Advanced Energy Storage Systems Market: Increasing Application Of Energy Storage Is Driving The Mark

Market Overview:-

Energy efficiency mandates for emitting zero or no carbon emissions and demand for clean energy are driving the growth of advanced energy storage systems. The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage systems. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced. The tremendous yearly addition in capacity of renewable energy is certainly boosting the energy storage systems globally. Energy storage system primarily utilizes potential energy to convert it into various forms of energy through mechanical, electrochemical, thermal and chemical conversion. Energy storage utilizes various technologies which comprises of numerous associated equipment, the gradual downfall in the raw material prices and manufacturing cost of the primary products have certainly boosted the energy storage system market. The reduction in battery cost and its related equipment, also the gradual downfall in compressor systems, hydro turbines, and pumps have given the end users a strong framework to investment in energy storage systems. The growing production of equipment related to energy storage technology with reduction in raw material cost is developing a favourable environment for the existing and new service provider to provide viable energy storage solution in a cost effective way.

The energy storage systems are driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.

Top Key Player:-

Some of the key players in the advanced energy storage market are Yuasa Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), Hitachi Limited (Japan), Toshiba Corporation (Japan), ABB Limited (Switzerland), Siemens A.G. (Germany), Alstom (France), Exide Technologies (U.S.), L.G. Chem. Limited (South Korea), Alevo Group S.A. (U.S.), Maxwell Technologies Inc. (U.S.) and others.

Segments:-

Geographically, the global advanced energy storage systems market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is projected to dominate the market during the forecast period. The major factors driving the growth of the market here are the increasing number of pumped hydro storage projects. Moreover, The Europe is addressing these new challenges in the energy system by promoting innovation in key technologies and developing suitable market rules. Technological innovation in storage falls under the Horizon 2020 programme and the Strategic Energy Technology Plan. Also, substantial growth is expected in regions such as, North America, and Asia Pacific, as these region are rapidly increasing their power generation capacity.

Advanced energy storage systems Global Market - Competitive Analysis

The global market for advanced energy storage systems seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Regional Analysis of Advanced Energy Storage Systems Market

Asia-Pacific market is expected to dominate the advanced energy storage market with major manufacturing and infrastructural activities being undertaken in this region. Major growth in the electric vehicles market in this region is another factor which is contributing to the growth of the Advanced Energy Storage system market.

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