A wide range of energy storage technologies has been developed to enable grids to meet every day needs. In addition to optimizing the energy efficiency of all kinds of energy technologies, energy storage enables the increasing use of renewable energy in place of fossil fuels. Advanced energy storage is a rapidly evolving technology sector that specializes in extensive advanced battery systems that instantly absorb as well as inject energy. This energy storage helps with grid management while minimizing infrastructure costs. It improves reliability & resilience and also save operational cost. These storage technologies are used for different purposes such as thermal storage, flywheel storage, pumped hydro storage, and many more.
Rapid growth in urbanization and increasing infrastructure & construction activities are the major key driving factors for the growth of the global advanced energy storage market. The market growth is attributed to the rise in the number of renewable energy resource installations and increasing renewable energy investments in developed and developing countries. Further, continuous rise in the electric vehicles market and rising demand for energy efficiency by regulations is leading to increased demand for advanced energy storage. Additionally, increasing demand from residential & commercial applications and rising investments for grid expansion is enhancing the demand for the advanced energy storage market.
In addition, electrification of the transport sector in many developed countries like the U.S, U.K., Germany, and Italy fuels the market growth. However, the high cost involved in the installation of advanced energy storage may hamper the market growth in some emerging countries. Furthermore, the increasing focus of leading players operating in the market towards strategic collaboration and acquisition along with the rising focus on new technology launches offer ample growth opportunities for market growth in the forecast period.
The global advanced energy storage market is divided based on product type, application, and region. Based on the product type, the global market is split into thermal storage, flywheel storage, battery storage, pumped hydro storage, and others. The application segment consists of micro-grid, off-grid, on-grid, and others.
Geographically, Asia Pacific region is anticipated to dominate the global advanced energy storage market during the forecast period. Factors such as rapid industrialization and commercialization along with increasing investments in infrastructure development in developing countries such as Japan, China, and India are driving the growth of this market in this region. On the other hand, the North America region is estimated to hold the following position in the market and is anticipated to account for a significant share over the forecast period. This is attributed to government investments in infrastructure development. The US is the major contributing country of the North America region.
AES Corporation, Maxwell Technologies Inc., GS Yuasa Corporation, Green Charge Networks, Schneider Electric SE, NEC Corporation, LG Chem Ltd., Toshiba Corporation, Beacon Power LLC, EDF Renewable Energy, S&C Electric Company, ABB Ltd., Samsung SDI Co., and Hitachi Ltd. are some of the leading companies that are operating in the global advanced energy storage market.
In 2017, AES Corporation had announced a joint venture with Siemens AG. This collaboration was meant help to scale up commercial and grid-scale storage deliveries worldwide through a new company named Fluence.