SkyQuest projects that Advanced Energy Storage Systems Market size will attain the value of USD 2.08 Billion by 2031, with a CAGR of 5.70% during the forecast period (2024-2031).
The growth of the advanced energy storage systems market share is attributed to the high demand for electric vehicles and increasing investments in renewable energy. Moreover, rapid expansion of communication infrastructure and increasing investments in modernization are driving the advanced energy storage systems industry. Furthermore, increasing number of installations of solar farms and increasing awareness about energy storage are the factors that contribute to new growth opportunities in the advanced energy storage systems market forecast. Increasing concern over the harmful environmental impacts of CO2 emissions and greenhouse gases is driving increased use of renewable energy.
Advanced Energy Storage Systems Market Segmental Analysis
The global advanced energy storage systems market is segmented into technology and application.
Based on technology, the Advanced Energy Storage Systems Market is divided into Mechanical Storage, Electrical Storage, Electrochemical Storage, and Thermal Storage.
Based on application, the global Advanced Energy Storage Systems Market is segmented into-grid, off-grid, micro grid, and others.
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Pumped Hydro Storage Segment to Dominate Due to Increasing Investments in Development of Energy Infrastructure
The pumped hydro storage segment plays a major role in the advanced energy storage systems market forecast and is one of the most established and widely used grid-scale energy storage systems. Pumped hydro storage can provide significant energy storage, usually measured in terms of gigawatt hours (GWh). This is particularly effective for balancing supply and demand over a long period of time, which is wind and solar energy etc. There is a need to connect intermittent renewable energy to the grid. Pumped hydro storage is expected to account for the largest share of the market during the forecast period.
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Prominent Players in Advanced Energy Storage Systems Market
- Tesla, Inc.
- LG Chem Ltd.
- Panasonic Corporation
- Samsung SDI Co., Ltd.
- ABB Ltd.
- General Electric Company
- BYD Company Ltd.
- Saft Groupe S.A.
- NEC Corporation
- Hitachi, Ltd.
- Toshiba Corporation
- Aquion Energy, Inc.
- EnSync Energy Systems
- Greensmith Energy Management Systems
- Eos Energy Storage
- S&C Electric Company
- Alevo Group SA
- Leclanché SA
- Calmac Corporation
- CODA Energy, Inc.
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Transportation Segment is Growing Due to Increasing Use of Lithium-ion Batteries
The transportation segment is expected to account for the largest market share during the forecast period. The growth of this segment is attributed to the increasing use of lithium-ion batteries in the advanced energy storage systems market, increasing network expansion and increasing investment in infrastructure development.
North America to Growing Owing to Increased Use of Renewable Energy
North America is expected to register the highest CAGR in the global market during the forecast period. The rehabilitation of existing advanced pumped water storage systems and the introduction of new high-capacity infrastructure will drive the advanced energy storage systems market growth in this region. On the other hand, the increased use of renewable energy for electricity generation has a positive impact on the advancement of electricity storage systems.
Drivers
- Growing Demand for Renewable Energy
- Innovations in Battery Technologies
- Government Incentives and Policies
Restraints
- High Capital Investments
- Limited Raw Material Availability
- Technologies Still Face Challenges Related to Cycle Life
Key Questions Answered in Advanced Energy Storage Systems Market Report
- What are the key drivers of the market?
- Which is the dominating region in the market?
- What are the key restraints of the market?
- What are the key trends of the market?
This report provides the following insights:
Analysis of key drivers (growing demand for renewable energy, innovations in battery technologies), restraints (high capital investments), opportunities (government policies on energy generation) influencing the growth of Advanced Energy Storage Systems Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Advanced Energy Storage Systems Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Advanced Energy Storage Systems Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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