Advanced Energy Storage Market - New Technology, Growth, Insights, Trend, Demand & Forecast 2026


Posted June 1, 2019 by aaryaa

Advanced Energy Storage Market report categorizes global market by Application (Transportation, Grid Storage), Technology, and Geography - Insights, Size, Share, and Industry Forecast till 2025

 
Advanced Energy Storage (AES) systems involve the capture of the required energy which is produced at one time and can be used later. Energy is stored via a variety of mediums. Advanced Energy Storage technologies convert electricity into a different form of energy which can be stored and converted back into usable electricity at the required time.

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Energy can be transported via Advanced Energy Storage and stored using grids. AES system is an evolving technology critical for the growth of the energy sector in the 21st century. The energy can be used in the manufacture of various semiconductors, data storage products, solar cells, and electricity. The increasing demand for large amount of renewable energy can be met with the help of AES. It also allows operators manage the flow of energy sources by supplying only the required amount of energy thus avoiding the waste of energy. AES can effectively help reduce the Green House Gases and CO2 emissions, thus reducing global warming. The various forms of energy that can be stored via AES include chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The increasing demand and investments in renewable sources of energy along with various governmental regulations supporting the use of renewable energy is a major driver that augments the growth of the global AES market.

Lithium-ion batteries segment dominated the advanced energy storage system market in 2016 and is expected to maintain the trend during the forecast period. Factors leading to high popularity of lithium-ion batteries are mainly due its easy availability, ubiquitous use, and low pricing of the product. Electrically powered vehicles are increasingly using lithium-ion batteries, which in turn will increase the growth of lithium-ion segment during the forecast period. Asia Pacific is expected to be the leading region of advanced energy storage market.

According to IEA, every year about 40 percent energy storage deployments will increase in the emerging markets, which will add about 80 GW new storage capacity to the estimated 2 GW existing today.
The global advanced energy storage systems market was valued at US$ 11.79 billion in 2016 and is expected to expand at a CAGR of 8.88% in terms of revenue during 2017 – 2025.

According to International Energy Agency (IEA) estimated that emerging countries such as China and India will need to double their electrical power output by 2020 in order to meet the rising demand. Also from the same source, emerging nations will accumulate around 80 percent energy production and consumption by 2035. Since most of the emerging countries lies in the region of Asia Pacific, it is expected that this region will boost AES market in the near future.

Multinational players
Some of the leading players in the AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.

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Tags advanced energy storage market , outlook , trends
Last Updated June 1, 2019