The advanced energy storage systems market is expected to grow at a CAGR of 8.38%, from 2017 to 2022, to reach a market size of USD 19.04 billion by 2022. The increasing investments in renewables and regulations demanding energy efficiency and electrification of the transport sector are the major factors driving the AESS market.
The advanced energy storage systems market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the advanced energy storage systems market, such as LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd. (South Korea), ABB Limited (Switzerland), BYD Company Limited (China), and Tesla, Inc. (US), have been focusing on the organic growth strategy which includes developing new products and entering into new contracts & agreements to bolster their product portfolio and to enhance their global reach.
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With regard to the application segment, the transportation segment is expected to constitute the fastest growing market from 2017 to 2022. Further, in terms of market size, the transportation segment would dominate the advanced energy storage systems market. According to the IEA Global EV Outlook (2017), by 2025, there would be around 40 million to 70 million EV cars on road, compared to more than 2 million in 2016.
Scope of the Report:
- Electro Chemical
- Lithium-Ion battery
- Lead Acid battery
- Sodium Sulfur (NaS) battery
- Flow battery
- Nickel Metal Hydride (NiMH) & Nickel Metal Cadmium (NiCd)
- Pumped Hydro
- Compressed Air Energy Storage (CAES) & Liquid Air Energy Storage (LAES)
- Thermal Storage
- Thermo Chemical
The report segments the advanced energy storage systems market, based on technology, into electro chemical which includes lithium-ion battery, Sodium Sulfur (NaS) battery, lead acid battery, flow battery ,and nickel metal hydride and nickel cadmium batteries; thermal energy storage technology that includes thermo chemical, latent thermal, and sensible thermal; mechanical energy storage technology comprising pumped hydro, flywheels, and Compressed Air Energy Storage as well as Liquid Air Energy Storage (CAES and LAES); and others which includes hydrogen storage, synthetic natural gas, and supercapacitors. The electro chemical segment driven by lithium-ion batteries would account for the maximum share under the technology segment in the advanced energy storage systems market.
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This particular market is expected to grow in the future as a result of increasing number of electric vehicles using lithium-ion batteries in Asia Pacific and other parts of the world.
The market in Asia Pacific is estimated to be the fastest growing market for advanced energy storage systems from 2017 to 2022. Increasing use of renewable energy resources for power generation, especially in China, South Korea, and India and increase in number of electric vehicles are driving the demand for advanced energy storage systems in this region. The growing need for energy reliability and efficiency is also expected to spur the growth of the market and represents a promising opportunity for advanced energy storage system providers.