Global Advanced Energy Storage Systems Market is valued at USD 18.4 Million in the year 2021 and is projected to reach a value of USD 29 Million by the year 2028
The Advanced Energy Storage Systems Market is witnessing growth and is attributed to the increase in the electric vehicle market globally, growth in renewable energy investments, and regulatory changes demanding energy efficiency. Additionally, the development of Advanced Energy Storage Systems to store the renewable generated electricity utilized to provide uninterrupted power supply during the power cut hours worldwide is driving the growth of the Advanced Energy Storage Systems Market during the forecast period.
Furthermore, an increasing number of plug-in electric vehicle sales is expected to boost the demand for Advanced Energy Storage Systems Market during the forecast period. Whereas, lead-acid batteries are further being used in the commercial electric drive vehicles due to their safety, reliability, low price, and high-power ability which is further projected to propel the growth of the Advanced Energy Storage Systems Market in the years to come.
Moreover, the rising investments in renewable energy, energy arbitrage, electrification of the transport sector, and regulations demanding energy efficiency are also the other major factors driving the growth of the Advanced Energy Storage Systems Market during the forecast period. In addition, grid expansion and investments in modern and advanced infrastructure are expected to provide a profitable opportunity for the growth of the advanced energy storage system market in the upcoming years. Besides the harmful environmental impact, high capital investments are expected to hamper the Advanced Energy Storage Systems Market growth during the forecast period.
North America Dominated the Global Advanced Energy Storage Systems Market
North America held the largest market share in 2021. The increasing need for advanced energy storage system demand in the region has given numerous vendors the opportunity to establish their businesses. According to the US Energy Information Administration (EIA), the overall domestic consumption is expected to grow at 0.3% annually through 2040, which is less than half the rate of population growth. The agency expects the use of residential energy to be flat, while transportation energy consumption will decline slightly.
List of Prominent Players in Advanced Energy Storage Systems Market:
- ABB Ltd. (Switzerland)
- LG Chem Ltd. (South Korea)
- General Electric Company (US)
- Samsung SDI Co Ltd. (South Korea)
- GS Yuasa Corporation (Japan)
- Siemens Ltd. (Germany)
- Panasonic Corporation (Japan)
- Calmac (US)
- Tesla Inc. (US)
- Toshiba Corporation (Japan)