Market Analysis
The advanced energy storage systems market is predicted to develop at a 9.11% CAGR between 2019- 2023 states the recent Market Research Future (MRFR) analysis. Advanced energy storage systems, simply put, is the technology that converts electricity into storage, stores the same, and converts it into usable electricity as the need be. It has wide applications in grid storage, transportation, and others.
Various factors are propelling the global advanced energy storage systems market share. As per the current MRFR report, such factors include burgeoning demand for energy efficiency, increasing renewable energy investments, technological advances and expanded deployment, growing electrification of the transport industry, growing opportunity for residential and commercial applications, and grid investment and expansion in modern infrastructure. Additional factors adding market growth include growth in electric cars, initiatives by the government for promoting advanced energy storage, and growing concerns about carbon dioxide and GHG emissions.
On the contrary, hazardous environmental impact, high capital investments, lack of common standards and codes, and the COVID-19 impact are factors that may limit the global advanced energy storage systems market growth.
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Key Players
Key players profiled in the global advanced energy storage systems market report include Hitachi, Ltd. (Japan), Electrovaya (Canada), Panasonic Corporation (Japan), Siemens AG (Germany), LG Chem. (South Korea), Saft (France), ABB (Switzerland), GENERAL ELECTRIC (US), Tesla, Inc. (US), The AES Corporation (US), among others.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global advanced energy storage systems market report based on application, storage type, and technology.
By technology, the global advanced energy storage systems market is segmented into electro chemical, thermal, mechanical, and others. Of these, the electro chemical technology segment will lead the market over the forecast period. Extensive application of this technology in large transportation and new technological developments is adding to the growth of the segment.
By storage type, the global advanced energy storage systems market is segmented into pumped hydropower, compressed air storage, flywheels, batteries, and others. Of these, batteries will dominate the market over the forecast period. Ease of charging and rise in storage applications are adding to the growth of the segment.
By application, the global advanced energy storage systems market is segmented into grid storage, transportation, and others. Of these, the transportation application segment will spearhead the market over the forecast period. New innovations by leading automotive players, coupled with an increase in battery power vehicles, are adding to the growth of the segment.
Regional Analysis
Based on the region, the global advanced energy storage systems market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Increasing adoption of several regulations and policies associated with storage of energy to cut down emission level, the falling price of storage technologies, the launch of new large-capacity projects, and retrofitting of present pumped hydro storage facilities are adding to the global advanced energy storage systems market growth in the region. The US possesses the maximum share in the market.
The global advanced energy storage systems market in Europe is predicted to hold the second-largest share over the forecast period. Rising research and development investments for developing effective, affordable sustainable products and increasing focus of manufacturers to prepare smart electric ecosystems to favor the energy transition are adding to the global advanced energy storage systems market growth in the region.
The global advanced energy storage systems market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising adoption of renewable resources of energy for power generation in India, South Korea, and China, increasing use of electric vehicles, growing need for energy efficiency and energy reliability, growing spending on infrastructure from the residential, industrial, and commercial sector in developing nations, and demand from transportation industry are adding to the global advanced energy storage systems market growth in the region.
The global advanced energy storage systems market in the RoW is predicted to have sound growth over the forecast period.
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