TOKYO, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The Global Advanced Energy Storage System Market Size accounted for USD 19.0 Billion in 2022 and is estimated to achieve a market size of USD 48.5 Billion by 2032 growing at a CAGR of 9% from 2023 to 2032.
Advanced Energy Storage System Market Research Report Highlights and Statistics:
- The Global Advanced Energy Storage System Market size in 2022 stood at USD 19,000 Million and is set to reach USD 48,500 Million by 2032, growing at a CAGR of 9%
- Growing demand for renewable energy sources, such as wind and solar, which require energy storage solutions to overcome the intermittent nature of these sources are some of the primary growth driving factors.
- The increasing adoption of electric vehicles (EVs) and the need for efficient and reliable energy storage solutions in the automotive sector is also driving the growth of the market.
- The Asia-Pacific region is expected to be the fastest-growing market for Advanced ESS.
- Key players operating in the Advanced ESS Market include LG Chem, Ltd., Samsung SDI Co., Ltd., Tesla, Inc., ABB Ltd., General Electric Company, Saft Groupe S.A., Panasonic Corporation, Hitachi Ltd., Toshiba Corporation, and BYD Company Ltd.
Advanced Energy Storage System Market Overview
The Advanced Energy Storage System (ESS) Market is a rapidly growing industry that provides efficient and sustainable energy storage solutions for various applications. These systems enable the storage of energy from renewable sources such as wind and solar, which are intermittent in nature. Advanced ESS also provides a reliable energy storage solution for electric vehicles, which are gaining popularity worldwide. The market is dominated by lithium-ion batteries due to their high energy density and long cycle life, but other technologies such as flow batteries, flywheels, and compressed air energy storage (CAES) are also gaining traction. The Asia-Pacific region is expected to be the fastest-growing market for Advanced ESS, driven by the increasing demand for energy storage solutions in countries such as China, India, Japan, and South Korea. Key players in the market are investing in R&D to develop new and innovative products, and entering into collaborations and partnerships to expand their global presence.
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Advanced Energy Storage System Market Report Coverage:
| Market | Advanced Energy Storage System Market | |
| Advanced Energy Storage System Market Size 2021 | USD 19.0 Billion | |
| Advanced Energy Storage System Market Forecast 2030 | USD 48.5 Billion | |
| Advanced Energy Storage System Market CAGR During 2022 - 2030 | 9% | |
| Advanced Energy Storage System Market Analysis Period | 2018 - 2030 | |
| Advanced Energy Storage System Market Base Year | 2021 | |
| Advanced Energy Storage System Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Application, By Technology, By End-User, And By Geography | |
| Advanced Energy Storage System Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | ABB Ltd., Tesla, Inc., LG Chem, General Electric (GE) Energy Connections, Panasonic Corporation, Saft Groupe S.A., BYD Company Limited, Siemens Ltd., AES Corporation, Sonnen GmbH, NEC Energy Solutions, Inc., and Enel X. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Trends in the Advanced Energy Storage System Market
- Rise of Solid-State Batteries: Solid-state batteries are emerging as a promising alternative to lithium-ion batteries, as they offer high energy density, improved safety, and longer life spans.
- Development of Hybrid Energy Storage Systems: Hybrid energy storage systems, which combine different energy storage technologies, are becoming increasingly popular to meet diverse energy storage requirements.
- Increased Demand for Microgrids: Microgrids are becoming popular due to their ability to provide localized power generation and storage, thereby reducing reliance on centralized power grids.
- Growing Interest in Redox Flow Batteries: Redox flow batteries, which offer long cycle life and the ability to scale up, are gaining traction in the energy storage market.
- Expansion of Energy-as-a-Service Business Models: Energy-as-a-Service (EaaS) models are gaining popularity, as they enable customers to access energy storage solutions without incurring upfront costs.
- Advancements in Supercapacitor Technology: Supercapacitors are emerging as a promising energy storage technology due to their high power density and fast charge/discharge capabilities.
- Rise of Vehicle-to-Grid (V2G) Technology: V2G technology is becoming popular, as it enables EVs to store and feedback energy to the grid, thereby providing a decentralized energy storage solution.
Advanced Energy Storage System Market Dynamics
- Increasing demand for renewable energy: The growing adoption of renewable energy sources such as wind and solar power is driving the demand for advanced energy storage systems to store and manage the energy produced.
- Government incentives and subsidies: Government initiatives, tax incentives, and subsidies for renewable energy and energy storage systems are driving the growth of the advanced energy storage system market.
- Declining costs: The declining costs of energy storage systems, particularly lithium-ion batteries, are driving the growth of the market.
- Need for energy security and reliability: The need for energy security and reliability is driving the demand for advanced energy storage systems to provide backup power and support for the grid.
- Shift towards decentralized power generation: The shift towards decentralized power generation is driving the demand for advanced energy storage systems to manage the distribution and storage of energy.
- Need for grid stability: The need for grid stability, particularly in regions with intermittent energy sources, is driving the demand for advanced energy storage systems to maintain the balance between energy supply and demand.
- Growing Demand for Second-Life Batteries: Second-life batteries, which are retired EV batteries repurposed for stationary energy storage, are gaining popularity due to their lower cost and environmental benefits.
- Development of Battery Management Systems: Battery management systems are being developed to optimize battery performance, enhance safety, and extend battery life.
Growth Hampering Factors in the market for Advanced Energy Storage System
- High initial investment costs: Advanced energy storage systems require significant investment costs, which may deter potential buyers.
- Safety concerns: Safety concerns related to the use and storage of energy storage systems can hamper the market's growth.
- Limited availability of materials: The availability of materials for energy storage systems, such as rare earth metals, can limit the market's growth.
- Dependence on government policies and incentives: The growth of the advanced energy storage system market is often dependent on government policies and incentives, which can change over time.
- Limited lifespan of batteries: The limited lifespan of batteries, which are a key component of many advanced energy storage systems, can limit their economic viability.
- Limited energy density: The limited energy density of some advanced energy storage systems can make them less attractive to potential buyers.
- Environmental concerns: The environmental impact of energy storage systems, such as the disposal of batteries, can be a cause for concern.
- Lack of adequate infrastructure: The lack of adequate infrastructure, such as charging stations, can limit the adoption of energy storage systems for electric vehicles.
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Market Segmentation:
Type of Application
- Transportation
- Grid Storage
By Technology
- Thermal
- Molten Salt
- Batteries
- Compressed Air
- Flywheel
By End User
- Industrial
- Commercial
- Residential
- Utility
Advanced Energy Storage System Market Overview by Region
North America’s Advanced Energy Storage System market share is the highest globally, driven by government initiatives to promote renewable energy and reduce carbon emissions. The region is home to several companies that are active in the development and deployment of advanced energy storage systems. For example, Tesla, a leading player in the energy storage market, has installed several large-scale battery systems in North America, including a 100 MW/129 MWh project in South Australia. Additionally, North America is witnessing the growing adoption of electric vehicles, which is driving the demand for advanced energy storage systems for vehicle charging and grid stabilization.
The Asia-Pacific region’s Advanced Energy Storage System Market share is also huge and is growing at the fastest rate. Growth is driven by the region's large and growing demand for electricity, rapid industrialization, and increasing adoption of renewable energy. China is a major player in the advanced energy storage system market, with the country accounting for a significant share of the global market. The Chinese government's support for renewable energy and the country's large-scale electric vehicle market are driving the growth of the energy storage market in the region. For example, the 129 MWh energy storage project in Jiangsu, China, is one of the largest in the world and is being used to provide grid stabilization services.
Europe is another key market for Advanced Energy Storage Systems, driven by the region's ambitious renewable energy targets and the increasing adoption of electric vehicles. Germany is a significant market for advanced energy storage systems, with several large-scale projects currently under development. For example, the 16 MW/25 MWh energy storage project in Aachen, Germany, is one of the largest in Europe and is expected to provide grid stabilization services. The region is also home to several innovative energy storage solutions, such as the liquid air energy storage system developed by Highview Power, which is being deployed in the UK.
The South American and MEA regions have a smaller Advanced Energy Storage System market share, however it is expected to grow at a steady pace. The region is home to several countries with abundant renewable energy resources, such as Brazil and South Africa, which are driving the growth of the energy storage market. Several innovative energy storage solutions, such as the solar-powered energy storage system developed by Tesla in Samoa, are being deployed in the region.
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Advanced Energy Storage System Market Key Players
The Advanced Energy Storage System Market is quite a competitive market, with several key players. These players include Tesla, LG Chem, NEC Corporation, General Electric Company, Siemens AG, ABB Ltd, Samsung SDI Co., Ltd, Panasonic Corporation, Hitachi Ltd, Fluence Energy LLC, Enel Spa, AES Energy Storage LLC, Saft Groupe S.A., BYD Company Limited, EnerVault Corporation, Greensmith Energy, Beacon Power LLC, Eos Energy Storage, Alevo Group, and Ambri Inc. These companies are constantly investing in R&D to develop innovative energy storage solutions that can meet the growing demand for energy storage systems, such as lithium-ion batteries, flow batteries, and solid-state batteries. Additionally, these companies are also focusing on expanding their market presence by entering into partnerships and collaborations with other players in the market.
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