As per
the estimations of a report published by Grand View Research, Inc.; the global advanced
energy storage systems market would reach around USD 6.93 billion by 2022. Rising demand for
utility scale energy generation, especially during peak hours is projected to
augment the demand for advanced energy storage systems. Such systems
efficiently manage power resources, thereby eliminating the need for utility
scale energy generation units. This factor significantly reduces fixed costs
and thus plays a vital role in boosting the growth of the global market.
In
addition, strict regulatory framework regarding the usage of fossil fuel for
generating energy is also expected to spur the market expansion over the coming
years. Energy plants generate large quantities of greenhouse gases or GHGs such
as carbon dioxide; however, this issue can be resolved using advanced energy
storage systems. This factor is also likely to propel the market for advanced
energy storage systems in the forthcoming years. Furthermore, steady growth in
power consumption, as well as the gap between demand and supply, is anticipated
to increase the adoption of advanced energy storage systems.
Focus on
power management to meet the demands at peak hours is also said to encourage
the usage of advanced power storage systems, thereby augmenting the market
development. Extensive research and development activities to discover advanced
sustainable energy sources are also likely to boost the global advanced energy
storage systems market growth over the next few years. Increasing shift from
fossil fuels to alternative sources and concerns regarding energy conservation
are also likely to result in high demand for advanced systems for energy
storage during the forecast years.
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The
market is also likely to witness high demand on account of global concerns
regarding CO2 and other greenhouse gases. The ability of advanced power storage
units to provide standby energy for critical loads and utility transmission is
also expected to stimulate product demand in the forthcoming years. Moreover,
such power storage systems now have a growing scope in electric vehicle or EV
charging stations. This is estimated to spur the product demand thereby
fuelling the global market.
The
global advanced energy storage systems market is categorized as per technology
and region. On the basis of technology, the market is further fragmented into
flywheel, compressed air, thermal, batteries, and molten salt. The thermal
technology segment led the global market in 2014 and accounted for around 70.8%
of the overall share, in terms of capacity. The flywheel technology has huge
growth potential due to its high reliability, efficiency, and longer life. On
the other hand, battery devices segment is expected to be the fastest-growing
technology. It is anticipated to witness the maximum CAGR of nearly 18% through
2022.
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On the
basis of geographies, the market is divided into Asia Pacific, Middle East and
Africa (MEA), Latin America, Europe, and North America. The North America
region led the global market in 2014 and accounted for over 45% of the overall
market. Strict rules and regulations regarding GHG emissions are projected to
result in an increased usage of advanced energy storage systems, especially in
the United States. This is likely to be the key factor driving the growth of
the regional market.
On the
other hand, the Asia Pacific market is said to be the fastest growing regional
market for advanced energy storage systems. The region is expected to register
a strong growth rate of around 15.7% over the forecast period. Rapidly pace of
industrialization and enhancing consumer lifestyle across emerging economies
such as India and China are the major factors impelling the demand for advanced
energy storage systems in this region. In addition, development of renewable
energy technologies like solar photovoltaic (PV) in various developing
countries is also likely to encourage the product usage, thereby boosting the
regional market expansion.
The
major companies operating in the global advanced energy storage systems market
include LG Chem Ltd.; AES Energy Storage LLC; Altair Engineering; Alevo Group
SA; and General Electric or GE.
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Release Of This Research Report by Grand View: https://www.grandviewresearch.com/press-release/global-advanced-energy-storage-systems-market
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