Advanced Energy Storage Systems Market -2021 Global Key Manufacturers Analysis Report

From: MarketsandMarkets
Published: Mon Sep 10 2018


The global Advanced Energy Storage Systems Market is projected to grow at a CAGR of 8.38%, from 2017 to 2022, to reach a market size of USD 19.04 Billion by 2022. This growth is attributed to increasing renewable energy investments, growth in the electric vehicles market globally, and regulatory changes demanding energy efficiency.
Browse 69 Market Data Tables and 54 Figures spread through 157 Pages and in-depth TOC on "Advanced Energy Storage Systems Market - Global Forecast to 2022"
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The report segments the advanced energy storage systems market, on the basis of technology, into electro chemical, thermal storage, mechanical, and others. The lithium-ion sub-segment, within the electro chemical segment led the advanced energy storage systems market in 2016, and is projected to dominate the market during the forecast period. Moreover, technological advancements and growing deployment of lithium-ion batteries is expected to result in economies of scale, which would lower the cost for this technology, further driving the growth in the market.
The advanced energy storage systems market has been segmented, based on application, into transportation and grid storage. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for the growth.
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Advanced Energy Storage Systems Market

In this report, the advanced energy storage systems market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and the rest of the world. The market in Asia Pacific is expected to dominate the global advanced energy storage systems market, during the forecast period, owing to increasing number of electric vehicles in the region, especially in China.
High initial capital requirement for few technologies and hazardous environmental impact could be the restraints for the advanced energy storage systems market.
Leading players in the advanced energy storage systems market include ABB Ltd. (Switzerland), LG Chem, Ltd.( South Korea) , Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US). New product launches was the strategy most commonly adopted by top players, constituting 31% of the total developments, from 2013 to August 2017. It was followed by contracts & agreements and investments and expansions.
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