COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Advanced Energy Storage market worldwide will grow by a projected 5.3 Thousand Megawatts, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 7.8%. Thermal Energy Storage, one of the segments analyzed and sized in this study, is forecast to grow at over 8.8% and reach a market size of 6.4 Thousand Megawatts by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Thermal Energy Storage market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 7.9% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over 208.1 Megawatts to the region's size over the next 7 to 8 years. In addition, over 211.1 Megawatts worth of projected demand in the region will come from Rest of European markets. In Japan, the Thermal Energy Storage segment will reach a market size of 469.4 Megawatts by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Advanced Energy Storage market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 6.8% over the next couple of years and add approximately 754.7 Megawatts in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Advanced Energy Storage market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, ABB Ltd.; Active Power, Inc.; AES Energy Storage, LLC; Alevo Group S.A.; Altair Nanotechnologies, Inc.; Amber Kinetics, Inc.; Areva; Ashlawn Energy, LLC; Axion Power International, Inc.; Beacon Power, LLC; BYD Co. Ltd.; Calnetix Technologies, LLC; Dresser-Rand Group, Inc.; ECOULT; Electrochaea GmbH; Encell Technology, Inc.; EnSync Energy Systems, Inc.; Exide Technologies; General Electric Company; Gridflex Energy, LLC; Highview Enterprises Ltd.; Hitachi, Ltd.; Hyper Tech Research, Inc.; IMS group AS; ITM Power Plc; Kokam Co., Ltd; Leclanché SA; LG Chem; LightSail Energy; Maxwell Technologies, Inc.; McPhy Energy S.A.; NEC Energy Solutions; NGK Insulators, Ltd.; Proton OnSite; Redflow Limited; Saft Groupe S.A.; Samsung SDI Co., Ltd.; Siemens AG; Temporal Power; Tesla, Inc.; Tianjin Lishen Battery Co., Ltd.; Toshiba International Corporation; ViZn Energy Systems, Inc.