Advanced Energy Storage Systems Market: Rise in Demand for Storing Renewable Energy

 

The global advanced energy storage systems market to grow from USD 12.7 billion in 2017 to USD 19.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.4% during 2017 to 2022. The growth of the advanced energy storage systems market is attributed to increasing renewable energy investments and growth in the electric vehicles market globally and regulatory changes demanding energy efficiency.

Renewables have now become the first choice for expanding, upgrading, and modernizing power systems around the world. According to Bloomberg New energy finance wind and solar energy accounted for 90% of the 2015 investments in renewable power.

The developed as well as developing countries are revising energy policies to include a considerable portion of generation, to be sourced from renewable energy resources that includes wind and solar. Financial incentives by government bodies and associated returns are increasing investments in renewable energy, which are expected to boost the advanced energy storage systems market.

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According to the United Nations Sustainable Energy for All initiative (SE4All), around USD 45 billion investments is required by 2030, to provide universal access to the modern electric power. Advanced energy storage is expected to play a prominent role in these investments by strengthening the grid against diverse threats, such as natural disasters and facilitating improved deployment of both new and existing resources.

Energy storage system in transportation application is expected to emerge as a major segment in the advanced energy storage systems market

The advanced energy storage systems market application segments into transportation and grid storage. The transportation segment is expected to hold the largest market share by 2022. 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 growth. 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.

Asia Pacific: The leading market for advanced energy storage systems

The Asia Pacific is estimated to be the fastest growing market for advanced energy storage systems from 2017 to 2022. Increasing use of renewable energy resources for power generation, especially in China, South Korea, India and increase in number of electric vehicles are driving the demand for advanced energy storage systems in this region. The growing need for energy reliability and efficiency are also expected to spur the growth of the market and represents a promising opportunity for major advanced energy storage systems providers.

The major 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). 

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Advanced Energy Storage Systems Market Outlook 2022 | Global Opportunity & Growth Analysis

According to the new market research report "Advanced Energy Storage Systems Market by Technology (Electro Chemical Technology, Mechanical Technology, Thermal Storage Technology), by Application (Transportation and Grid Storage), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The advanced energy storage systems market is expected to grow from an estimated USD 12.73 Billion in 2017 to USD 19.04 Billion by 2022, registering a CAGR of 8.38% from 2017 to 2022. The market in Asia Pacific is estimated to be the largest for advanced energy storage systems, followed by the market in North America in 2017. This trend is expected to continue till 2022. The growth of the advanced energy storage systems market is driven by the increasing investments in renewables and regulations demanding energy efficiency and growing market for electric vehicles around the world.

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 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 growth.

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 market in Asia Pacific is expected to dominate the global advanced energy storage system market, during the forecast period, owing to increasing number of electric vehicles in the region, especially in China. 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.

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The advanced energy storage systems market is dominated by a few global players. The key players operating in this market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd. (South Korea), General Electric Company (US), and Tesla, Inc. (US).