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Advanced Energy Storage System Market
"Actionable Insights to Fuel Your Growth"
"Actionable Insights to Fuel Your Growth"
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The global advanced energy storage system market size was valued cumulatively at nearly US$ 145 Bn in 2018 and is projected to reach more than US$ 211 Bn by the end of 2026, exhibiting a CAGR of 4.82% in the forecast period.
The global energy consumption has witnessed a robust growth owing to increasing electricity demand across the developing countries. Governments and international agencies have introduced numerous policies to cater the increasing usage through stored energy potential. The paradigm shift towards generating power by renewable sources and advanced energy storage systems to reduce GHG emissions aids to the utilization of different storage technologies will positively affect industry outlook, favouring the global market.
Deployment of advanced energy storage systems to save the renewable generated electricity is used to provide uninterrupted supply during power cut hours globally. Increasing number of Plug-In Electric Vehicles (PHEVs) sales will too boost the global advanced energy storage systems market size.
Solid-state batteries, including Lithium-ion (Li-ion) batteries, are readily used in PHEVs, HEVs, and EVs, owing to their high energy efficiency, better high-temperature performance, and low self-discharge over time. Lead-acid batteries are further being utilized in commercial electric-drive vehicles owing to their reliability, safety, high power, and low price, propelling the global market.
Flow batteries are a type of electrochemical energy storage devices which are recharged by two chemical components separated with a membrane and submerged in an electrolytic liquid. These units are readily used in a wide range of applications related to advanced energy storage system owing to their very less recharge time simply by replacing the electrolyte fluid. Numerous flow cells or batteries are currently being deployed, including redox, vanadium redox, hybrid, and various others.
Thermal energy storage (TES) systems are increasingly installed across the buildings as advanced energy storage systems, and industrial processes due to its better overall efficiency, more economical running costs, less carbon footprint. A well designed TES system can be used over time to produce steam to operate a turbine and generate electricity. It aids to balance energy supply and demand on a daily, weekly, and seasonal basis.
Pumped Hydro Storage (PHS) is used as an advanced energy storage system over the large water reservoirs to store energy and provide electricity to suffice high electricity demands. PHS released power during peak periods whereas, throughout the low demand time, the water reservoir is recharged with pumping water back to the reservoir resulting in high overall efficiency. High system efficiency, coupled with decreasing installation costs, will further foster the global market share. It is the most applicable grid-level energy storage system among the advanced energy storage system owing to its massive capacity operations.
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"Pumped Hydro Storage Plays a Dominating Role in the Global Advanced Energy Storage Systems Market"
Pumped Hydro Storage is used majorly at different elevations to generate power by passing water between two reservoirs at altered heights. PHS provides high stability, energy balancing, and return abruptly large electrical loads within very less time. Nearly all developing regions utilize PHS as it can store energy in large volumes and has a long life span of over 50 years.
These systems provide bulk size storage power and transmission grid ancillary benefits in different regions. The pumped hydro storage currently holds above 90% of the total storage capacity, and continuous emphasis on the development of increased potential facilities will significantly influence the global advanced energy storage system market growth.
Developments in materials and technology have considerably increased output and reliability of modern batteries while decreasing associated costs, augmenting the global market. Solid-state batteries consist of one or more electrochemical cells to produce electrical energy by converting chemical energy.
They provide various advantages like longer battery life, no cooling systems requirement, and stability in a wide range of temperatures. Renewable generation containing solar photovoltaics and wind have substantial usage for solid-state batteries. Lithium-ion technology, as a type of advanced energy storage system, is the best operating solid battery currently being used in electric automotive and electronic devices like smartphones and laptops.
Thermal energy storage (TES) systems, a popular advanced energy storage system, are currently being majorly used in arrangement with concentrating solar power (CSP) plants to store solar heat and hence generate electricity in necessary periods. This system primarily comprises of Sensible Heat Storage (SHS), Latent Heat Storage (LHS), and Thermo-Chemical Storage (TCS).
Sensible heat storage works as saving thermal energy by cooling or heating a solid or liquid storage medium. It is comparatively cost-effective TES and is used in district heating, domestic systems, and industrial usages. While LHS uses phase change materials from solid-state to liquid state and TCS uses chemical reactions to release and store thermal energy.
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"Utility Application Is Projected to Dominate Across the World"
Growing electrification need along with increasing transmission & distribution stations globally is subjected to influence utility in the global advanced energy storage system market share substantially. Rising deployment of various forms of renewable energy to suffice additional energy usage will play a vital role.
Emerging economies like China and India are focusing more on safely integrate these green resources into the grid to maintain supply & demand to avoid inhibiting energy, which bodes well for the global market. Expansion and modernization of grids coupled with the mounting need to new infrastructure are anticipated to further cater to the segment outlook.
Inclination towards the usage of electric vehicles to reduce dependence on fossil fuels along with reducing vehicular carbon emissions will play a vital role across the commercial market.
Developed regions like North America and Europe have already commissioned policies to enhance the adapt different EVs for personal and commercial purposes, aiding the global market. Highly populated countries in the Asia Pacific region are pursuing EVs to resourcefully operate their vast public transport network and simultaneously lower their GHG discharges.
"The Asia Pacific is Likely to Hold Major Share Across the Global Advanced Energy Storage System Market"
Currently, China holds the major market share for advanced energy storage system in the Asia Pacific. Rising concerns towards energy security and suffice the peak demand periods have positively propelled the industry landscape for advanced energy storage systems across the region. The fast-paced transition from demonstrated projects to commercially operating storage facilities tend to boost the Chinese market growth within the global market.
North America is anticipated to witness substantial growth owing to stringent CO2 reduction policies and declining costs of storage technologies. Retrofitting of existing pumped hydro storage facilities and introduction of new large-capacity projects will drive the USA to advanced energy storage systems infrastructure.
The Middle East and African region are increasing its inclination towards renewable sources to effectively reduce its fossil fuels consumption and simultaneously provide additional energy to commercial and utility operations. Large exposure to the sun for longer duration is anticipated to cater to thermal energy storage in the region, which is ideal for the global market. Middle eastern countries like the United Arab Emirates (UAE) has made huge investments and deployed advanced energy storage systems in many domains to store surplus low carbon green energy and smoothen energy peaks.
The rapid energy transformation from fossil fuels to the renewable mix as main sources is likely to influence Latin America advance energy storage system market positively. Countries like Brazil, Mexico, and Chile are witnessing vast rural electrification needs, along with cost-effective storage options, which benefits the global market expansion. National goals to utilize reliable, safe, efficient, continuous, sustainable electricity systems has attracted different companies to invest in developing advanced energy storage systems in the region.
The global advanced energy storage system market size is influenced by major participants across the globe. ABB has established itself as one of the leading players and operates under different verticals in the advanced energy storage system industry. The company offers a wide range of advanced energy storage systems, services, and solutions extending for facilities up to hundreds of megawatts with appropriate medium choice for continuous charge and discharge. Other prominent players in the global market are ABB, Mitsubishi Heavy Industries, AES Corporation, GS Yuasa Corporation, Lockheed Martin, Ecoult Energy Storage Solutions, Tesla Inc., Samsung SDI Co., LG Chem Ltd., General Electric, Evapco Inc., Panasonic Corporation, Saft Groupe S.A., Hitachi, Sonnen GmbH, among others.
The advanced energy storage system provides flexibility to the energy generation portfolio and provides sustainable energy usage throughout peak demand durations. Most countries are implementing different advanced energy storage system technologies to reduce fossil fuel dependency and gain balanced energy infrastructure, furthering the global market. Increasing consumption across emerging economies owing to rapidly changing industrial scenarios and the growing population will positively influence the industry outlook for the advanced energy storage systems.
Advanced energy storage systems are also used in electric vehicles, automotive traction, industrial traction, smart houses, space heating, and other energy-efficient uses to reduce total generation costs and deliver constant electricity to consumers. The selection of storage types in advanced energy storage systems largely depends upon the location, type, duration, availability, efficiency, plant economics, and various other factors.
The report provides qualitative and quantitative insights on the advanced energy storage industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by technology, application, and geography. On the basis of type, the global market is segmented into Solid Battery, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage, and Others.
Based on application, the global market is segmented into Residential, Commercial, Industrial, and Utility. Geographically, the global advanced energy storage system market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape for advanced energy storage systems. Various key insights presented in the report are the recent industry developments in advanced energy storage systems such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
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Fortune Business Insights says that the advanced energy storage market was valued at USD 145 billion in 2018.
The advanced energy storage market is projected to reach USD 211 billion by 2026.
Growing at a CAGR of 4.82%, the advanced energy storage market will exhibit steady growth in the forecast period.
Asia Pacific advanced energy storage market was valued over USD 67 billion in 2018.
Utility application is expected to be the leading segment in the advanced energy storage market during the forecast period.
Rising need for electrifying remote and distant places along with strict government policies to keep a check on carbon footprint will be the key market drivers. However, the high investment required for new systems may hamper industry growth.
ABB, General Electric, LG Chem Ltd., Mitsubishi Heavy Industries, Saft Groupe S.A. are among the top players in the advanced energy storage market.
Electric vehicles or Plug-In Hybrid Vehicles (PHEVs) incorporates a range of solid-state and at times flow batteries to deliver efficient output in different temperature conditions. Therefore, rising sales of electric automotive will boost the deployment of advanced energy storage systems
