New York, NY, July 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Advanced Energy Storage System Market by Technology (Electro Chemical Storage, Mechanical Storage, and Thermal Storage) and by Application (Transportation and Grid Storage): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global advanced energy storage system market was valued at approximately USD 12.3 million in 2017 and is expected to generate revenue of around USD 22.4 million by the end of 2024, growing at a CAGR of around 9.03% between 2018 and 2024.
In recent years, the demand for electricity has increased rapidly. Therefore, energy storage systems are used to enable utilities to match the present capacity with variable demand and offer secure, consistent, and affordable services. Energy storage systems can also boost the usability of solar and other substitute renewable resources which, in turn, help to modernize the grid by improving the power capacity.
Browse through 55 Tables & 15 Figures spread over 110 Pages and in-depth TOC on "Global Advanced Energy Storage System Market: Industry Size, Share, Segments, Analysis and Forecast, 2017 - 2024”.
Request Free Sample Report of Global Advanced Energy Storage System Market Report @ https://www.zionmarketresearch.com/sample/advanced-energy-storage-systems-market
The rising demand for a large number of renewable resources can be met with the help of energy storage. An energy storage system allows the operators to manage the energy flow by supplying the required amount of energy and avoiding the waste of energy. Various approaches such as batteries, flywheels, electrochemical capacitors superconducting mechanical energy storage, and others can be used for the advanced energy storage purpose. Increased renewable energy investments are expected to drive the advanced energy storage system market growth over the forecast period. Moreover, increasing demand for energy efficiency is anticipated to offer the market growth. Such factors are expected to boost the demand for advanced energy storage system market growth over the forecast period.
The advanced energy storage system market is segmented on basis of technology which is further divided into electrochemical storage, mechanical storage, and thermal storage. Lithium-ion batteries within the electrochemical storage held the major revenue share in 2016. The growth is attributed to the technological advancements and increase in the use of lithium-ion batteries to reduce the cost of energy. The rising demand for the lithium-ion batteries used in the electric powered vehicles is the major factor that is expected to drive the market growth. Lithium-ion batteries are the most demanding storage option which improves the grid reliability and increases the use of clean and efficient power sources. Moreover, these batteries offer environmental benefits as they have no green gas emissions which in turn boost the market growth.
Download Free Report Brochure: https://www.zionmarketresearch.com/requestbrochure/advanced-energy-storage-systems-market
On the basis of application, the advanced energy storage system market is segmented into transportation and grid storage. The transportation segment accounted for a major market share in 2016 owing to the increased utilization of the advanced energy storage system in the transportation sector. Increasing demand for the electric vehicles contributes to the growth of the transportation segment in the advanced energy storage system market. The transportation segment accounted for 50.8% market share in 2016. According to the International Energy Agency (IEA), over 750,000 electric car sales were recorded globally which is anticipated to positively enhance the market growth.
Europe held a substantial revenue share in 2017 in the advanced energy storage system market. The energy storage system market grew by approximately 50% in 2017 as compared to 2016. The European market is driven by the strong demand for solar energy; Germany held the largest market share for advanced energy storage system market in the region. The European countries are anticipated to witness demand from the commercial sector.
Browse the full "Advanced Energy Storage System Market by Technology (Electro Chemical Storage, Mechanical Storage, and Thermal Storage) and by Application (Transportation and Grid Storage): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/advanced-energy-storage-systems-market
In Asia Pacific, the advanced energy storage system market is projected to grow at the highest growth rate over the forecast timeframe. Increase in the number of electric vehicles sales is the major factor driving the market in this region. China is the leading consumer of EVs, registering around 350,000 new EVs in 2016 and also held the largest market for AESS in the region. In 2017, China registered sales of 650,000 new EVs which accounted for approximately 40% of the globe EV sale.
In North America, the advanced energy storage system market accounted for strong growth rate during the forecast timeframe. The U.S. accounted for one of the largest market shares. In the U.S., around 30% increase in MW deployment of energy storage was witnessed in 2017, from 2016. Moreover, the country deployed more than 45 MW of ESS across the region in 2017, representing approximately 46% year-on-year growth. The Energy storage systems (ESS) in the U.S have increased approximately by 105% from 2014 to 2016.
Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/advanced-energy-storage-systems-market
Some of the key players operating in the advanced energy storage system market include ABB Ltd., Samsung SDI Co., Ltd., Saft Groupe S.A., Siemens AG, Panasonic Corporation, LG Chem, Ltd., GS Yuasa Corporation, General Electric Company, Hitachi, Ltd., and Tesla, Inc. The market players majorly focus on research and development activities in order to initiate the advanced energy storage system.
Request customized copy of report @ https://www.zionmarketresearch.com/custom/2983
This report segments the advanced energy storage system market as follows:
Advanced Energy Storage System Market: Technology Segment Analysis
- Electro-Chemical Storage
- Mechanical Storage
- Thermal Storage
Advanced Energy Storage System Market: Application Segment Analysis
- Transportation
- Grid Storage
Advanced Energy Storage System Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
Related Reports:
- Geothermal Heat Pumps Market: https://www.zionmarketresearch.com/report/geothermal-heat-pumps-market
- E-Waste Management Market: https://www.zionmarketresearch.com/report/e-waste-management-market
- Energy Storage Systems Market: https://www.zionmarketresearch.com/report/energy-storage-systems-market
- Hybrid Power Systems Market: https://www.zionmarketresearch.com/report/hybrid-power-systems-market
- Distributed Power Generation Market: https://www.zionmarketresearch.com/report/distributed-power-generation-market
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Follow Us LinkedIn: https://www.linkedin.com/company/zion-market-research
Follow Us Twitter: https://twitter.com/zion_research
Blog: http://www.intenseresearch.com | http://www.mrsresearchgroup.com | http://www.marketresearchtrade.com | https://qyresearchgroup.com | http://marketnreports.com | https://zmrnewsjournal.us | http://www.e-marketresearch.com
Contact Us:
Joel John
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com
Blog: http://zmrblog.com