Burlingame, Feb. 12, 2024 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, Advanced Energy Storage Systems Market, By Technology Type (Electro chemical, Thermal Storage, Mechanical Energy Storage, Other Storage Technology), By Application Type (Transportation, Grid Storage) and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global advanced energy storage systems market was valued at US$ 18.22 Bn in 2022 and is expected to reach US$ 38.29 Bn by 2030, growing at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030.
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The Advanced Energy Storage Systems Market is primarily driven by the increasing demand for renewable energy sources and the need to reduce carbon emissions. With the growing concerns over environmental sustainability, there is a significant shift towards cleaner and greener energy alternatives. This has led to the adoption of advanced energy storage systems, which play a crucial role in integrating and managing renewable energy sources such as solar and wind power. These systems help in storing excess energy during peak generation periods and release it during high demand, thereby ensuring a continuous supply of clean energy. Furthermore, the advancements in battery technologies, such as lithium-ion batteries, have significantly improved the efficiency and performance of energy storage systems, further propelling market growth.
Advanced Energy Storage Systems Market Report Coverage
|Market Revenue in 2023
|Estimated Value by 2030
|Poised to grow at a CAGR of 9.80%
|Value (USD Million/Billion)
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|By Technology Type, By Application Type
|North America, Europe, Asia Pacific, and Rest of World
|Restraints & Challenges
|• Lack of a legislative and regulatory policy with regards to AES
|• Increasing demand and investments in renewable sources of energy
• Governmental regulations supporting the use of renewable energy
Another driver for the market is the increasing focus on grid modernization and electrification. As the demand for electricity continues to rise, there is a need to upgrade and modernize the existing power infrastructure. Advanced energy storage systems play a vital role in enhancing grid stability, managing peak demand, and integrating distributed energy resources into the grid. Moreover, these systems enable effective load balancing, reducing the strain on the grid and minimizing the risk of power outages.
One of the key trends observed in the Advanced Energy Storage Systems Market is the growing popularity of battery energy storage systems. These systems are widely adopted in various applications including residential, commercial, and utility-scale projects. Battery energy storage systems offer numerous advantages such as high energy density, fast response time, and long cycle life. The declining cost of lithium-ion batteries has also contributed to their increased adoption in the market.
Another trend is the rising deployment of energy storage systems in the transportation sector, particularly electric vehicles (EVs) and hybrid electric vehicles (HEVs). These vehicles require efficient energy storage solutions to ensure optimal performance and extended range.
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Electrochemical energy storage systems are expected to hold a dominant position in the advanced energy storage systems market. This technology type involves the use of chemical reactions within the system to store and release energy. It is widely used in various applications such as renewable energy integration, electric vehicles, and grid stabilization.
The dominance of electrochemical energy storage systems can be attributed to their high efficiency, long cycle life, and fast response time. These systems are capable of providing high power and energy density, making them suitable for a wide range of applications. The increasing adoption of renewable energy sources and the growing demand for electric vehicles are expected to drive the market for electrochemical energy storage systems.
The transportation application segment is expected to dominate the advanced energy storage systems market. With the increasing focus on reducing greenhouse gas emissions and the shift towards electric and hybrid vehicles, the demand for energy storage systems in the transportation sector is growing rapidly.
Energy storage systems play a crucial role in electric vehicles by providing power for propulsion and improving the overall performance and range of the vehicles. The transportation sector is also exploring the use of energy storage systems in other applications such as public transportation vehicles, trains, and ships.
The transportation application segment offers significant market opportunities for advanced energy storage systems manufacturers. The increasing investments in infrastructure development for electric vehicle charging stations and the government initiatives to promote electric mobility are driving the demand for energy storage systems in this sector.
On December 2022, ABB an automation company and Red Hat a software company announced a global partnership to enable industries using ABB’s process automation and industrial software to scale rapidly and flexibly leveraging Red Hat’s industry leading enterprise platform.
On 19 January 2023, LG Chem a chemical company completes acquisition of AVEO oncology. AVEO to become the U.S. foundation for LG Chem life science’s oncology division in 2023.
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Key Market Takeaways:
The advanced energy storage systems market is anticipated to witness a CAGR of 9.80% during the forecast period 2023-2030, owing to the increasing adoption of renewable energy sources and the growing demand for energy storage in various applications.
On the basis of technology type, the electrochemical segment is expected to hold a dominant position, owing to its high efficiency, long cycle life, and fast response time. Thermal storage and mechanical energy storage are also significant segments in the market.
In terms of application type, the transportation segment is expected to dominate the market, driven by the increasing demand for energy storage systems in electric and hybrid vehicles. The grid storage segment also offers significant market opportunities.
North America is expected to hold a dominant position in the advanced energy storage systems market. The region is characterized by the presence of key players and the increasing investments in renewable energy projects.
Key players operating in the advanced energy storage systems market include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. These players are focusing on product innovation and strategic partnerships to strengthen their market position.
Overall, the advanced energy storage systems market offers lucrative opportunities for manufacturers and investors. The growing demand for energy storage in various sectors, along with the increasing investments in renewable energy projects, are driving the market growth. Manufacturers should focus on developing innovative and cost-effective energy storage solutions to capitalize on these market opportunities.
Read complete market research report, “Advanced Energy Storage Systems Market, By Technology Type, By Application Type, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.
Global Advanced Energy Storage Systems Market, By Application
- Grid Storage
Global Advanced Energy Storage Systems Market, By Technology,
- Electro Chemical
- Lithium-Ion Battery
- Lead Acid Battery
- Sodium Sulfur (NAS) Battery
- Flow Battery
- Nickel Metal Hydride (NIMH) & Nickel Cadmium Battery (NICD)
- Thermal Storage
- Thermo Chemical Energy Storage
- Sensible Heat Thermal Energy Storage
- Latent Heat Thermal Energy Storage
- Mechanical Energy Storage
- Pumped Hydro Energy Storage
- Flywheel Energy Storage
- Compressed Air & Liquid Air Energy Storage
- Other Storage Technologies
Global Advanced Energy Storage Systems Market, By Geography:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Find more related trending reports below:
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Thermal Energy Storage Market, By Type (Sensible Heat Storage, Latent Heat Storage, Thermochemica heat Storage), By Technology (Molten Salt Technology, Electric Thermal Storage Heater, Solar Energy Storage, Ice- Based Technology, Miscibility Gap Alloy Technology(MGA), Others), By Storage Material (Molten Salt, Phase Change Material, Water, Others), By Application (Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice storage air- conditioning, Others), By End User (Industrial, Utilities, Residential & Commercial), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Pumped Hydro Storage Market, By Type (Open Loop, Closed Loop), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
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