Global Advanced Energy Storage Systems Market Size, Share, Growth Analysis, By Technology(Pumped hydro, battery storage), By Application(On-grid, off-grid)

Description

Advanced Energy Storage Systems Market size was valued at USD 1.19 billion in 2021 and is poised to grow from USD 1.26 billion in 2022 to USD 1.97 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).

This global market's expansion is linked to rising interest in electric vehicles and rising expenditures on renewable energy sources. Additionally, the industry is growing as a result of the grid's quick development and rising investments in contemporary infrastructure. Furthermore, the projected period will see new development prospects for the global market for advanced energy storage systems due to the rising number of solar farm installations and growing awareness of energy conservation.

Top-down and bottom-up approaches were used to estimate and validate the size of Advanced Energy Storage Systems and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this video

Technology and application are the market segments for advanced energy storage systems globally. The market for advanced energy storage systems is segmented based on technology into thermal storage, pumped hydro storage, battery storage, electrochemical storage, flywheel storage, and electromechanical storage. The global advanced energy storage systems market is divided into grid, off-grid, micro grid, and others based on application.

Driver

Increasing Investments in Renewable Energy

Energy regulations are being modified in both developed and developing countries to include a sizeable portion of electricity output coming from renewable energy sources like wind and solar. Due to government financial incentives and the resulting return, investments in renewable energy are rising. This is expected to further fuel industry expansion. Renewable energy is necessary for expanding, updating, and improving the electrical grids. Recently, the costs of power plants powered by gas, oil, and coal are comparable to those of geothermal, hydropower, biomass, and onshore wind. Long-term market expansion for the advanced energy storage systems sector is anticipated to be aided by the aforementioned aspects.

Restraints

High Capital Investments

Due to its characteristics, including improved performance and high energy density, energy storage technologies including lithium-ion batteries, flow batteries, and sodium sulfide batteries demand a significant investment in capital. Since lithium is an expensive raw ingredient, the price of lithium-ion batteries automatically rises. In the first two to three years of lithium's novel and developing use in electric vehicles and grid storage, the cost of technology is expected to be high; with greater acceptance, the cost is expected to decline. The market for advanced energy storage systems as a whole may be hampered in the future by the fact that technology cost rises with rated power.

Market Trend

Contemporary Lithium-ion Batteries Numerous benefits, including portability, quick charging, cheap maintenance, and versatility, are provided by these batteries. However, they require overcharge or total discharge protection, are exceedingly combustible, are sensitive to high temperatures, and deteriorate with age. Moreover, mining the materials for battery production has significant environmental consequences. For instance, the Singaporean startup company Green Li-ion recycles lithium-ion batteries to create battery cathode. The modular processing facilities of the start-up employ co-precipitation hydrometallurgical technology as opposed to the standard method, which employs leaching agents. The regenerated cathode's production time is shortened and purity is increased as a result. Battery manufacturers use this technique to recycle batteries without having to sort them beforehand.

Product Code: SQMIG10B2040

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Advanced Energy Storage Systems Market by Technology

Market Overview
Pumped hydro
battery storage
electrochemical storage
flywheel storage
electromechanical storage
and thermal storage.

Global Advanced Energy Storage Systems Market by Application

Market Overview
On-grid
off-grid
micro grid
and others.

Global Advanced Energy Storage Systems Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

Tesla, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
LG Chem Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Panasonic Corporation
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Samsung SDI Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ABB Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
General Electric Company
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
BYD Company Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Saft Groupe S.A.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
NEC Corporation
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hitachi, Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Toshiba Corporation
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Aquion Energy, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
EnSync Energy Systems
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Greensmith Energy Management Systems
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Eos Energy Storage
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
S&C Electric Company
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Alevo Group SA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Leclanche SA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Calmac Corporation
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
CODA Energy, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
In July 2021, the National Renewable Energy Laboratory of the U.S. department of energy and Babcock & Wilcox announced a contract for intellectual property rights. It will be granted exclusive marketing rights for particle-based and advanced thermal energy storage technology.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
In Feb 2021, Hitachi ABB Power Grids received a contract to assist in the creation of Singapore's first Virtual Power Plant project by utilizing its advanced energy storage solution.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Advanced Energy Storage Systems Market Size, Share, Growth Analysis, By Technology(Pumped hydro, battery storage), By Application(On-grid, off-grid) - Industry Forecast 2023-2030