Wilmington, Delaware, United States, , Dec. 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a report by Transparency Market Research, the global Advanced Energy Storage Market is projected to grow at a CAGR of 5.7% between 2021 and 2031 and reach more than US$ 2.08 Bn by the end of 2031.
The research report provides an in-depth analysis of the Advanced Energy Storage Market scenario. As per TMR analysts, leading companies in the Advanced Energy Storage Market are emphasizing the inclusion of renewable energy sources in energy generation policies to meet the rising demand for electricity. Additionally, the market is anticipated to experience lucrative growth due to the relaxation of energy storage-related taxes and government regulations in developing countries.
Advanced Energy Storage Systems Market: Key Drivers
- The rise in awareness about the negative environmental effects of CO2 emissions and greenhouse gases across the world has increased interest in renewable energy sources. This trend is anticipated to propel the global advanced energy storage systems market during the forecast period. Concurrently, government bodies are revising their energy generation and consumption policies. Measures taken by key market players to accommodate a substantial portion of their energy generated from renewable sources have created significant opportunities in the Advanced Energy Storage Market.
- The global Advanced Energy Storage Market is driven by an increase in government initiatives to promote the usage of energy derived from renewable sources. Growing concerns about energy waste and ongoing efforts to promote a higher level of energy conservation are expected to augment the global advanced energy storage systems market.
- An increase in demand for the modernization and advancement of electrical grids is expected to create opportunities for market participants and stakeholders in the Advanced Energy Storage Market.
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Key Drivers of the Advanced Energy Storage Market
- An increase in private and public investment in renewable energy generation and decreasing CAPEX prove to be driving factors for global Advanced Energy Storage Market growth.
- The growth of the microgrid and on-grid energy distribution sector is propelling the global advanced energy storage industry. Microgrid and on-grid energy distribution infrastructure have expanded rapidly across the globe. Consequently, the lenient regulatory constraints pertaining to energy storage have fueled the expansion of the electrochemical (battery) energy storage segment. This, in turn, is likely to bolster the global advanced battery storage market.
- The pumped hydro storage market is projected to account for the largest market share during the forecast period owing to a rise in consumer preference for economical energy storage. Lithium-ion batteries are used to power laptops and mobile devices due to the growing emphasis on renewable energy. These batteries represent an affordable energy storage option. Thus, the advanced energy storage systems market is expected to witness exponential growth in the near future.
Advanced Energy Storage Market: Regional Assessment
Asia Pacific has witnessed the highest demand for advanced energy storage systems due to significant developments in the power distribution infrastructure. The increased emphasis on renewable energy and low-cost energy storage options in North America and Europe has created lucrative growth opportunities in the global market between 2021 and 2031.
Advanced Energy Storage Systems Market: Key Players
Leading players in the global market are:
- Green Charge Networks LLC
- S&C Electric Company
- EOS Energy Storage
- Beacon Power LLC
- EDF Renewables
- Lyondell
- AES Corporation
- Basell Industries N.V.
- Schneider Electric
- Maxwell Corporation
- INEOS Group AG
- SAFT S.A.
- NEC Corporation
- Dynapower Company LLC.
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Advanced Energy Storage Market: Segmentation
By Technology
- Pumped Hydro
- Battery Storage
- Flywheel Storage
- Thermal Storage
- Others
By Application
- On-Grid
- Off-Grid
- Micro Grid
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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