About Advanced Energy Storage Systems
Advanced Energy storage systems specialize in large-scale advanced battery systems that instantaneously absorb and inject energy to help with grid management while minimizing infrastructure costs. It is used to store energy in multiple forms that can be utilized as per requirement. Increasing renewable energy investments, growth in electric vehicles, and regulatory changes demanding energy efficiency. Energy can store in electrical, mechanical, and thermal forms. There are various techniques used to store energy such as pumped hydro storage, Nickel Cadmium, Lead Acid, Sodium Sulfur, Redox-Flow, lithium-ion, compressed air, and Flywheel.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.9% |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Advanced Energy Storage Systems market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB Ltd. (Switzerland), Samsung SDI Co ltd. (South Korea), GS Yuasa Corporation (Japan), Siemens Ltd. (Germany), Panasonic Corporation (Japan), LG Chem, Ltd. (South Korea), General Electric Company (United States), CALMAC (United States), Tesla Inc. (United States) and Toshiba Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Eguana Technologies (Canada), Redflow Ltd. (Australia), Energy Power Systems (United States), Ionotec Ltd. (United Kingdom) and Tata Power (India).
Segmentation Overview
AMA Research has segmented the market of Global Advanced Energy Storage Systems market by Type (Mechanical (Compressed Air Energy Storage (CAES), Flywheel Storage, Pumped Hydro), Electrochemical (Sodium-Sulfur Batteries, Lithium- Ion Batteries, Flow Batteries, Lead Acid Batteries, Nickel Based Batteries) and Thermal Storage), Application (Transportation and Grid Storage) and Region.
On the basis of geography, the market of Advanced Energy Storage Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Southeast Asia, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User, the sub-segment i.e. Residential will boost the Advanced Energy Storage Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing demand for Pumped Hydro Storage Technology
Market Growth Drivers:
Governments Investing in Renewable Energy Sources
Challenges:
Lack of standardization and outdated regulatory policies with emerging technologies
Restraints:
The high capital investment needed for Implementation
Opportunities:
Increasing in Storage application of all vertical industries
Market Leaders and their expansionary development strategies
In October 26, 2023, Honeywell acquires battery technology company, Flexion Solutions, aiming to strengthen its position in the lithium-ion battery market for electric vehicles and grid storage.
In October 2023, Fluence launched the latest and most advanced energy storage solution, Gridstack Pro for application in next-generation utility-scale projects. The newly launched storage solution is capable of handling more advanced data acquisition and thermal management and also enables full software control over all layers of the system architecture.
Key Target Audience
Advanced Energy Storage Systems providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.