The market for Next Generation Energy Storage Systems is analysed to grow at highest CAGR of 9.18% during the forecast period 2022-2027 to reach $34.9 Billion by 2027. There are growing research and development in terms of electricity storage for applications, such as Grid support, Electricity supply, Ancillary services, Renewables integration and more is considered as a prime success factor in increasing the market prominence of energy storage technologies. Presently, the lithium-ion and lead-acid batteries are becoming popular for residential users, and sodium-sulphur and other breakthrough batteries are majorly deployed in commercial sectors. In December 2021, R. W. Beckett announced the acquisition with Delavan Spray LLC and Delavan LTD from Collins Aerospace Corporation, the global leader in the design and manufacture of high-quality spray nozzles for fluid, diesel exhaust, and spray drying systems. The acquisition is formed to strengthen both the companies to continue their operation in Bamberg, South Carolina and Widnes, U.K, and also power up the success of the liquid fuel market for Beckett, worldwide. BYD announced the business expansion through its battery production capacities in China with the establishment of the new plant in Fuzhou in December 2021. The company signed an investment agreement with the municipal government of Fuzhou in China’s Jiangxi province to develop a new battery production facility for electric vehicles, owing to the potential demand for the Next Generation Energy Storage Systems technologies across the region.
Moreover, rising deployment
of next generation energy storage systems is also creating lucrative growth
aspects for the growth of the market. As per the International Renewable Energy
Agency in March 2020, utility –scale battery storage systems are mostly being
deployed in Germany, Australia , UK, Japan and US and other European countries.
For Instance: one of the large systems in terms of capacity is the Tesla 100
MW/129 MWh Li-ion battery storage project at Hornsdale Wind Farm in Australia.
In the US-State of new York, a high –level demonstration project using a 4MW/40
MWh battery storage system showed that the operator could reduce around 400
hours of congestion in the power grid and save up to USD 2.03 million in fuel
In addition, several island
and off-grid communities have invested in large-scale battery storage to
balance the grid and store excess renewable energy. In a mini-grid battery project in Martinique,
the output of a solar PV farm is supported by a 2 MWh energy storage unit,
ensuring that electricity is injected into the grid at a constant rate,
avoiding the need for back-up generation. In Hawaii, almost 130 MWh of battery
storage systems have been implemented to provide smoothening services for solar
PV and wind energy.
As battery energy storage
systems (BESS) represent a potential solution. BESS allow renewable energy to
be efficiently stored and supplied to the grid when required. This optimization
of energy output to the grid means that renewable energy projects can provide
power at both peak and non-peak times, stabilizing the distribution network.
This also allows investors and stakeholders to generate more revenue and power
providers to limit waste and reduce costs for consumers. Globally, energy
storage deployment in emerging markets is expected to increase by over 40% each
year until 2025. Such factors would positively influence the growth of the
market during the forecast period.
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Next Generation Energy
Storage Market Growth Drivers:
Grid expansion and investment in the
most common types of renewable energy stored in grids are solar and wind
energy. However, the shading of the sun by clouds or shifting wind currents
cause fluctuations in the energy generation process. Such oscillations
necessitate the deployment of flexible grid solutions for energy storage. When
the electricity generated exceeds the electricity demand, battery energy
storage solutions assist grid operators in saving electricity. Adoption of
these technologies enhances the dependability and flexibility of power supply
networks in terms of generation, transmission, and distribution. Developing
countries such as India and China require infrastructure modernisation and grid
expansion. Currently, there is a need to provide power to an estimated 30% of
the world's fast rising population that does not have access to electricity.
according to the United Nations Sustainable Energy for All project (SE4All), an
expenditure of around USD 45 billion is necessary by 2030 to provide universal
access to modern electric power. Over the next five years, India would require
$60-80 billion in investments to enhance its grid transmission infrastructure.
The extent of investments proposed is required to meet the country's national
transmission grid's operating limits and handle the country's sustained
structural rise in power demand. Next generation energy storage is expected to
play a significant part in these expenditures by fortifying the grid against a
variety of threats, such as natural disasters, and allowing for improved
deployment of both new and existing resources. The market for next-generation
energy storage systems is being driven by the increasing implementation of
rules requiring energy efficiency and energy arbitrage. Furthermore, rising
grid expansion and investment in contemporary infrastructure are expected to
open up new market opportunities for the next generation energy storage systems
market throughout the projection period.
Major Players in this Market Include
Major players in Heating Equipment Market include Beckett Energy Systems, BYD Company Limited, Energ2, Inc., Enersys, Enphase Energy, FlexGen Power Systems, Lockheed Martin Corporation, S&C Electric Company, UniEnergy Technologies, LLC. And AES Corporation among others. In October 2021, EnerSys, the global leader in stored energy solutions for industrial applications, announced the partnership with the U.S. Department of Energy’s Better Plants program. The partnership is developed to promote the resilience and economic potential of the company through energy efficiency improvements.