Global Advanced Energy Storage Systems Market

Advanced Energy Storage Systems Market Size, Share, Growth Analysis, By Technology(Mechanical Storage, Electrical Storage, Electrochemical Storage, and Thermal Storage), By Application(On-grid, off-grid, micro grid, and others.), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2040 | Region: Global | Published Date: July, 2024
Pages: 178 |Tables: 65 |Figures: 77

Advanced Energy Storage Systems Market Insights

Global Advanced Energy Storage Systems Market size was valued at USD 1.26 billion in 2022 and is poised to grow from USD 1.33 billion in 2023 to USD 2.08 billion by 2031, growing at a CAGR of 5.70% during the forecast period (2024-2031).

The growth of this global market is attributed to growing demand for electrical vehicles and increasing investments in renewable energy. Moreover, the rapid expansion of the grid and increasing investment in modern infrastructure are also driving market growth. Furthermore, the rising number of solar farm installations and increasing awareness about energy conservation are the factors which help to create new growth opportunities for the global advanced energy storage systems market in the forecast period.

The use of renewable energy sources is increased due to rising concerns about the harmful environmental impacts of CO2 emissions and greenhouse gases. Many developed and emerging countries increased their focus on integrating renewable energy sources into power generation procedures. This is done to meet the demand for electrical energy and comply with existing government initiatives toward energy production and consumption policies to start a significant portion of their energy production from renewable energy sources such as wind, hydro, and solar.

Governments increasing initiatives and investments to encourage the energy produced by the renewable energy sources will increase the significant uptake of both private and public investment in renewable energy production. The growing concerns about energy waste and ongoing efforts to promote more substantial energy savings worldwide is projected to help promote market growth.

US Advanced Energy Storage Systems Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 1.26 billion

Largest Segment

Pumped hydro storage

Fastest Growth

Electrochemical storage

Growth Rate

5.70% CAGR

Global Advanced Energy Storage Systems Market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Advanced Energy Storage Systems Market Segmental Analysis

The global advanced energy storage systems market is segmented into technology and application. Based on technology, the Advanced Energy Storage Systems Market is divided into Mechanical Storage, Electrical Storage, Electrochemical Storage, and Thermal Storage. Based on application, the global Advanced Energy Storage Systems Market is segmented into-grid, off-grid, micro grid, and others.

Advanced Energy Storage Systems Market Analysis by Technology

Pumped hydro storage is expected to hold a large share in the market during the forecast period. The growth of this segment is attributed to increasing investments in the development of energy infrastructure and improving on-grid capacity.

Electrochemical storage is expected to grow at the fastest rate during the forecast period. The growth of this segment is attributed to the rising demand for electrochemical storage in countries such as India. That will further augment the growth of the global market.

Advanced Energy Storage Systems Market Analysis by Application

The transportation segment is expected to hold the largest market share during the forecast period. The growth of this segment is attributed to increasing deployment of lithium-ion batteries in the electric vehicle market, rise in grid expansion, and growing investments in the infrastructural advancements.

Global Advanced Energy Storage Systems Market By Technology, 2022 (%), 2022 (%)

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Advanced Energy Storage Systems Market Regional Insights

Asia Pacific is expected to hold the major share of the global market during the forecast period. The growth of this region is attributed to the rising awareness about the consumption of energy and fast-paced transition from demonstrated projects to commercially operated storage facilities.

Due to increasing advancements in the power distribution infrastructure, particularly in emerging countries such as China, India, and South Korea, there is the growing need for advanced storage systems, and increasing uses of renewable energy sources for power generation. These are the factors propel market growth for Asia Pacific advanced energy storage systems in the forecast period.

North America is expected to register a high CAGR in the global market during the forecast period. Retrofitting of the existing pumped hydro advanced storage systems and introduction of the new large capacity projects will drive the advanced energy storage systems market infrastructure in this region. On the other side, the increasing use of renewable energy sources for power generation has a beneficial impact on Latin America’s advanced power storing systems.

Global Advanced Energy Storage Systems Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Advanced Energy Storage Systems Market Dynamics

Advanced Energy Storage Systems Market Driver

Increasing Investments in Renewable Energy

  • The energy policies of both developed and developing nations are being updated to include a significant share of power generation sourced from renewable energy sources like wind and solar. Investments in renewable energy are increasing as a result of financial incentives from the governments and related return, which is further anticipated to propel market growth. For developing, modernizing, and enhancing the electricity grids there is a requirement of renewable energy. Recently, the costs of geothermal, hydropower, biomass, and onshore wind are comparable to those of power plants driven by gas, oil, and coal. The aforementioned factors are likely to aid in market expansion for the advanced energy storage systems industry in the long run.

Advanced Energy Storage Systems Market Restraint

High Capital Investments

  • For the production of energy storage technologies such as lithium-ion batteries, flow batteries, and sodium sulphur batteries, high capital is required due to their features such as enhanced performance and high energy density. Since lithium as a raw material, has high cost so automatically, the cost of lithium-ion batteries is increased. The cost of technology is anticipated to be high during the first two or three years of lithium’s new and evolving usage in electric vehicles and grid storage; with increased acceptance, the cost is projected to reduce. Technology cost increases with increased rated power, and thus, it may cause hindrance to the overall advanced energy storage systems market in the coming years

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Advanced Energy Storage Systems Market Competitive Landscape

The global advanced energy storage systems market is highly competitive due to the presence of prominent players. ABB is currently the leading player in the market as they offer advanced energy storage systems, services, and solutions. The key players adopted multiple growth strategies such as merger, acquisitions, new product launch, and others to strengthen their brand position in the global market competition.

Advanced Energy Storage Systems Market Top Player's Company Profiles

  • Tesla, Inc.
  • LG Chem Ltd.
  • Panasonic Corporation
  • Samsung SDI Co., Ltd.
  • ABB Ltd.
  • General Electric Company
  • BYD Company Ltd.
  • Saft Groupe S.A.
  • NEC Corporation
  • Hitachi, Ltd.
  • Toshiba Corporation
  • Aquion Energy, Inc.
  • EnSync Energy Systems
  • Greensmith Energy Management Systems
  • Eos Energy Storage
  • S&C Electric Company
  • Alevo Group SA
  • Leclanché SA
  • Calmac Corporation
  • CODA Energy, Inc.

Advanced Energy Storage Systems Market Recent 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.
  • 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.

Advanced Energy Storage Systems Key Market Trends

  • Advanced Lithium-ion Batteries These batteries offer multiple advantages such as portability, fast charging, low maintenance, and versatility. However, they are extremely flammable, sensitive to high temperatures, require overcharge or complete discharge protection, and suffer from aging. Moreover, there is a huge environmental implication to mining the components for battery manufacturing. For example, Green Li-ion is the Singaporean start up that recycles lithium-ion batteries to produce battery cathode. The start-up’s modular processing plants use co-precipitation hydrometallurgical technology in contrast to the conventional process that uses leaching reagents. This increases the purity and reduces the production time of the rejuvenated cathode. Battery manufacturers utilize this solution for recycling batteries without the need for sorting.

Advanced Energy Storage Systems Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our recent analysis on the global Advanced Energy Storage Systems Market, most countries are implementing different advanced energy storage systems technologies to reduce fossil fuel dependency and gain balanced energy infrastructure. This is further anticipated to help create lucrative growth opportunities for market manufacturers. Advanced energy storage systems are used in electrical vehicles, automotive traction, smart houses, space heating that decreases the total generation costs and delivers constant electricity to the consumers. The rise in consumer awareness about the availability of renewable energy sources is anticipated to boost market growth. However, high cost of initial investments may restrain the market growth.

Report Metric Details
Market size value in 2022 USD 1.26 billion
Market size value in 2031 USD 2.08 billion
Growth Rate 5.70%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Mechanical Storage, Electrical Storage, Electrochemical Storage, and Thermal Storage
  • Application
    • On-grid, off-grid, micro grid, and others.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Tesla, Inc.
  • LG Chem Ltd.
  • Panasonic Corporation
  • Samsung SDI Co., Ltd.
  • ABB Ltd.
  • General Electric Company
  • BYD Company Ltd.
  • Saft Groupe S.A.
  • NEC Corporation
  • Hitachi, Ltd.
  • Toshiba Corporation
  • Aquion Energy, Inc.
  • EnSync Energy Systems
  • Greensmith Energy Management Systems
  • Eos Energy Storage
  • S&C Electric Company
  • Alevo Group SA
  • Leclanché SA
  • Calmac Corporation
  • CODA Energy, Inc.

Advanced Energy Storage Systems Market Recent 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.
  • 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.
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Advanced Energy Storage Systems Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Advanced Energy Storage Systems Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Advanced Energy Storage Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Advanced Energy Storage Systems Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Advanced Energy Storage Systems Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Advanced Energy Storage Systems Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Advanced Energy Storage Systems Market size was valued at USD 1.26 billion in 2022 and is poised to grow from USD 1.33 billion in 2023 to USD 2.08 billion by 2031, growing at a CAGR of 5.70% during the forecast period (2024-2031).

The advanced energy storage systems market is highly competitive due to the presence of prominent players. ABB is currently the leading player in the market as they offer advanced energy storage systems, services, and solutions. The key players adopted multiple growth strategies such as merger, acquisitions, new product launch, and others to strengthen their brand position in the market competition. 'Tesla, Inc.', 'LG Chem Ltd.', 'Panasonic Corporation', 'Samsung SDI Co., Ltd.', 'ABB Ltd.', 'General Electric Company', 'BYD Company Ltd.', 'Saft Groupe S.A.', 'NEC Corporation', 'Hitachi, Ltd.', 'Toshiba Corporation', 'Aquion Energy, Inc.', 'EnSync Energy Systems', 'Greensmith Energy Management Systems', 'Eos Energy Storage', 'S&C Electric Company', 'Alevo Group SA', 'Leclanché SA', 'Calmac Corporation', 'CODA Energy, Inc.', '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.', '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.'

The energy policies of both developed and developing nations are being updated to include a significant share of power generation sourced from renewable energy sources like wind and solar. Investments in renewable energy are increasing as a result of financial incentives from the governments and related return, which is further anticipated to propel market growth. For developing, modernizing, and enhancing the electricity grids there is a requirement of renewable energy. Recently, the costs of geothermal, hydropower, biomass, and onshore wind are comparable to those of power plants driven by gas, oil, and coal. The aforementioned factors are likely to aid in market expansion for the advanced energy storage systems industry in the long run.

Advanced Lithium-ion Batteries These batteries offer multiple advantages such as portability, fast charging, low maintenance, and versatility. However, they are extremely flammable, sensitive to high temperatures, require overcharge or complete discharge protection, and suffer from aging. Moreover, there is a huge environmental implication to mining the components for battery manufacturing. For example, Green Li-ion is the Singaporean start up that recycles lithium-ion batteries to produce battery cathode. The start-up’s modular processing plants use co-precipitation hydrometallurgical technology in contrast to the conventional process that uses leaching reagents. This increases the purity and reduces the production time of the rejuvenated cathode. Battery manufacturers utilize this solution for recycling batteries without the need for sorting.

Asia Pacific is expected to hold the major share of the market during the forecast period. The growth of this region is attributed to the rising awareness about the consumption of energy and fast-paced transition from demonstrated projects to commercially operated storage facilities.

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