As per the estimations of a report published by Grand
View Research, Inc.; the global advanced
energy storage systems market would reach around USD 6.93 billion by
2022. Rising demand for utility scale energy generation, especially during peak
hours is projected to augment the demand for advanced energy storage systems.
Such systems efficiently manage power resources, thereby eliminating the need
for utility scale energy generation units. This factor significantly reduces
fixed costs and thus plays a vital role in boosting the growth of the global
market.
In addition, strict regulatory framework regarding the
usage of fossil fuel for generating energy is also expected to spur the market
expansion over the coming years. Energy plants generate large quantities of
greenhouse gases or GHGs such as carbon dioxide; however, this issue can be
resolved using advanced energy storage systems. This factor is also likely to
propel the market for advanced energy storage systems in the forthcoming years.
Furthermore, steady growth in power consumption, as well as the gap between demand
and supply, is anticipated to increase the adoption of advanced energy storage
systems.
Focus on power management to meet the demands at peak
hours is also said to encourage the usage of advanced power storage systems,
thereby augmenting the market development. Extensive research and development
activities to discover advanced sustainable energy sources are also likely to boost
the global advanced energy storage systems market growth over the next few
years. Increasing shift from fossil fuels to alternative sources and concerns
regarding energy conservation are also likely to result in high demand for
advanced systems for energy storage during the forecast years.
Browse full research report on Advanced Energy Storage Systems Market: https://www.grandviewresearch.com/industry-analysis/advanced-energy-storage-systems-market
The market is also likely to witness high demand on account
of global concerns regarding CO2 and other greenhouse gases. The ability of
advanced power storage units to provide standby energy for critical loads and
utility transmission is also expected to stimulate product demand in the forthcoming
years. Moreover, such power storage systems now have a growing scope in
electric vehicle or EV charging stations. This is estimated to spur the product
demand thereby fuelling the global market.
The global advanced energy storage systems market is
categorized as per technology and region. On the basis of technology, the
market is further fragmented into flywheel, compressed air, thermal, batteries,
and molten salt. The thermal technology segment led the global market in 2014 and
accounted for around 70.8% of the overall share, in terms of capacity. The
flywheel technology has huge growth potential due to its high reliability,
efficiency, and longer life. On the other hand, battery devices segment is expected
to be the fastest-growing technology. It is anticipated to witness the maximum CAGR
of nearly 18% through 2022.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/power-generation-and-storage
On the basis of geographies, the market is divided
into Asia Pacific, Middle East and Africa (MEA), Latin America, Europe, and
North America. The North America region led the global market in 2014 and
accounted for over 45% of the overall market. Strict rules and regulations regarding
GHG emissions are projected to result in an increased usage of advanced energy
storage systems, especially in the United States. This is likely to be the key
factor driving the growth of the regional market.
On the other hand, the Asia Pacific market is said to
be the fastest growing regional market for advanced energy storage systems. The
region is expected to register a strong growth rate of around 15.7% over the
forecast period. Rapidly pace of industrialization and enhancing consumer
lifestyle across emerging economies such as India and China are the major factors
impelling the demand for advanced energy storage systems in this region. In
addition, development of renewable energy technologies like solar photovoltaic
(PV) in various developing countries is also likely to encourage the product
usage, thereby boosting the regional market expansion.
The major companies operating in the global advanced
energy storage systems market include LG Chem Ltd.; AES Energy Storage LLC;
Altair Engineering; Alevo Group SA; and General Electric or GE.
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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