Advanced Energy Storage Systems Market Size, Trends, Share, Growth | Report 2022-2030
The global advanced energy storage systems market was estimated at USD 152.52 billion in 2021 and it is expected to surpass around USD 228.37 billion by 2030, poised to grow at a CAGR of 4.59% from 2022 to 2030.
Report Highlights
Increasing demand for utility-scale power generation particularly during peak hours is expected to augment demand for advanced energy storage systems. Advanced energy storage systems efficiently manage energy resources thereby reducing the need for utility-scale power generation plants. The above factor significantly helps in reducing fixed cost and is expected to play a key role in market growth over the forecast period.
Stringent regulatory framework governing the use of fossil fuels for power generation is also expected to act as a major driver for advanced energy storage systems market growth. Power plants generate significant quantities of GHG such as CO2, which can be overcome through the efficient use of advanced energy storage systems. These systems store energy when generated and are capable of providing back up power in times of excess power demand (peak hours).
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 152.52 billion |
| Revenue Forecast by 2030 | USD 228.37 billion |
| Growth rate from 2022 to 2030 | CAGR of 4.59% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, region |
| Companies Covered |
Storage, Alevo, AES, GE, Altair, and LG Chem |
Technology insights
The thermal segment accounted for the largest maximum share of 78.8%, in terms of capacity, in 2021 on account of high efficiency and temporary energy storage for later use. No requirement of inputs such as lithium for battery technology or molten salt & no geographical constraints is likely to fuel the growth further. The batteries segment is anticipated to witness significant growth during the forecast period. The growth can be attributed to the easy charging of batteries and liquid electrolyte reenergizing factor that leads to minimized electricity wastage.
Molten salt technology can be employed to retain thermal energy collected by a concentrated solar plant which can be further used to generate electricity at night and in bad weather. Halotechnics, a niche player in the market, has developed a system that employs molten salt chemistry to store power from any source of electricity.
Increasing demand for flywheel technology in industrial applications is expected to augment the growth over the forecast period. A flywheel is a mechanical energy storage system. This technology has vast market opportunities on account of more reliability, longer life, enhanced efficiency, and less maintenance.
Industry participants have been intensively investing in research and development projects on employing this technology for emerging grid storage systems. For instance, Hawaii-based firm American Electric Co. LLC deployed the 8-kW energy storage system with flywheel technology at a power generating station in Oahu. The system stores electricity in the form of rotational kinetic energy and charges & discharges without any loss of capacity for multiple duty cycles per day.
The technology is estimated to experience high growth as a result of uninterrupted & continuous power supply to the grid with immediate response, quality improvement, and frequency regulation. However, high capital investment is expected to be a major constraint for this technology over the forecast period.
Regional insights
Renewable energy technologies such as wind & solar PV are estimated to witness high growth in various developed & emerging economies including Japan, India, China, Germany, the U.S., and Italy. This is likely to increase the utilization of the product over the coming years.
Asia-Pacific is expected to witness the fastest growth with a CAGR of 21.7% from 2022 to 2030. Rising infrastructural spending from residential, industrial, and commercial sectors among developing nations including China and Indonesia will encourage the advanced energy storage systems market in the coming years. Significant capacity additions owing to increased energy demand is likely to have a positive impact on the market.
Europe and North America accounted for a substantial share in the market as a result of large installed capacities. Increasing government funding is expected to provide growth prospects for the market in North America. In addition, rising grid-scale projects owing to enhanced peak demand management are expected to propel the growth further. Growing adoption of electric vehicles along with stringent government regulations in countries such as Germany and France to minimize pollution levels will bolster the business growth during the forecast period.
The U.S. accounted for a share of over 86.02% of the North American market in 2021. The presence of numerous players coupled with a high adoption rate of new technologies is expected to fuel the growth over the coming years. The U.S. has adopted several regulations and policies to bring down pollution levels which will positively influence the business growth in the future.
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Advanced Energy Storage Systems Market
5.1. COVID-19 Landscape: Advanced Energy Storage Systems Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Advanced Energy Storage Systems Market, By Technology
8.1.Advanced Energy Storage Systems Market, by Technology Type, 2020-2030
8.1.1. Batteries
8.1.1.1.Market Revenue and Forecast (2017-2030)
8.1.2. Flywheel
8.1.2.1.Market Revenue and Forecast (2017-2030)
8.1.3. Thermal
8.1.3.1.Market Revenue and Forecast (2017-2030)
8.1.4. Molten Salt
8.1.4.1.Market Revenue and Forecast (2017-2030)
8.1.5. Compressed Air
8.1.5.1.Market Revenue and Forecast (2017-2030)
Chapter 9. Global Advanced Energy Storage Systems Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Service (2017-2030)
9.1.2. Market Revenue and Forecast, by End-user (2017-2030)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Service (2017-2030)
9.1.3.2. Market Revenue and Forecast, by End-user (2017-2030)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Service (2017-2030)
9.1.4.2. Market Revenue and Forecast, by End-user (2017-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Service (2017-2030)
9.2.2. Market Revenue and Forecast, by End-user (2017-2030)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Service (2017-2030)
9.2.3.2. Market Revenue and Forecast, by End-user (2017-2030)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Service (2017-2030)
9.2.4.2. Market Revenue and Forecast, by End-user (2017-2030)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Service (2017-2030)
9.2.5.2. Market Revenue and Forecast, by End-user (2017-2030)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Service (2017-2030)
9.2.6.2. Market Revenue and Forecast, by End-user (2017-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Service (2017-2030)
9.3.2. Market Revenue and Forecast, by End-user (2017-2030)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Service (2017-2030)
9.3.3.2. Market Revenue and Forecast, by End-user (2017-2030)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Service (2017-2030)
9.3.4.2. Market Revenue and Forecast, by End-user (2017-2030)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Service (2017-2030)
9.3.5.2. Market Revenue and Forecast, by End-user (2017-2030)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Service (2017-2030)
9.3.6.2. Market Revenue and Forecast, by End-user (2017-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Service (2017-2030)
9.4.2. Market Revenue and Forecast, by End-user (2017-2030)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Service (2017-2030)
9.4.3.2. Market Revenue and Forecast, by End-user (2017-2030)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Service (2017-2030)
9.4.4.2. Market Revenue and Forecast, by End-user (2017-2030)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Service (2017-2030)
9.4.5.2. Market Revenue and Forecast, by End-user (2017-2030)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Service (2017-2030)
9.4.6.2. Market Revenue and Forecast, by End-user (2017-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Service (2017-2030)
9.5.2. Market Revenue and Forecast, by End-user (2017-2030)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Service (2017-2030)
9.5.3.2. Market Revenue and Forecast, by End-user (2017-2030)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Service (2017-2030)
9.5.4.2. Market Revenue and Forecast, by End-user (2017-2030)
Chapter 10.Company Profiles
10.1.Storage
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2.Alevo
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3.AES
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4.GE
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5.Altair
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6.LG Chem
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1.About Us
12.2.Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers