Advanced Energy Storage Systems Market Size, Report 2022
Global Advanced Energy Storage Systems Market size is projected to surpass 11.36 Giga Watts by end of 2022 and predicted to register CAGR of more than 15.1% during forecast timeline. Increasing concerns over power conservation and change in focus towards renewable energy sources is predicted to promote industry growth.
Constant efforts by firms like Halotechnics, GE Renewable Energy and General Compression to introduce changes in the technology is predicted to promote the demand for the advanced energy storage systems in future.
Strict ecological regulations implemented by U.S. Environmental Protection Agency and Department of Energy to reduce carbon emissions are predicted to fuel demand for these advanced power storage systems. However, heavy initial investment costs of installing the systems and large space requirement for system deployment are predicted to hinder advanced energy storage systems industry expansion all across the globe. But research and innovations in storage technology leading to production of low priced storage systems are predicted to generate new opportunities for firms to enhance their profits. This is predicted to enhance the global advanced energy storage systems market share.
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Global advanced energy storage systems industry is segmented into electricity production application, electricity delivery & management application and transportation application.
Electricity production application segment was biggest and contributed more than 33.1% to the overall advanced energy storage systems market share for 2014. Transportation segment was second biggest application segment for 2014 and it generated a total revenue of more than $371 billion for this year. Electricity delivery & management segment is projected to experience biggest gains in future.
Global advanced energy storage systems market is segmented into products like electric vehicles & batteries, smart electric vehicle charging stations and light duty vehicle
Electric vehicles & batteries segment is considered as a perfect option for power storage during low demand and supplying power when there are peak loads.
Application of smart electric vehicle charging stations is predicted to help customers supply power to grid.
Plug-in electric vehicle is an established sub-segment of light duty vehicle segment and it contributed maximum revenue for period 2011 -2014.
Global advanced energy storage systems industry is segmented into thermal technology, compressed air technology, batteries, flywheel technology and molten salt technology.
Thermal technology was leading segment in terms of utility with value surpassing $1.32 billion for 2014. This technique has beneficial as compared to other techniques as it does not require any inputs like lithium nor it has any geographical constrictions. Factors like enhanced efficacy with low energy consumption and low greenhouse emissions are predicted to propel the use of this technology in many applications.
Batteries segment contributed about 10% of total utilization share and is predicted to experience highest gains in future. Factors like charging ease as well as liquid electrolyte re-powering leading to low power wastage are predicted to favorably affect the segment demand.
Flywheel technology segment is predicted to register CAGR of greater than 18.1% during forecast timeline. This technology has many industry growth avenues as it is more reliable, efficient, possess long life span and requires less maintenance.
Global advanced energy storage systems market is segmented into geographical locations like North America, LATAM, APAC, Europe and MEA.
North America led the global industry with U.S. advanced energy storage systems market contributing higher than 80.1% of global regional industry share. The nation is taking lot of pollution controlling measures and implementing many legislations in order to reduce the rate of pollution.