Global Advanced Energy Storage Systems Market Research Report: Information by Technology (Mechanical, Thermal, Electro Chemical And Others) Storage Type (Batteries, Flywheels, Compressed Air Storage, Pumped Hydro-Power, Others), Application (Transportation, Grid Storage, Others), and region – Forecast till 2023.
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Market Highlights
The global market for advanced energy storage systems 2020 is gaining tremendous traction across the globe due to advancements taking place in the power industry. On this, Market Research Future reports reveal that The global advanced energy storage systems market is expecting an unprecedented growth with 9.11% CAGR during the forecast period 2018–2023. Advanced Energy Storage Systems Market to Enjoy the Attention Bestowed upon Effective Solutions for Electric Supply
Top Market Drivers & Challenges
The published report has its focus on chief drivers with the potential to change the existing energy storage systems market landscape. The technology is highly becoming influential, which converts electricity into energy, store it, and then use it as electricity when required. Such advancement has proved with supplying reliable and sustainable power. Thus, the main factor influencing the market to expand vigorously is the growing need for a considerable increase in power demand throughout the world.
At the same time, the advanced energy storage systems are also eligible for providing a feasible and cost-effective solution for a wide range of applications such as grid storage, utilities, and transportation. Thus, these factors have also been counted on account of the market gathering maximum share from the developed countries across the globe.
Furthermore, another salient factor, such as rising concerns of energy conservation and transition from conventional fossil fuels to alternative sources, has the highest to increase the demand for advanced energy storage systems over the assessment period. With this, due to intensifying concerns accompanying CO2 and GHG emissions are yet grabbing the attention towards the market’s growth in the foreseeable years.
As an add-on, the report also included that a Paris agreement, COP21, was produced with the concern to combat climate change and to adapt its effects while achieving the global ambition of climate change and emerging green economy. Such condition has shown that the market can also witness an increase in the energy storage system market in approaching years.
Segmentation of Market: Energy Storage System
The segmental analysis of the global advanced energy storage systems market has been conducted on the elements of technology, storage type, and application.
By technology: Mechanical, thermal, electro, chemical are the segments. Wherein electrochemical segment has continued with leading the market since 2017 and is estimated to lead the advanced energy storage systems market in the same way due to new technological developments and broad application of this technology during the forecast period.
By storage type: Batteries, flywheels, compressed air storage, pumped hydropower, and others are the segments. Where, batteries had a larger market share back in the year 2017, while it is now anticipated to lead the global advanced energy storage systems market in the coming years. The reason is the increase in storage applications as well as ease of charging.
By application: Transportation, grid storage, and others are the segments. Where, transportation segment leads the global advanced energy storage systems market owing to the rise in battery power vehicles and innovations by key automotive players.
Regional Framework
Region-specific approach to the global advanced energy storage systems market reveals North America, Asia Pacific, Europe, and the Rest of the World.
Where the report suggests that North America occupied the largest market share of the global advanced energy storage systems market as the US was leading part. The country adopted several policies and regulations in association with energy storage to reduce emission levels, which will positively boost business growth in the assessment period.
The region of Asia Pacific is also expecting to witness the growth in advanced energy systems market basing with accumulative infrastructural expenditure from commercial, industrial, and residential sectors. Such development has mainly come from developing nations such as India, Indonesia, and China. With this, the rising market demand from the transportation segment, which includes hybrid vehicles, plug-in hybrid vehicles, and electric vehicles, has also created possibilities to drive the advanced energy storage systems market in Asia-Pacific in the projection period.
On the other side, Europe is also addressing new challenges in the energy system by promoting innovation in critical technologies and developing suitable market avenues. The technological innovation in storage falls under the Horizon 2020 program and the Strategic Energy Technology Plan.
Market Key Players
The vital players of the global advanced energy storage systems market are listed as Tesla, Inc. (US), GENERAL ELECTRIC (US), Hitachi, Ltd. (Japan), The AES Corporation (US), Panasonic Corporation (Japan), Saft (France), ABB (Switzerland), Siemens AG (Germany), and LG Chem. (South Korea) Electrovaya (Canada).
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. SCOPE OF THE REPORT
2.1. MARKET DEFINITION
2.2. SCOPE OF THE STUDY
2.2.1. DEFINITION
2.2.2. RESEARCH OBJECTIVE
2.2.3. ASSUMPTIONS
2.2.4. LIMITATIONS
2.3. RESEARCH PROCESS
2.3.1. PRIMARY RESEARCH
2.3.2. SECONDARY RESEARCH
2.4. MARKET SIZE ESTIMATION
2.5. FORECAST MODEL
3. MARKET LANDSCAPE
3.1. PORTER’S FIVE FORCES ANALYSIS
3.1.1. THREAT OF NEW ENTRANTS
3.1.2. BARGAINING POWER OF BUYERS
3.1.3. THREAT OF SUBSTITUTES
3.1.4. SEGMENT RIVALRY
3.1.5. BARGAINING POWER OF BUYERS
3.2. VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4. MARKET DYNAMICS
4.1. INTRODUCTION
4.2. MARKET DRIVERS
4.3. MARKET RESTRAINTS
4.4. MARKET OPPORTUNITIES
4.5. MARKET TRENDS
5. GLOBAL ADVANCED ENERGY STORAGE SYSTEMS MARKET, BY TECHNOLOGY
5.1. INTRODUCTION
5.2. MECHANICAL
5.2.1. MARKET ESTIMATES & FORECAST, 2018–2023
5.2.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
5.3. THERMAL
5.3.1. MARKET ESTIMATES & FORECAST, 2018–2023
5.3.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
5.4. ELECTRO CHEMICAL
5.4.1. MARKET ESTIMATES & FORECAST, 2018–2023
5.4.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
5.5. OTHERS
5.5.1. MARKET ESTIMATES & FORECAST, 2018–2023
5.5.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
6. GLOBAL ADVANCED ENERGY STORAGE SYSTEMS MARKET, BY STORAGE TYPE
6.1. INTRODUCTION
6.2. BATTERIES
6.2.1. MARKET ESTIMATES & FORECAST, 2018–2023
6.2.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
6.3. FLYWHEELS
6.3.1. MARKET ESTIMATES & FORECAST, 2018–2023
6.3.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
6.4. COMPRESSED AIR STORAGE
6.4.1. MARKET ESTIMATES & FORECAST, 2018–2023
6.4.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
6.5. PUMPED HYDRO-POWER
6.5.1. MARKET ESTIMATES & FORECAST, 2018–2023
6.5.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
6.6. OTHERS
6.6.1. MARKET ESTIMATES & FORECAST, 2018–2023
6.6.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
7. GLOBAL ADVANCED ENERGY STORAGE SYSTEMS MARKET, BY APPLICATION
7.1. INTRODUCTION
7.2. TRANSPORTATION
7.2.1. MARKET ESTIMATES & FORECAST, 2018–2023
7.2.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
7.3. GRID STORAGE
7.3.1. MARKET ESTIMATES & FORECAST, 2018–2023
7.3.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
7.4. OTHERS
7.4.1. MARKET ESTIMATES & FORECAST, 2018–2023
7.4.2. MARKET ESTIMATES & FORECAST BY REGION, 2018–2023
8. GLOBAL ADVANCED ENERGY STORAGE SYSTEMS MARKET, BY REGION
8.1. INTRODUCTION
8.2. NORTH AMERICA
8.2.1. MARKET ESTIMATES & FORECAST, 2018–2023
8.2.2. MARKET ESTIMATES & FORECAST BY TECHNOLOGY, 2018–2023
8.2.3. MARKET ESTIMATES & FORECAST BY STORAGE TYPE, 2018–2023
8.2.4. MARKET ESTIMATES & FORECAST BY APPLICATION, 2018–2023
8.2.5. US
8.2.5.1. MARKET ESTIMATES & FORECAST, 2018–2023
8.2.5.2. MARKET ESTIMATES & FORECAST BY TECHNOLOGY, 2018–2023
8.2.5.3. MARKET ESTIMATES & FORECAST BY STORAGE TYPE, 2018–2023
8.2.5.4. MARKET ESTIMATES & FORECAST BY APPLICATION, 2018–2023
Continued…
LIST OF TABLES
TABLE 1 GLOBAL ADVANCED ENERGY STORAGE SYSTEMS MARKET: BY REGION, 2018–2023
TABLE 2 NORTH AMERICA: ADVANCED ENERGY STORAGE SYSTEMS MARKET: BY COUNTRY, 2018–2023
TABLE 3 EUROPE ADVANCED ENERGY STORAGE SYSTEMS MARKET: BY COUNTRY, 2018–2023
TABLE 4 ASIA-PACIFIC ADVANCED ENERGY STORAGE SYSTEMS MARKET: BY COUNTRY, 2018–2023
TABLE 5 ROW ADVANCED ENERGY STORAGE SYSTEMS MARKET: BY COUNTRY, 2018–2023
TABLE 6 GLOBAL ADVANCED ENERGY STORAGE SYSTEMS MARKET, BY TECHNOLOGY, BY REGIONS, 2018–2023
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