Global Advanced Energy Storage Systems Market
Report Highlights
The Global Advanced Energy Storage Systems Market was valued at USD 11.82 billion in 2016 and is projected to reach USD 24.21 billion by 2025, growing at a CAGR of 8.29% from 2017 to 2025.
Advanced Energy Storage System convert electricity into energy, store it and then convert back into usable electricity at a later time. Include - lower costs, decreased infrastructure investments, higher dependability, grid stabilization services, enhanced grid operation abilities, backup power capabilities for emergencies, and maximizing time-of-use rates.
Market Dynamics:
1. Market Drivers
1.1 Grid expansion and investment in the modern infrastructure
1.2 Increasing opportunity for commercial and residential applications
1.3 Increasing electrification of the transport sector
1.4 Technological advancement and expanded deployment
1.5 Growing renewable energy investments
1.6 Growing need for energy efficiency
2. Market Restraints
2.1 Lack of common codes and standards
2.2 High capital investments
2.3 Hazardous environmental impact
Market Segmentation:
The Global Advanced Energy Storage Systems Market is segmented on the technology, application, end user, and region.
1. Technology:
1.1 Thermal Storage
1.1.1 Sensible
1.1.2 Latent
1.1.3 Thermo Chemical
1.2 Mechanical
1.2.1 Compressed Air Energy Storage & Liquid Air Energy Storage
1.2.2 Pumped Hydro
1.2.3 Flywheel
1.3 Electro Chemical
1.3.1 Lead Acid battery
1.3.2 Lithium-Ion battery
1.3.3 Nickel Metal Hydride & Nickel Metal Cadmium
1.3.4 Sodium Sulfur battery
1.3.5 Flow battery
2. By Application:
2.1 Grid Storage
2.2 Transportation
3. By End User:
3.1 Residential
3.2 Non-Residential
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. ABB Ltd.
2. Samsung SDI Co., Ltd.
3. Saft Groupe S.A.
4. Evapco, Inc.
5. Baltimore Aircoil Company, Inc.
6. Hitachi, Ltd.
7. Panasonic Corporation
8. LG Chem, Ltd.
9. GS Yuasa Corporation
10. General Electric Company
11. Tesla, Inc.
12. Calmac
13. BYD Company Limited
14. Siemens AG
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Advanced Energy Storage Systems Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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