As per the estimations of a report published by Grand View Research, Inc.; the global advanced energy storage systems market would reach around USD 6.93 billion by 2022. Rising demand for utility scale energy generation, especially during peak hours is projected to augment the demand for advanced energy storage systems. Such systems efficiently manage power resources, thereby eliminating the need for utility scale energy generation units. This factor significantly reduces fixed costs and thus plays a vital role in boosting the growth of the global market.
In addition, strict regulatory framework regarding the usage of fossil fuel for generating energy is also expected to spur the market expansion over the coming years. Energy plants generate large quantities of greenhouse gases or GHGs such as carbon dioxide; however, this issue can be resolved using advanced energy storage systems. This factor is also likely to propel the market for advanced energy storage systems in the forthcoming years. Furthermore, steady growth in power consumption, as well as the gap between demand and supply, is anticipated to increase the adoption of advanced energy storage systems.
Focus on power management to meet the demands at peak hours is also said to encourage the usage of advanced power storage systems, thereby augmenting the market development. Extensive research and development activities to discover advanced sustainable energy sources are also likely to boost the global advanced energy storage systems market growth over the next few years. Increasing shift from fossil fuels to alternative sources and concerns regarding energy conservation are also likely to result in high demand for advanced systems for energy storage during the forecast years.
Full Research Report On Advanced Energy Storage Systems Market Analysis:
U.S. advanced energy storage systems market revenue, by technology,2012 – 2022 (USD Million)
The market is also likely to witness high demand on account of global concerns regarding CO2 and other greenhouse gases. The ability of advanced power storage units to provide standby energy for critical loads and utility transmission is also expected to stimulate product demand in the forthcoming years. Moreover, such power storage systems now have a growing scope in electric vehicle or EV charging stations. This is estimated to spur the product demand thereby fuelling the global market.
The global advanced energy storage systems market is categorized as per technology and region. On the basis of technology, the market is further fragmented into flywheel, compressed air, thermal, batteries, and molten salt. The thermal technology segment led the global market in 2014 and accounted for around 70.8% of the overall share, in terms of capacity. The flywheel technology has huge growth potential due to its high reliability, efficiency, and longer life. On the other hand, battery devices segment is expected to be the fastest-growing technology. It is anticipated to witness the maximum CAGR of nearly 18% through 2022.
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Global advanced energy storage systems market share, by technology, 2015 (%)
On the basis of geographies, the market is divided into Asia Pacific, Middle East and Africa (MEA), Latin America, Europe, and North America. The North America region led the global market in 2014 and accounted for over 45% of the overall market. Strict rules and regulations regarding GHG emissions are projected to result in an increased usage of advanced energy storage systems, especially in the United States. This is likely to be the key factor driving the growth of the regional market.
On the other hand, the Asia Pacific market is said to be the fastest growing regional market for advanced energy storage systems. The region is expected to register a strong growth rate of around 15.7% over the forecast period. Rapidly pace of industrialization and enhancing consumer lifestyle across emerging economies such as India and China are the major factors impelling the demand for advanced energy storage systems in this region. In addition, development of renewable energy technologies like solar photovoltaic (PV) in various developing countries is also likely to encourage the product usage, thereby boosting the regional market expansion.
The major companies operating in the global advanced energy storage systems market include LG Chem Ltd.; AES Energy Storage LLC; Altair Engineering; Alevo Group SA; and General Electric or GE.
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