The global advanced energy storage systems market size is expected to reach USD 213.43 billion by 2030, according to a new study by Polaris Market Research. The report “Advanced Energy Storage Systems Market Share, Size, Trends, Industry Analysis Report, By Application (Transportation, and Grid Storage); By End-Use; By Technology; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry is expected to rise due to tightening carbon and greenhouse gas emission regulations, as well as rising power consumption in underdeveloped and developing countries around the world. In August 2021, the EPA proposed greenhouse gas vehicle emission regulations for light-duty car model years 2023-2026, and the NHTSA recommended fuel efficiency criteria for light-duty vehicle model years 2024 – 2026.
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According to the Swedish government’s approach to sustainable development, by 2030, the government wants to reduce the usage of gasoline and diesel cars by 70% and reduce emissions from transportation by 70%. Furthermore, the Japanese government wants to make Japan a zero-emission country by 2050 and tighten the automobile emission target, by 2030. According to the Transport and Environment (T&E), the EU stated its goal of zero emissions, by 2050.
Further, the major players are focusing on the launches of advanced power storing technologies which are boosting the industry growth during the forecast period. For instance, in April 2022, Cellex Battery Systems Pvt Ltd, a Coimbatore-based firm, wants to announce its innovative power storing technology to the commercial market, in June 2022. Cellex wants to build a government power storing systems manufacturing facility in Coimbatore as part of Phase 1, as well as develop an advanced battery management solution (BMS).
Government financial incentives and associated returns are expanding renewable power investment, which is likely to boost the industry. For instance, as per the World Energy Investment, annual global power investment is expected to reach USD 1.9 trillion in 2021, up by nearly 10% from 2020 and returning the overall amount of investment to pre-crisis norms. After remaining steady in 2020, worldwide power sector investment is expected to rise by roughly 5% to more than USD 820 billion, in 2021.
Advanced Energy Storage Systems Market Report Highlights
- Construction segment is anticipated to account for a significant over the forecast period owing to rise in investment from the building of utility scale power plants.
- Pumped hydro segment accounted for the highest share in 2021 which is accelerated by the rise in heavy electrical loads.
- North America is expected to witness a high CAGR growth over the projected period. This is increasing as a result of rigorous CO2 reduction policies and falling technology costs.
- The global market is highly competitive owing to the existence of large industry players with a global presence including ABB Ltd., AES Corporation, Evapco Inc., General Electric, GS Yuasa, Hitachi Chems, Lockheed Martin, LG Chem, Ltd.
Polaris Market Research has segmented the advanced energy storage systems market report based on application, technology, end-use, and region:
Advanced Energy Storage Systems, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Grid Storage
Advanced Energy Storage Systems, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Lithium-ion battery
- Lead-Acid battery
- Sodium Sulfur (NaS) battery
- Flow battery
- Nickel Metal Hydride (NiMH) & Nickel Metal Cadmium (NiCd)
- Pumped Hydro
- Compressed Air Energy Storage (CAES) & Liquid Air Energy Storage (LAES)
- Thermal Storage
- Thermo Chemical
Advanced Energy Storage Systems, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
Advanced Energy Storage Systems, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa