The market is expected to generate an incremental $ opportunity of US$ 33,854.7Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00439 Format: PDF Pages: 290
Advanced Energy Storage System Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Advanced Energy Storage System Market grew at a CAGR of 9.2% between 2017-2021 and is estimated to be US$ 17,659.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 11.3% and is expected to reach a valuation of US$ 51,514.0Mn by 2032 end.
An equipment or collection of appliances known as an Advanced Energy Storage System (ESS) transforms and stores electrical energy from power systems to be used when needed. Utilizing and managing electrical energy effectively can result in a reliable electricity supply and lower costs.
A private power station and an ESS, such as a wind or solar energy generation system, can provide the electricity needed for a personal power network that is operational around the clock.
INCREASING RENEWABLE ENERGY INVESTMENTS
Energy regulations are being updated in developed and developing nations to include a sizeable share of a generation coming from renewable energy sources like wind and solar. Investments in renewable energy are rising due to financial incentives provided by the government and related returns, which are anticipated to expand the AESS industry.
Nearly 173 nations had set provincial, state, or international renewable energy targets by the end of 2015. By the end of 2015, 146 countries had policies to support renewable energy use. Several nations held auctions to deploy renewable energy sources in a planned but economical way. According to the International Renewable Energy Agency (IRENA), more countries had such auctions in 2016 than in 2005, when only six were.
HIGH CAPITAL INVESTMENTS
Due to their high energy density and enhanced performance advantages, energy storage technologies, including lithium-ion batteries, flow batteries, and sodium sulfur (NAS) batteries, require higher capital for production than other technologies. The cost of technology is anticipated to be high for the first two or three years of lithium’s developing and evolving applications in electric vehicles and grid storage; however, the cost will reduce as lithium becomes more widely used.
With rated power, technology’s overall cost likewise rises. Customers who use captive power systems and residential customers, among others, are restricted from using these technologies due to the high capital costs associated with AESS installations.
GRID EXPANSION AND INVESTMENT IN THE MODERN INFRASTRUCTURE
The infrastructure in developing nations like India and China has to be updated, and the grid needs to be expanded. There is a need to provide energy to the estimated 30% of the fast-expanding worldwide population who do not have it.
In addition, the Sustainable Energy for All initiative (SE4All) of the United Nations estimates that by 2030, an investment of about USD 45 billion will be needed to ensure that everyone has access to modern electric power. The grid will be strengthened against various threats, such as natural disasters, thanks to advanced energy storage, which will also make it easier to deploy new and existing resources.
Market Segments Covered in Report
By Region and Country:
How is the transportation segment expected to dominate the CHP market during the forecast period?
The highest market share is anticipated to belong to the transportation sector. Lithium-ion battery deployment in the market for electric vehicles is the main factor fueling this segment’s growth. Additionally, there are chances for growth due to grid expansion and investments in modern infrastructure in developing nations.
Why is the electrochemical segment expected to have the highest market share during the forecast period?
During the projected period, the segment for electrochemistry is anticipated to develop at the fastest rate. The market for advanced energy storage systems was dominated by the lithium-ion subsegment of the electrochemical segment, and it is expected to continue to lead the market during the forecast period. Furthermore, it is anticipated that technological developments and the expanding use of lithium-ion batteries will lead to economies of scale, which would cut the cost of this technology and promote the market’s expansion.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Leading businesses now face stiffer competition as the global Advanced Energy Storage System market grows. Companies in the industry are working to offer a wider range of products and solutions and implementing strategic techniques to expand further to maintain their leading positions.
The key developments in the Global Advanced Energy Storage System Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application, End-User, Technology, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|