COVID-19 Impact Analysis

• COVID-19 impacted the advanced energy market and caused a decline in growth of the market.
• The supply chain was interrupted and the raw material for the production was hampered due to restriction in movement of material. This impacted the advanced energy market growth.
• The demand for energy from the industrial area and commercial area were declined due to the shutdown of industries and this affected the demand for advance energy from these sectors.
• The transportation sector was badly impacted as consumers avoid travelling and also due to strict government norms to prevent the spread of virus. This adversely affects the advance energy market due to their huge demand in this sector. 
• The economy of countries faced a slump and no new development or investment were done during the pandemic period. The energy sector also faced decline in their development activity due to the lack of demand from major sectors. 
• The lockdown restriction upliftment has provided an opportunity for the advance market to grow once again at a rapid pace. 

Top Impacting Factors:

The global advanced energy market is expected to grow due to the rise in applications in lighting, building envelope, electronics propulsion systems, HVAC, appliances, and freight logistics. The solar PV industry’s rise in demand for advanced energy is expected to drive the demand for advanced energy. The field of power generation rapidly expands and this trend is expected to continue. The high cost of initial energy setup, on the other hand, is expected to operate as a stumbling block to the advanced energy market's expansion. The growing desire for hybrid and electric vehicles around the world, owing to their environmentally friendly systems, has had a favourable impact on advanced energy consumption and is anticipated to allow it to increase in the future. Furthermore, the rise in demand from the building efficiency segment is expected to propel the advanced energy market forward.

The fuel production segment has seen significant increase in recent years, and this trend is predicted to continue, assisting the advanced energy market to grow in the future.

Market Trends

• Siemens Digital Industries Software and Tianmu Lake Institute of Advanced Energy Storage Technologies (TIES), a leading Chinese energy storage research and development facility, have teamed up to create an Advanced Battery Technology Innovation Center in April 2019. The Innovation Center to be housed at TIES' 500 million-yuan, 51,000-square-meter facility in Liyang, China, is expected to focus on transforming and upgrading the advanced battery industry, including advanced battery technology research and development, as well as the development and introduction of high-end talent in this rapidly growing field. 
• Siemens Energy opened an advanced energy technology innovation centre in Shenzhen, expanding the company's global innovation network in January 2021. The innovation centre is anticipated to focus on core technology R&D as well as the development of sustainable energy businesses based on innovation. The innovation centre aspires to be an open and inclusive platform that promotes the commercialization and scaling-up of research findings, as well as the integration of scientific research and industry in support of sustainable development.
• TIES, was launched in April 2019 by the Institute of Physics, Chinese Academy of Science, and Jiangsu Zhongguancun Technology Park (Z-Park) to develop innovative battery technologies and provide high-quality tailored services. It is China's first Innovation Center dedicated to advanced battery technology, as well as the first in the world to offer the battery sector with comprehensive third-party testing, R&D, verification, and technical services.