Outlook for the Global Energy Storage Industry, 2020

Outlook for the Global Energy Storage Industry, 2020

The United States and China Continue to be the Key Energy Storage Markets, Supported by Strong Regulations, Legislative Policies, and Incentives

RELEASE DATE
14-Jan-2020
REGION
Global
Research Code: MEEC-01-00-00-00
SKU: EG02050-GL-MO_23981

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Description

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.

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. Among the different types of solutions, 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.

This study focuses on and/or provides:
• The key technologies contributing to energy storage
• The role of compressed-air energy storage (CAES) and supercapacitors in the energy storage market
• Supportive legislations, policies, and incentives driving energy storage installations in key countries
• Detailed analysis of alternative energy storage solutions
• Detailed forecasts for BESS and the role of Li-ion chemistry
• Technology lifecycle of the different technologies involved in the energy storage market

Analyst: Suba Arunkumar

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Energy Storage Market Predictions for 2020

Key Technology Trends and Market Watch for 2020

Global Energy Storage Technologies Forecast for 2020

Global Hotspots for Energy Storage Projects

Research Scope

Market Definition and Segmentation

Alternative Energy Storage Technologies Lifecycle

Key Technology Trends and Market Watch for 2020

TES Technology

CAES Technology

Flywheel Energy Storage Technology

Supercapacitors

New Technologies—Advanced Rail Energy Storage (ARES)

Global Alternative Energy Storage Technologies Forecast for 2020

Regional Trends—North America

Regional Trends—Europe

Regional Trends—APAC

Alternative Energy Storage Technologies—Applications

Alternative Energy Storage Technologies—Applications (continued)

ESS Business Model Developments

Market Size and Growth

Market Forecast—Grid-connected BESS

2019 Geographic Segmentation—Grid-scale BESS

2020 Geographic Segmentation—Grid-scale BESS

Regional Trends—APAC

Regional Trends—Europe

Regional Trends—North America

BESS—Global Market Attractiveness

Technology Spotlight*

Battery Energy Storage Technology Trends

Key Technology Trends

Storage Market Policies—Global Incentives

Storage Market Policies—Global Incentives (continued)

Battery Storage Trend for Consumer, Industrial, and EV Applications

Li-ion Device Batteries—Are They Safe?

Market Size and Growth

EV Battery Market Size and Growth

Regional Trends—APAC

Regional Trends—Europe

Regional Trends—North America

Growth Opportunity 1—New Manufacturing Destinations

Growth Opportunity 2—Partnerships

Strategic Imperatives for Success and Growth—Critical Success Factors for Growth of ESS Technologies across Regions

Battery Energy Storage Systems Value Chain

Flywheel Storage Stakeholders

Thermal Energy Storage Stakeholders

Compressed Air Energy Storage Stakeholders

Supercapacitors Energy Storage Stakeholders

Companies to Watch—New Product/Technology/Service Launches in 2020

Key Conclusions and Future Outlook

Legal Disclaimer

Abbreviations and Acronyms Used

Abbreviations and Acronyms Used (continued)

Market Engineering Methodology

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
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. 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. Among the different types of solutions, 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. This study focuses on and/or provides: • The key technologies contributing to energy storage • The role of compressed-air energy storage (CAES) and supercapacitors in the energy storage market • Supportive legislations, policies, and incentives driving energy storage installations in key countries • Detailed analysis of alternative energy storage solutions • Detailed forecasts for BESS and the role of Li-ion chemistry • Technology lifecycle of the different technologies involved in the energy storage market Author: Jonathan Robinson
More Information
No Index No
Podcast No
Author Suba Arunkumar
Industries Energy
WIP Number MEEC-01-00-00-00
Is Prebook No
GPS Codes 9AFE-A4,9B00-A4,9851,GETE