial/industrial applications. Residential scale storage is predominantly dependent on BESS, while commercial and utility-scale storage uses both BESS and other alternative storage solutions.

Steady price decline of Li-ion batteries is an important factor that drives the demand for residential energy storage systems, along with the concept of solar + storage, where solar panels installed at residential dwellings prefer to have a storage unit as well for use during peak hours of the day and during peak summer and winter when the grid lines could not cater to the surging energy demand.

Key Topics Covered:

1. Executive Summary

2. Research Scope and Segmentation

3. 2020 Industry Outlook - Alternative Energy Storage Technologies: Market Overview

4. Alternative Energy Storage Technologies - Technology Trends

5. Alternative Energy Storage Technologies - Regional Analysis

6. Alternative Energy Storage Technologies - Application Analysis

7. 2020 Industry Outlook - Battery Energy Storage Systems: Market Overview

8. Battery Energy Storage Systems - Market Analysis

9. Battery Energy Storage Systems - Regional Analysis

10. Battery Energy Storage Systems - Technology Spotlight

11. Battery Energy Storage Systems - Global Policies

12. 2019 Industry Outlook - Battery Storage (Consumer, Industrial, and EV Applications)

13. Battery Storage (Consumer, Industrial, and EV Applications) - Regional Analysis

14. Growth Opportunities and Companies to Action

15. Value Chain - Alternate Battery Energy Storage Systems

16. Key Conclusions

17. Appendix

Companies Mentioned

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

View source version on businesswire.com:https://www.businesswire.com/news/home/20200210005408/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: ENERGY UTILITIES OIL/GAS

SOURCE: Research and Markets

Copyright Business Wire 2020.

PUB: 02/10/2020 06:59 AM/DISC: 02/10/2020 06:59 AM

http://www.businesswire.com/news/home/20200210005408/en