Acknowledging the role played by energy storage systems, various government bodies worldwide are aiming to construct a sustainable, reliable, and affordable power supply structure for catering to the rising needs of energy of their citizens. The competitive scenario of the global advanced energy storage technologies characterizes product launches, partnerships, mergers, and acquisitions.
The progress of the global advanced energy storage technologies market is also triggered by the initiatives of various agencies and organizations. For example, in May 2017, U.S. Congress launched Advanced Energy Storage Caucus. Prominent suppliers, leading manufacturers, and developers of advanced energy storage technologies attended the launch program.
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In another instance, in May 2017, Wärtsilä Corporation announced its plan to acquire Greensmith Energy Management Systems Inc., a US based leading provider of advanced energy storage technology solutions. This strategic acquisition was aimed to enable Wärtsilä to improve their international presence in the global advanced energy storage technologies market. With such intensification of competition between the companies, the market is poised for exponential growth in due course of forecast timeframe.
Surging daily consumption of electricity together with the large gap between energy demand and supply has demanded considerable storage capacity additions. This has been the single-most significant factor contributing towards the growth of global advanced energy storage technologies market. Other elements fueling the global advanced energy storage technologies market are the increasing renewable energy installations and the surge in demand for electric as well as hybrid vehicles. In addition to that, growing concerns about carbon dioxide emissions and greenhouse gases are also escalating the demand for advanced energy storage technologies.
Furthermore, advanced energy storage systems have enabled consumers to manage their own electricity needs by making use of the load shifting technique, which assists in bringing down costs. Besides, other factors such as the increasing demand for installation of smart grid and construction of new transmission and distribution grid and upgrades has also triggered the growth of global market for advanced energy storage technologies.
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Nippo Chemi-Con Corp, Toshiba, A123 System LLC, Sony, and Denso are some of the noted players of the global market for advanced energy storage technologies market.