Westford USA, July 27, 2023 (GLOBE NEWSWIRE) -- The global Advanced Energy Storage Systems market size is expected to reach USD 1.97 billion by 2030 and exhibit a CAGR of 5.7% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing adoption of renewable energy sources such as solar and wind power, driving the need for energy storage solutions to manage intermittent energy supply, growing demand for grid stability and energy management, promoting the integration of energy storage systems into power grids, government incentives and policies supporting the deployment of energy storage systems to achieve energy efficiency and carbon emission reduction targets, advancements in battery technologies, such as lithium-ion batteries, leading to improved energy storage capacity and cost-effectiveness, is fueling the market's growth.
According to SkyQuest's latest global research of the Advanced Energy Storage Systems market, ncreasing adoption of grid-scale energy storage projects to support grid stability and integrate renewable energy sources, growing focus on behind-the-meter energy storage solutions for commercial and industrial sectors to optimize energy consumption and reduce electricity costs, the rise of energy storage as a service (ESaaS) models, enabling businesses and consumers to access energy storage capabilities without upfront costs, advancements in long-duration energy storage technologies to address the need for storing excess renewable energy over extended periods, the emergence of hybrid energy storage systems that combine different storage technologies for enhanced efficiency and performance, are the trends that aid in the market's growth.
Browse in-depth TOC on "Advanced Energy Storage Systems Market"
- Pages - 242
- Tables - 67
- Figures -75
An advanced energy storage system (ESS) is a system that stores energy in a way that is more efficient, reliable, and cost-effective than traditional energy storage systems. Advanced ESSs are often used to store renewable energy, such as solar and wind energy, and to provide backup power during outages.
Prominent Players in Advanced Energy Storage Systems Market
- ABB
- AES
- Aquion Energy
- Beacon Power
- Bosch
- Ceramic Fuel Cells
- Concentrix Energy
- Contemporary Amperex Technology
- Eos Energy Storage
- Fluence Energy
- General Electric
- Greensmith Energy
- LG Chem
- Mitsubishi Heavy Industries
- Nissan
- Samsung SDI
- Seeo
- Tesla
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 1.26 Billion |
| 2030 Value Projection | 1.97 Billion |
| CAGR | 5.7% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Lithium-ion Batteries Demand to Grow Substantially in the Forecast Period
Lithium-ion Batteries dominated the global online market as they are most prevalent technology in the energy storage market due to their high energy density, efficiency, and versatility. They are widely used in various applications, including grid-scale energy storage, residential and commercial energy storage systems, and electric vehicle charging stations. Ongoing research and development efforts continue to improve the performance and reduce the costs of lithium-ion batteries, making them increasingly attractive for different energy storage needs.
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Grid-scale Energy Storage is the Leading Application Segment
In terms of application, clinics and medical spas are the leading segment as they provide essential services for grid stability and reliability by regulating frequency, voltage, and grid congestion. They offer fast response times to balance supply and demand fluctuations and enhance overall grid performance.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has favorable government policies supporting renewable energy integration and energy storage, providing incentives and mandates for the adoption of clean energy technologies. Technological advancements and a well-developed grid infrastructure contribute to the growth of the advanced energy storage market in North America.
A recent report thoroughly analyzes the major players operating within the Advanced Energy Storage Systems market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Advanced Energy Storage Systems.
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Key Developments in Advanced Energy Storage Systems Market
- In January 2023, Fluence Energy acquired Greensmith Energy. This acquisition will help Fluence to expand its advanced energy storage capabilities and meet the growing demand for grid-scale energy storage.
- In March 2023, Tesla acquired Maxwell Technologies. This acquisition will help Tesla to expand its advanced energy storage capabilities and meet the growing demand for supercapacitor-based energy storage.
Key Questions Answered in Advanced Energy Storage Systems Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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Global Small Hydropower Market
Global Hydrogen Energy Storage Market
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