The Global Advanced Energy Storage Systems Market was valued at US$ 18.12 Billion in 2022 and is expected to expand at a CAGR of 9.8% in terms of revenue and market value is expected to reach at US$ 38.29 billion during 2023 – 2030.
Advanced Energy Storage (AES) systems involve storage and use of the required energy. The AES system involves an arrangement of mediums that store energy and can enable numerous technologies, such as transportation, distribution of electricity, and communication networks. AES accumulates energy from various sources and stores it in a variety of mediums for a required period before it is supplied to various power providing facilities. Increasing adoption of renewable energy is major driving factor for the growth of the global advance energy storage systems market. The various tax subsidiaries due to the government support for renewable energy is expected to witness the entry of numerous players in the global advanced energy storage market. The cost associated with the storage technologies coupled with the lack of standards with regards to the development of AES technologies is a major restrain for the growth of the global advanced energy storage systems market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/advanced-energy-storage-market-746
Key Trends and Analysis of the Advanced Energy Storage Systems Market:
- Based on technology, advanced energy storage systems market segmented into electro chemical, thermal storage, mechanical energy storage, and other storage technology.
- Among technology, the electro chemical segment held a dominant position in the advanced energy storage systems market in 2022, owing to increasing use of lithium-ion batteries in various applications. The demand for AES is expected to increase over the forecast period due to increasing use of lithium-ion batteries in electric vehicles. Lithium-ion batteries offer various advantages such as high energy density when compared to other batteries. Moreover, these batteries do not require priming, as compared to other batteries and maintenance costs are low.
Key Takeaways of the Market:
- Asia Pacific held the dominant position in market in 2022 and the region is expected to retain its dominance during 2023-2030. High requirement of electricity in emerging economies is a major factor for the growth of the global advanced energy storage systems market in the Asia Pacific region. According to the World Health Organization (WHO), an estimated 1.2 billion people, which comprised of 16% of the global population, did not have access to electricity in 2022. Additionally, more than 95% of those living without electricity are in countries in sub-Saharan Africa and developing Asia Pacific, predominantly in rural areas. Hence, advanced energy storage systems market could play a vital role in sufficing the demand for electricity in these regions in forecast year. Increasing grid expansion and mounting spending in construction activities in these economies present ample growth opportunities for the AES market.
- The North America advanced energy storage system market is also expected to grow at a considerable pace during the forecast period. North America is expected to play a vital role in the R&D of AES during the forecast period. The U.S. is the second largest market for electric cars after China. The trend is expected to continue during the forecast period. Increasing government regulations supporting the use of renewable energy is a major driving factor for the growth of the AES systems market. Manufacturers are focusing on introducing new electric car models in order to increase market share. For instance, Germany-based manufacturer.
- Some of the leading players in the AES market include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc., There are various organic and inorganic growth strategies, which are being followed by the leading players in the market. For instance, Siemens AG and The AES Corporation entered into a joint venture in 2021 to form an advanced global energy storage technology and services company, named Fluence in order to increase their global market share in the AES systems market.
