Advanced Energy Storage Market

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.
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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.
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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