Advanced Energy Storage System Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Advanced Energy Storage System Market grew at a CAGR of 9.2% between 2017-2021 and is estimated to be US$ 17,659.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 11.3% and is expected to reach a valuation of US$ 51,514.0Mn by 2032 end.
Advanced Energy Storage (AES) systems store the energy created to be utilized later. Through advanced energy storage technology, electricity is transformed into a different kind of energy that can be stored and changed back into useful electricity as needed.
Grids can store energy and transport it using advanced energy storage. The development of the energy sector in the twenty-first century depends on the AES system. Solar cells, data storage devices, various semiconductors, and power can all be produced using energy.
ChemView Consulting has analyzed that energy regulations are being updated in developed and developing nations to include a sizeable share of a generation coming from renewable energy sources like wind and solar. Investments in renewable energy are rising due to financial incentives provided by the government and related returns, which are anticipated to expand the AESS industry.
The highest market share is anticipated to belong to the transportation sector. Lithium-ion battery deployment in the market for electric vehicles is the main factor fueling this segment’s growth. Additionally, there are chances for growth due to grid expansion and investments in modern infrastructure in developing nations.
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Segments Covered in Report
By Application:
- Transportation
- Grid Storage
By End-User:
- Residential
- Non-Residential
By Technology:
- Electrochemical
- Mechanical
- Thermal Storage
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Advanced Energy Storage System Market
- Based on the application, the highest market share is anticipated to belong to the transportation sector. Lithium-ion battery deployment in the market for electric vehicles is the main factor fueling this segment’s growth. Additionally, there are chances for growth due to grid expansion and investments in modern infrastructure in developing nations.
- Based on the technology, during the projected period, the segment for electrochemistry is anticipated to develop at the fastest rate. The market for advanced energy storage systems was dominated by the lithium-ion subsegment of the electrochemical segment, and it is expected to continue to lead the market during the forecast period. Furthermore, it is anticipated that technological developments and the expanding use of lithium-ion batteries will lead to economies of scale, which would cut the cost of this technology and promote the market’s expansion.
- Based on the region, with a market share of 54.0%, the Asia Pacific region is predicted to have the fastest growth rate for advanced energy storage systems. The demand for advanced energy storage systems in this region is being driven by an increase in the use of renewable energy resources for power generation, particularly in China, South Korea, and India, as well as an increase in the number of electric vehicles.
Competition Summary
Key companies covered in the market study are ABB Ltd., LG Chem, Ltd., General Electric Company, Samsung SDI Co ltd., GS Yuasa Corporation, Siemens Ltd., Panasonic Corporation, CALMAC, Tesla Inc., and Toshiba Corporation.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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