Advanced Energy Storage Market
An Advanced Energy Storage (AES) system is used to efficiently manage energy resources, thereby reducing the need for utility scale power generation plants. Advanced energy storage systems help in increasing the usage of renewable energy by using renewable sources such as solar and wind energy. The proper usage of renewable sources of energy due to AES makes these renewable sources more foreseeable, thus, making it easy to integrate these sources of energy with an already existing power grid. Companies such as ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc. collaborate with each other and with independent research organizations and institutes to speed-up the research activities in order to decrease Time to Market (TTM).
Market Dynamics
Increasing adoption of electric vehicles has resulted in an increase in demand for advanced energy storage system globally. The transportation segment dominates the advanced energy system market. Rising adoption of lithium-ion batteries in electric cars has resulted in significant demand for advanced energy storage system in transportation segment. The segment accounted for 50.20% market sharein 2022.
Market Taxonomy
This report segments the global advanced energy storage systems on the basis of application, and technology. On the basis of technology, the global advanced energy storage systems market is classified into electro chemical, thermal storage, mechanical energy storage and other storage technologies. The electro chemical segment is further classified into lithium-ion batteries, lead acid batteries, sodium sulfur batteries, flow batteries and Nickel Metal Hydride (NIMH) & Nickel Cadmium Batteries (NICD). Thermal storage is further classified as Thermo Chemical Energy Storage, Latent Heat Thermal Energy Storage and Sensible Heat Thermal Energy Storage. The Mechanical Energy Storage is classified as Pumped Hydro Energy Storage, Compressed Air & Liquid Air Energy Storage and Flywheel Energy Storage. The application segment is classified as Transportation and Grid Storage.
Key features of the study:
Detailed Segmentation
Detailed Segmentation
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