Advanced energy storage technologies are becoming popular across various end-use industries owing to their ability to store electricity generated from renewable energy sources such as solar and wind. These storage systems help store excess renewable electricity that can be utilized during peak hours or when renewable energy generation is low. They enable optimization of renewable energy use along with integration of higher volumes of variable renewable sources into the electric grid.
The global Advanced Energy Storage Market is estimated to be valued at US$ 19.9 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in renewable energy generation across the globe is one of the major trends fueling the growth of the advanced energy storage market. Renewable resources such as solar and wind power offer benefits like reduced pollution and lower cost; however, their power generation fluctuates dramatically depending on weather conditions and time of day. Advanced energy storage technologies help store electricity when renewable generation is high and power systems during gaps in renewable power supply, thereby improving the grid stability and reliability. This induces greater integration of renewable energy sources into existing electric infrastructure. With continued policy and technological advancements, the share of renewable sources in overall energy mix is expected to rise substantially in the coming years, augmenting demand for associated energy storage technologies.
Segment Analysis
The global advanced energy storage market is dominated by the lithium-ion battery segment. Lithium-ion batteries have a high energy density, are lightweight and last longer than lead-acid and nickel-metal hydride batteries. Additionally, lithium-ion batteries have a longer charge retention and a higher drain capability. As a result, lithium-ion batteries are highly suitable for consumer electronics, electric vehicles and energy storage systems. Flow batteries and solid-state batteries are expected to gain market share going forward due to their long-term stability and safety.
Key Takeaways
The global Advanced Energy Storage Market Demand is expected to witness high growth driven by increasing investments in renewable energy integration and deployment of energy storage to offset intermittent renewable energy supply.
Regional analysis in the Asia Pacific, government policies and investments are driving the growth of the advanced energy storage market. Countries like China, Japan, India and South Korea are aggressively investing in renewable energy projects and integrating energy storage to stabilize grid networks. China has emerged as the global leader in battery storage deployments to support its growing renewable energy capacity from solar and wind installations.
Key players operating in the advanced energy storage market are Himalaya Herbal Healthcare, Gaia Herbs, Nature's Bounty, NOW Foods, NutriGold, Garden of Life, MegaFood, New Chapter, Sambucol, BioSchwartz, Solgar, Source Naturals, Nature's Way, Jarrow Formulas, Pure Encapsulations.
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The global market for advanced energy storage features a largely fragmented competitive landscape owing to the presence of several large- and medium-scale companies and a low threat of new entrants owing to the market’s capital intensive nature, observes Transparency Market Research in a recent report.
Leading companies in the market benefit from their technical expertise, vast experience, and strong distribution and sales channels.Focus on strategic alliances, long-term contracts, and expansion across high-growth regional markets has increased.
A recent instance of this strategy is the contract won by AES Energy Storage, a completely owned subsidiary of AES Corporation, under which the company will help San Diego Gas install and commission energy storage installation arrays of capacity 37.5 MW.According to Transparency Market Research, the global advanced energy storage market, which valued at US$0.87 bn in 2015, will reach US$1.39 bn by 2024, expanding at a CAGR of 5.4% between 2016 and 2024.
Request for Discount on This Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=D_id=2852Pumped Hydro Storage technology Holds Massive Share in Global MarketBased on technology, the global advanced energy storage market witnessed the dominance of the segment of pumped hydro storage.
The segment accounted for a massive 90% of the global advanced energy storage market in 2015 and is likely to remain the most preferred advanced energy storage technology in the near- and long-term scenario.
From a geographical standpoint, the market for advanced energy storage in Asia Pacific held the dominant market share in the global market, followed by Europe and North America, in 2015.
