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Global Advanced Energy Storage Systems Market size is projected to surpass 11.36 Giga Watts by end of 2022

Author : Rahul Sankrityayan | Published Date : 2019-04-09 

Advanced Energy Storage Systems Market size may reach USD 7.17 billion by 2022; according to a new research report by Global Market Insights, Inc.

Increasing power consumption, driven by residential, commercial and infrastructure needs in BRIC economies accompanied by favorable regulatory compliances to use electric vehicles are key factors stimulating global advanced energy storage systems market size growth. Asia pacific is forecast to witness highest gains at 15.8% CAGR up to 2022. Rising industrialization accompanied by enhanced consumer lifestyle in India and China are major reasons foster regional growth.

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Strict ecological regulations implemented by U.S. Environmental Protection Agency and Department of Energy to reduce carbon emissions are predicted to fuel demand for these advanced power storage systems. However, heavy initial investment costs of installing the systems and large space requirement for system deployment are predicted to hinder advanced energy storage systems industry expansion all across the globe. But research and innovations in storage technology leading to production of low-priced storage systems are predicted to generate new opportunities for firms to enhance their profits. This is predicted to enhance the global advanced energy storage systems market share.

Application Trends

Global advanced energy storage systems industry is segmented into electricity production application, electricity delivery & management application and transportation application.

Electricity production application segment was biggest and contributed more than 33.1% to the overall advanced energy storage systems market share for 2014. Transportation segment was second biggest application segment for 2014 and it generated a total revenue of more than $371 billion for this year. Electricity delivery & management segment is projected to experience biggest gains in future.

Product Trends

Global advanced energy storage systems market is segmented into products like electric vehicles & batteries, smart electric vehicle charging stations and light duty vehicle

Electric vehicles & batteries segment is considered as a perfect option for power storage during low demand and supplying power when there are peak loads.

Application of smart electric vehicle charging stations is predicted to help customers supply power to grid.

Plug-in electric vehicle is an established sub-segment of light duty vehicle segment and it contributed maximum revenue for period 2011 -2014.

Technology Trends

Global advanced energy storage systems industry is segmented into thermal technology, compressed air technology, batteries, flywheel technology and molten salt technology.

Thermal technology was leading segment in terms of utility with value surpassing $1.32 billion for 2014. This technique has beneficial as compared to other techniques as it does not require any inputs like lithium, nor it has any geographical constrictions. Factors like enhanced efficacy with low energy consumption and low greenhouse emissions are predicted to propel the use of this technology in many applications.

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Batteries segment contributed about 10% of total utilization share and is predicted to experience highest gains in future. Factors like charging ease as well as liquid electrolyte re-powering leading to low power wastage are predicted to favorably affect the segment demand.

Flywheel technology segment is predicted to register CAGR of greater than 18.1% during forecast timeline. This technology has many industry growth avenues as it is more reliable, efficient, possess long life span and requires less maintenance.

Regional Trends

Global advanced energy storage systems market is segmented into geographical locations like North America, LATAM, APAC, Europe and MEA.

North America led the global industry with U.S. advanced energy storage systems market contributing higher than 80.1% of global regional industry share. The nation is taking lot of pollution controlling measures and implementing many legislations in order to reduce the rate of pollution.

European industry contributed more than 15.1% to the total demand for 2014 and is anticipated to experience substantial rate of growth during forecast timeline. Measures to enhance sale of electric vehicles in order to reduce pollution rate by countries like France and Germany are predicted to boost the regional industry demand.

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APAC advanced energy storage systems industry is predicted to experience biggest gains and predicted to register CAGR of more than 15.6% during forecast timeline. Countries like Indonesia, China and India are predicted to experience rise in construction activities. This aspect is predicted to enhance energy consumption resulting in greater demand for advanced energy storage systems for power conservation.

Competitive Trends

Key industry participants profiled in the report include Furukawa Battery Company Limited, ZBB Energy, Hitachi, LG Chemicals Limited, Nippon Chemi-Con Corporation, Aquion Energy, A123 Systems LLC, Energizer Holdings Incorporation, Samsung SDI Corporation, GE Energy Storage, Alstom, SAFT, Altair Nanotechnologies Incorporation, Toshiba, China BAK Battery Incorporation, Energizer Holdings Incorporation, Enersys, Maxwell Technologies Incorporation, Exide Technologies, AES Energy, Greensmith, GE Energy Storage and Electrovaya Incorporation.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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