Advanced Energy Storage Systems Market Size

Advanced Energy Storage Systems Market Size

Advanced Energy Storage Systems Market size in 2014 was valued over 3.5 GW with CAGR of over 15% up to 2022./p>

Growing implementation of energy efficiency measures coupled with soaring energy demand will stimulate the global advanced energy storage systems market. Increasing focus toward enhancing the cost competitiveness of the power grid by ensuring high stability coupled with widespread adoption of clean energy sources will augment the advanced ESS market share. In addition, declining battery costs and increasing energy density are some of the other eminent factors favoring product deployment over forecast timeline./p>

Ability to promptly absorb and inject energy to effectively help with grid management, by simultaneously reducing infrastructure costs will drive the demand for the large-scale advanced battery systems. Furthermore, less emission, portable, and no immediate environmental impacts are some prominent features that will further boost the installation over the forecast period. In 2017, Tesla developed and installed the world’s largest Li-ion technology comprising Tesla Powerpack batteries across South Australia’s Hornsdale province. The installation of the system across the facility saved over USD 40 million in the first year of its installation alone thereby stabilizing and balancing the region’s unreliable grid./p>

Ongoing investment aimed toward the renovation & expansion of existing and development of new distribution networks coupled with rising electricity usage will enhance the global market growth. For instance, as per the U.S. Department of Energy, in 2016, the U.S. utilities invested USD 3.4 billion in smart grid technologies at the distribution level. In addition, the growing demand for continuous and reliable energy supply will further augment the industry outlook./p>