Advanced Energy Storage Systems Market

Global Advanced Energy Storage Systems Market

Advanced Energy Storage Systems Market- By Application, End-User, Technology, and Region.

Market Synopsis:

Global Advanced Energy Storage Systems Market is valued at USD 19.40 Million in the year 2022 and is projected to reach a value of USD 35.37 Million by the year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.80% over the forecast period.

The Advanced Energy Storage Systems Market is witnessing growth and is attributed to the increase in the electric vehicle market globally, growth in renewable energy investments, and regulatory changes demanding energy efficiency. Additionally, the development of Advanced Energy Storage Systems to store the renewable generated electricity utilized to provide uninterrupted power supply during the power cut hours worldwide is driving the growth of the Advanced Energy Storage Systems Market during the forecast period.

Furthermore, an increasing number of plug-in electric vehicle sales is expected to boost the demand for Advanced Energy Storage Systems Market during the forecast period. Whereas, lead-acid batteries are further being used in the commercial electric drive vehicles due to their safety, reliability, low price, and high-power ability which is further projected to propel the growth of the Advanced Energy Storage Systems Market in the years to come.

Moreover, the rising investments in renewable energy, energy arbitrage, electrification of the transport sector, and regulations demanding energy efficiency are also the other major factors driving the growth of the Advanced Energy Storage Systems Market during the forecast period. In addition, grid expansion and investments in modern and advanced infrastructure are expected to provide a profitable opportunity for the growth of the advanced energy storage system market in the upcoming years. Besides the harmful environmental impact, high capital investments are expected to hamper the Advanced Energy Storage Systems Market growth during the forecast period.

Market Segmentation:

The Advanced Energy Storage Systems Market is segmented on the basis of application, end-user, and technology. Based on application, the market is segmented into Transportation and Grid Storage. Based on end-user, the market is segmented as Residential, and Non-Residential. Based on technology, the market is segmented as Electro-Chemical, Mechanical, and Thermal Storage.

Based on Application:

On the basis of application, the market is segmented into Transportation, and Grid Storage. The transportation segment is accounted to hold the largest share of the Advanced Energy Storage Systems Market during the forecast period. The growth of the transportation segment is attributed to the increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, investment and grid expansion in the modern infrastructure in the emerging countries also provides opportunities for the growth of the transportation segment in the market.

Based on Technology:

On the basis of technology, the market is segmented into Electro-Chemical, Mechanical, and Thermal Storage. The electro-chemical segment is projected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The technological advancements and the increasing deployment of lithium-ion batteries are projected to result in economies of scale, which could decrease the cost of this technology and is further driving the growth in the advanced energy storage system market during the forecast period.

North America Region Dominates the Advanced Energy Storage Systems Market with the Largest Share

North America is projected to account for the highest growth during the forecast period. North America is anticipated to witness substantial growth owing to the stringent CO2 reduction policies and declining cost of storage technologies during the forecast period.

The Asia Pacific region is anticipated to be the fastest-growing market for the Advanced Energy Storage Systems Market during the forecast period. The rising use of renewable energy resources for power generation, particularly in India, China, and South Korea, and the increasing number of electric vehicles are driving the growth of the Advanced Energy Storage Systems in Asia Pacific.