As per the report published by Credible Markets, global advanced energy storage technologies market is currently valued at USD 600 million and is anticipated to register a CAGR of 20% over 2022-2030.
Global Advanced Energy Storage Technologies Market – Overview
Advanced energy storage technologies or systems refer to a wide array of approaches aimed at the storage of various forms of energy that can be utilized when required. These technologies further facilitate the proficient management of power supply by transforming electricity into energy. There are five major categories of advanced energy storage technologies namely, batteries, thermal storage, hydrogen storage, pumped hydropower, and mechanical storage.
Global Advanced Energy Storage Technologies Market- Growth Drivers and Challenges
Rising focus on the production of renewable energy sources, decreasing battery costs, and widespread adoption of electric vehicles are augmenting industry outlook. Alongside, stringent regulatory policies aimed at reducing carbon footprints in several regions and growing investments in the field are positively swaying the industry dynamics.
Furthermore, escalating demand for continuous power supply, increase in the price of crude oil, and surging research & development activities intended towards development of sustainable energy sources are adding traction to market the growth.
On the contrary, high investment costs associated with these systems is likely to impede the market progression in the ensuing years.
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Segmental Analysis of Advanced Energy Storage Technologies Market
By technology
• Pumped Hydro Storage
• Battery Energy Storage
• Compressed Air Energy Storage
• Flywheel Energy Storage
The pumped hydro storage segment is anticipated to capture a significant market share over 2022-2030 owing to favorable government initiatives towards renewable energy generation.
By End-User
• Residential
• Non-Residential
• Utilities
The utilities segment is poised to garner a high revenue share over the forecast duration ascribing to rising investment towards renewable power plants and rural electrification projects.
By Application
• Stationary
• Transportation
The stationary segment is projected to showcase lucrative growth trends over the estimated timeline attributing to prompt expansion of heavy industries such as mills, dams, power plants, and power grids. Alongside, surge in the number of hydropower projects worldwide is further contributing to the segmental development.
Asia Pacific to capture substantial market share
Asia Pacific, North America, Europe, and Latin America are the major benefactors to worldwide advanced energy storage technologies market expansion. Among these, Asia Pacific is poised to generate substantial revenue over 2022-2030 due to rapid development in the renewable energy sector, huge consumer base, and the presence of prominent industry players.
Competitive Landscape
Key players operating in the business sphere are SMA Solar Technology AG, Ionotec Ltd., Schneider Electric SE, Exide Industries Ltd., Tata Power Company Limited, Enerbrax Acumuladores Ltda, Eguana Technologies, SK, Inc., Toshiba Corporation, Samsung SDI Co., Ltd., Tesla Inc., ABB Ltd, LG Chem, Ltd., and Panasonic Corporation.
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Major Developments
• SMC Global Power Holdings Corp in June 2021 inked a partnership deal with ABB Ltd. with an aim to install battery energy storage systems across Philippines.
• In March 2016, GS Yuasa Corporation announced the launch of its Nano- Carbon Lead Acid Battery range equipped with the ability to provide unprecedented 5000 cycles at 70% depth of discharge.
Key questions answered in this report
• What is the growth rate projection for global advanced energy storage technologies market over 2022-2030?
• What are the major expansion determinants of global advanced energy storage technologies market?
• Which segment of global advanced energy storage technologies market is poised to showcase lucrative growth trends?
• Which is the fastest growing region in global advanced energy storage technologies market?
Key takeaways from this report
• Global advanced energy storage technologies market is poised to register a CAGR of 20% over 2022-2030
• Increasing investments in renewable energy and widespread adoption of electric vehicles are aiding the expansion of global advanced energy storage technologies market
• Stationary application segment is expected to register notable gains due to increasing number of hydropower projects
• Asia Pacific is anticipated to amplify substantially due to the presence of a large customer base
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