The global "Advanced Energy Storage Systems Market" is projected to grow at a CAGR of 8.38%, from 2017 to 2022, to reach a market size of USD 19.04 Billion by 2022. This growth is attributed to increasing renewable energy investments, growth in the electric vehicles market globally, and regulatory changes demanding energy efficiency.
The report segments the advanced energy storage systems market, on the basis of technology, into electro chemical, thermal storage, mechanical, and others. The lithium-ion sub-segment, within the electro chemical segment led the advanced energy storage systems market in 2016, and is projected to dominate the market during the forecast period. Moreover, technological advancements and growing deployment of lithium-ion batteries is expected to result in economies of scale, which would lower the cost for this technology, further driving the growth in the market.
The advanced energy storage systems market has been segmented, based on application, into transportation and grid storage. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for the growth.
Energy storage system in transportation application is expected to emerge as a major segment in the AESS market, during the forecast period.
The transportation segment accounted for a major share in the advanced energy storage systems market. Lithium-Ion batteries held a major share in the transportation sector in 2016. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by major automotive companies, the usage of lithium-ion batteries is expected to increase at a rapid rate in electric vehicles by 2022.
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The lithium-ion sub-segment is expected to hold the largest share of the advanced energy storage systems market during the forecast period.
The lithium-ion battery sub-segment, within the technology segment, led the advanced energy storage systems market in 2016, and is projected to dominate the market during the forecast period. It is also expected to grow at the fastest rate during the forecast period. Varied applications of this technology including its use in large transportation applications is contributing to its growth and a larger market share.
The pumped hydro sub-segment is also one of the major segment in the advanced energy storage systems market and the growth in this market is expected to be driven by the commencement of the new utility scale pumped hydro energy storage projects in the Asia Pacific region.
Asia Pacific: The leading market for advanced energy storage systems
In this report, the advanced energy storage systems market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and the rest of the world. The energy storage systems market is expanding in developing countries owing to the progress in renewable energy installations and growth in the electric vehicles market. The Asia Pacific energy storage systems market is expected to dominate the global AESS market, with the highest share. The region is expected to maintain its dominance in the energy storage systems market during the forecast period.
Target Audience:
- Advanced Energy Storage System Technology Providers
- Electric Utilities
- Grid Operators
- Energy Storage Device/Equipment Manufacturers and Integrators
- Government Agencies
- Investors and Financial Community Professionals
- Market Research and Consulting Firms
- Microgrid Developers
- Renewable Power Generation and Equipment Manufacturing Companies
- State and National Regulatory Authorities
Scope of the Report:
- By Application
- Transportation
- Grid Storage
- By Technology
- Electro Chemical
- Lithium-Ion battery
- Lead Acid battery
- Sodium Sulfur (NaS) battery
- Flow battery
- Nickel Metal Hydride (NiMH) & Nickel Metal Cadmium (NiCd)
- Mechanical
- Pumped Hydro
- Flywheel
- Compressed Air Energy Storage (CAES) & Liquid Air Energy Storage (LAES)
- Thermal Storage
- Thermo Chemical
- Sensible
- Latent
- Electro Chemical
- By Region
- Asia Pacific
- North America
- Europe
- Rest of the World
Leading Players in the advanced energy storage systems market include ABB Ltd. (Switzerland), LG Chem, Ltd.( South Korea) , Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US).
Lithium-Ion Battery Market is supposed to reach more than US$ 100 Billion by the end of the year 2025. Lithium-ion batteries are rechargeable batteries which have high-energy frequency and are primarily used in portable electronic equipment. These batteries are anticipated to see a significant growth owing to an increase in the use of smartphones, tablets/PCs, digital cameras, and power tools. Further, the demand for Li-ion batteries in the automobile industry is assumed to increase in rank with a rise in demand for electric vehicles globally. These batteries have gained a reputation among automobile manufacturers as they provide an option to nickel metal batteries used in the electric vehicle, due to their small size and lightweight. The wild choice of selection of lithium-ion battery in varieties of use due to the declining retail cost of the lithium-ion battery as the production cost of developing lithium-ion battery is also falling. Thus it is affordable for use in varieties of goods like e-vehicles, industries and smart electronic gadgets, etc. Besides, the policies of the government across the globe to formulate a concrete structure for the battery enable transport system will expand the market of the lithium-ion battery.
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