- Surge in use of renewable energy sources is boosting growth prospects of the advanced energy storage market
ALBANY, N.Y., March 23, 2022 (GLOBE NEWSWIRE) -- The global advanced energy storage market is estimated to grow at a CAGR of 5.7% during the forecast period, 2021-2031, as per a study by Transparency Market Research (TMR).
In the recent years, there has been an increase in the availability of a wide range of options for the storage of energy, including battery storage, pumped hydro, thermal storage, and flywheel storage. Of these, battery storage is being increasingly used in photovoltaic systems. Even though the product is comparatively expensive, it is still in high demand, owing to its ability to provide many advantages such as improved dependability, safety, and overcharge protection. Moreover, the demand for thermal storage devices is rising, due to their cost-effective nature. These factors are leading to promising sales opportunities in the global advanced energy storage market.
The advanced energy storage market in Asia Pacific is projected to gain lucrative prospects during the forecast period, due to factors including rise in development of power distribution infrastructures, specifically in developing nations such as India, South Korea, and China.
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Players operating in the global advanced energy storage market are increasing the utilization of different renewable energy sources in order to generate energy and fulfilling the increasing demand for electric power. Moreover, they are seen increasing investments toward R&Ds to offer improved products, notes a TMR study on the advanced energy storage market.
Advanced Energy Storage Market: Key Findings
- Government authorities of many developing nations across the globe are increasing initiatives pertaining to the energy storage. For instance, several governments are providing benefits such as tax relaxations and introducing favorable regulations associated with the storage of energy. Moreover, they are offering incentives on the use of energy generated utilizing renewable sources of energy. These factors are leading to prominent sales growth opportunities in the global advanced energy storage market.
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- Many developed and developing nations around the world are integrating renewable sources of energy in their energy generation policies in order to fulfill the rising power demand. These efforts are likely to drive the sales prospects in the global advanced energy storage market in the years ahead.
- Players in the global advanced energy storage market are focusing on addressing several critical issues, including surge in the costs of latest energy storage technologies such as thermal energy storage, hydrogen storage, and liquid air energy storage. Moreover, they are also taking initiatives to highlight the need for the development of global standards pertaining to the use of these technologies. These factors are expected to play a key role in the development of the advanced energy storage market during the forecast period.
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Advanced Energy Storage Market: Growth Boosters
- Increasing investments on renewable energy sources across the globe is propelling the advanced energy storage market
- Surge in awareness about greenhouse gases and CO2 emissions is favoring the market growth
Advanced Energy Storage Market: Key Players
Some of the key players profiled in the report are:
- EDF Renewables
- AES Corporation
- Maxwell Corporation
- Schneider Electric
- INEOS Group AG
- LyondellBasell Industries N.V.
- Green Charge Networks LLC
- SAFT S.A.
- NEC Corporation
- S&C Electric Company
- Dynapower Company LLC
- Beacon Power LLC
- EOS Energy Storage
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Advanced Energy Storage Market Segmentation
Technology
- Pumped Hydro
- Battery Storage
- Flywheel Storage
- Thermal Storage
- Others
Application
- On-Grid
- Off-Grid
- Micro Grid
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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