Advanced Energy Storage Systems Market size to exceed $7bn by 2022
Published Date: September 4, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Advanced Energy Storage Systems Market size will exceed USD 7 Billion by 2022, as reported in the latest study by Global Market Insights, Inc.
Increasing electricity usage on account or rapid surge in the global population will drive the advanced energy storage systems market share over the forecast period. In addition, growing investment toward grid integration of renewable resources will accelerate the deployment of storage system. Furthermore, growing penetration of large utility scale clean energy projects will further augment the technology deployment. In 2019, the U.S. Hawaiian Electric issued request for proposals of 900 MW of clean energy and energy storage projects.
Growing investments towards grid modernization and stability enhancement will accelerate the product deployment over the forecast period. Usage of power needs to vary continually throughout the day and therefore there it has become a necessity for the transmission grid supply power right when it is needed. Grid-connected advanced ESS not only help to supply enough power to meet soaring demand, but also ease the development of new power stations. Rising demand for continuous and reliable power to effectively run the business operations will further expand the technology demand globally.
Asia Pacific market is anticipated to witness substantial growth with growing urban population and rising industrialization. Growing manufacturing bases with rapid commercialization has soar the regional power demand significantly. For instance, as per the International Energy Agency, the total household electricity consumption in China has reached to 600 kWh per capita in 2016 when compared to 377 kWh per capita in 2010. Growing investments toward effective energy management for efficiently sustaining the grid demand will further enhance the business landscape.
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Thermal energy storage systems market is expected to witness growth of over 14% by 2022. Soaring demand for large utility scale storage capacity across the commercial and industrial establishments with increasing consumer focus toward energy efficiency will drive the business landscape. In addition, rising regulatory concerns to improve the profitability of electric grid infrastructure will further positively influence the industry outlook.
Browse key industry insights spread across 118 pages with 63 market data tables & 12 figures & charts from the report, “Advanced Energy Storage Systems Market Size By Technology (Compressed Air, Flywheel, Molten Salt, Batteries, Thermal), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
Flywheel advanced energy storage systems market is expected to witness significant growth over the forecast timeframe. Less maintenance, long life, high efficiency and greater reliability are some of the prominent features that will raise the product penetration substantially. Policymakers efforts to curb the harmful greenhouse gas emission with deployment of new and sustainable technologies will further drive the business landscape.
Europe advanced ESS industry will expand on account of stringent energy efficiency norms developed by the regulators to limit the power usage. Furthermore, initiatives towards the promotion of EVs mainly across France and Germany to endorse clean and sustainable technology will drive regional demand. In 2018, Renault announced to develop Europe’s biggest advanced battery storage project that will possess storage capacity of around 60 MWh.
Latin America advanced energy storage systems market is anticipated to witness robust growth with growing investment toward development of various high capacity clean energy projects. In addition, various R&D initiatives by the leading regional players towards energy storage and efficiency will promote the product adoption over the forecast period. For instance, in 2017, CPFL Energia SA announced to invest USD 19.9 million for energy storage research program which comprises of 3 R&D projects, that is being develop between 2017-2021. Impact of storage systems on the quality and reliability of the power supply from the plants to the end consumer will be analyze under these projects.
Major industry applicants operating in the global advanced energy storage systems market include GE, Active Power, Samsung SDI Corp, LG Chem, Alevo, Samsung SDI Corp, ZBB systems, amongst others.
Global Market Insights has segmented the advanced energy storage systems market on the basis of technology and region:
By Technology (Volume, Mega Watts; Revenue, USD Million, 2012 - 2022)
- Compressed air
- Molten salt
By Region (Volume, Mega Watts; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Latin America
- Saudi Arabia