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Advanced Energy Storage Market

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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. However, the
lack of a legislative and regulatory policy with regards to AES is a major
restraining factor that affects the growth of the global AES market. The
Assembly Bill 2514 passed on June 3, 2010 by the California State Assembly
was accepted to create a smarter, cleaner electric grid, and increasing the use of
renewable energy. The bill required the California Public Utilities Commission
by March 1, 2012 to consider procurement for viable and cost-effective energy
storage systems. In 2011, Senate Bill 412 (Kehoe, 2009) expanded the
Self-Generation Incentive Program to include Advanced Energy Storage as an
eligible technology. The Self Generation Incentive Program (SGIP) provides
financial incentives for the installation of new renewable qualifying
technologies that are installed to meet all or a portion of the electric energy
needs for a facility. These factors are expected to boost the demand for
Advanced Energy Storages globally.
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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.
According to IEA, every year about 40 percent energy storage deployments will
increase in the emerging markets, which will add about 80 GW new storage
capacity to the estimated 2 GW existing today.
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.
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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Author
pallavi.reddy
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