Advanced Energy Storage Market - Size, Share, and Forecast to 2025

Advanced Energy Storage (AES) systems involve the capture of the required energy which is produced at one time and can be used later. Energy is stored via a variety of mediums. Advanced Energy Storage technologies convert electricity into a different form of energy which can be stored and converted back into usable electricity at the required time. Energy can be transported via Advanced Energy Storage and stored using grids. AES system is an evolving technology critical for the growth of the energy sector in the 21st century. The energy can be used in the manufacture of various semiconductors, data storage products, solar cells, and electricity.

The increasing demand for large amount of renewable energy can be met with the help of AES. It also allows operators manage the flow of energy sources by supplying only the required amount of energy thus avoiding the waste of energy. AES can effectively help reduce the Green House Gases and CO2 emissions, thus reducing global warming. The various forms of energy that can be stored via AES include chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The increasing demand and investments in renewable sources of energy along with various governmental regulations supporting the use of renewable energy is a major driver that augments the growth of the global AES market.

The global advanced energy storage systems market was valued at US$ 11.79 billion in 2016 and is expected to expand at a CAGR of 8.88% in terms of revenue during 2017 – 2025.

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Lithium-ion batteries segment dominated the advanced energy storage system market in 2016 and is expected to maintain the trend during the forecast period. Factors leading to high popularity of lithium-ion batteries are mainly due its easy availability, ubiquitous use, and low pricing of the product. Electrically powered vehicles are increasingly using lithium-ion batteries, which in turn will increase the growth of lithium-ion segment during the forecast period. Asia Pacific is expected to be the leading region of advanced energy storage market. According to International Energy Agency (IEA) estimated that emerging countries such as China and India will need to double their electrical power output by 2020 in order to meet the rising demand. Also from the same source, emerging nations will accumulate around 80 percent energy production and consumption by 2035. Since most of the emerging countries lies in the region of Asia Pacific, it is expected that this region will boost AES market in the near future.

AES systems were mainly used in the transportation segment in 2016. The increasing adoption of electric vehicles is a major driver that has resulted in the rising demand for AES systems in the transportation sector. The transportation sector accounted for 50.20% market share in the AES systems market. According to the International Energy Agency, over 750000 electric car sales were recorded worldwide. This is expected to positively boost the global AES systems market. China and the U.S. are expected to dominate the electric vehicle sales during the forecast period. China is the leading consumer of electric vehicles registering as many as 352,000 new electric vehicles in 2016.

Multinational players:

Some of the leading players in the AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.

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