Credence ResearchThe global advanced energy storage system market generated nearly USD 155.6 billion in revenue in 2020, and is expected to grow at a CAGR of more than 5.24 percent from 2021 to 2027, reaching a market value of USD 215.3 billion in 2027.The global advanced energy storage system market produced revenue of nearly USD 155.6 billion in 2020 and is estimated to rise at a CAGR of over 5.24% during the forecast period from 2021 to 2027 to reach the market value of USD 215.3 billion in 2027.
Global Advanced Energy Storage System Market, 2020 – 2027 (USD Billion)
Energy storage systems are equipment that can efficiently and conveniently store energy in multiple forms and can be utilized according to the requirements of the consumer. The advanced energy storage system is an aiding technology which improves reliability & resilience, helps to reduce environmental impacts and save operational cost. The system provides a wide range of technological methods in order to produce a more robust energy infrastructure and make it more cost savings to consumers and utilities. These storage technologies are used for different purposes such as batteries, thermal, mechanical storage, hydrogen, and pumped hydropower. These systems are undergoing continuous technological innovation to provide great efficiency which offers reduced emission, more reliable power, and lower price.
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Key Trends in Global Advanced Energy Storage System Market
Growing investments in renewable energy resources
The depletion of fossil fuels, increase of energy demands, and the concerns over climate change are the major driving factor for the growth of the global advanced energy storage system market. The energy storage industry is continuously evolving and adopting innovative technologies owing to changing energy requirements from consumers. Further, increasing usage of renewable energy resources by end-user industries such as manufacturing semiconductors, data storage products, solar cells, and electricity boosts the demand for advanced energy storage systems. Favorable government initiatives on adopting advanced energy storage systems as well as electric vehicles is likely to boost the market in the forecast period. For instance, the U.S. DOE tracks a diverse portfolio of energy storage research and development (R&D) to ensure a continuous and sustainable electricity supply. This approach facilitates effective work from agencies, organizations, and industries. This attributes to growth in the residential and commercial adoption of grid energy storage and electric vehicles.
Impact of COVID 19 on Advanced Energy Storage System Market`
The COVID-19 virus has spread across the globe affecting many operational industries. The coronavirus led to a reduction in demand for the advanced energy storage system in the industries. The market is facing ample challenges during this period due to a sudden fall in demand, supply chain disruption, and the imposition of stringent government regulation during pandemics on all trade activities. Owing to all the factors, the advanced energy storage system is severely hit by the pandemic. However, the advanced energy storage system market is expected to witness moderate growth in operation during the forecast period due to an increase in focus on adopting renewable energy sources over fossil fuels.
Technology Insights of the Global Advanced Energy Storage System Market
Batteries, flywheel, thermal, molten salt, and compressed air are the technology types for advanced energy storage systems. Among all the segments, the thermal segment is accounted for the largest market share owing to technological innovations and government funding for the commercialization of thermo chemical energy storage. The batteries segment is expected to witness substantial growth in the near future and is attributed to the easy handling of batteries along with the rising preference for liquid electrolyte reenergizing.
Global Advanced Energy Storage System Market by Regional Insights
Asia Pacific region accounts for the largest market share in the global advanced energy storage system market. This is attributed to rapid commercialization & industrialization and high spending on residential and commercial infrastructure development in emerging countries like India, China, and Japan. Advanced energy storage system market in North America and Europe are accounted to contribute for significant revenue shares in the global market. The US is the key market for advanced energy storage system and accounted for around 75% of the market share. Further, supportive government policies for infrastructure development are expected to propel market growth. Europe is also expected to grow at a moderate rate owing to the rise in the adoption of electric vehicles in this region.
Global Advanced Energy Storage System Market Competitive Landscape
Most prominent players in the global advanced energy storage system market include ABB Ltd., LG Chem, Ltd., General Electric Company, Tesla, Inc., Samsung SDI Co., Ltd, AES Energy Storage, Alevo Group S.A., ZBB systems, and Altair Nanotechnologies Inc. The report covers very detailed profiles of these key players including recent development, collaboration, new product development, and merger & acquisitions.
Market Segmentation
Global Advanced Energy Storage System Market by Technology, 2015 – 2027
- Batteries
- Flywheel
- Thermal
- Molten Salt
- Compressed Air
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