The global advanced energy storage systems market is expected to grow from USD 12.7 billion in 2017 to USD 19.0 billion by 2022, at a CAGR of 8.4% during the forecast period. The growth of the advanced energy storage systems market is attributed to increasing renewable energy investments and growth in the electric vehicles market globally and regulatory changes demanding energy efficiency.
The developed, as well as developing countries, are revising energy policies to include a considerable portion of generation, to be sourced from renewable energy resources that include wind and solar. Financial incentives by government bodies and associated returns are increasing investments in renewable energy, which are expected to boost the advanced energy storage systems market.
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According to the United Nations Sustainable Energy for All initiative (SE4All), around USD 45 billion in investments is required by 2030, to provide universal access to modern electric power. Advanced energy storage is expected to play a prominent role in these investments by strengthening the grid against diverse threats, such as natural disasters, and facilitating the improved deployment of both new and existing resources.
Energy storage system in transportation application is expected to emerge as a major segment in the advanced energy storage systems market
The advanced energy storage systems market application segments into transportation and grid storage. The transportation segment is expected to hold the largest market share by 2022. The growth in this segment is primarily driven by the increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for growth. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by major automotive companies, the usage of lithium-ion batteries is expected to increase at a rapid rate in electric vehicles by 2022.
Asia Pacific is expected to be the largest market for advanced energy storage systems
The 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, India, and an increase in the number of electric vehicles are driving the demand for advanced energy storage systems in this region. The growing need for energy reliability and efficiency are also expected to spur the growth of the market and represent a promising opportunity for major advanced energy storage systems providers.
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The major players in the Advanced Energy Storage Systems Market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US).