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Industrial Automation and Equipment

Global Advanced Energy Storage Syst...

Historical and Forecast Market Trends

2018-34

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Technological advancements and innovations are expected to revolutionise advanced energy storage systems market. With the increasing production of renewable energy like wind and solar, the demand for advanced energy storage solutions with enhanced reliability and efficiency is surging. The introduction of favourable government initiatives aimed at promoting renewable energy production is anticipated to favour the market development in the coming years.

Key players are attempting to improve the durability, energy density, and safety of advanced energy storage solutions while exploring alternative battery chemistries. Besides, the development of advanced technologies such as flow and hydrogen storage batteries and the rising integration of advanced energy storage systems with microgrids and smart grids are propelling the market expansion.

U.S. Utility-Scale Energy Storage Systems for the Generation of Electricity, 2022

Storage System

Number of Plants and Generators

Power Capacity (MW)

Energy Capacity (MWh)

Gross Generation (MWh)

Net Generation (MWh)

Pumped-Storage Hydro

40–152

22,008

NA

22,459,700

-6,033,905

Batteries

403–429

8,842

11,105

2,913,805

-539,294

Solar-Thermal

2–3

405

NA

NA

NA

Compressed-Air

1–2

110

110h

NA

57

Flywheels

4–5

47

17

NA

0

According to industry reports, pumped-storage hydro (PSH) remains dominant with a power capacity of 22,008 MW, highlighting its critical role despite net negative generation due to operational dynamics. As of 2022, there were 40 PSH systems distributed across 18 states of the US, with the Bath County facility in Virginia being the largest of all PSH. Meanwhile, emerging technologies like flywheels and compressed-air systems highlight the innovative niches.

Market Breakup by Technology, End User, Application, and Region:

  • Based on technology, the market is divided into electrochemical, mechanical, and thermal storage.
  • The market by end-user is bifurcated into residential and non-residential.
  • Based on application, the market can be divided into grid storage and transportation. 
  • Region-wise, the market for advanced energy storage is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Solid-state batteries are leading the market due to their superior energy density and safety features, with significant applications in electric vehicles and portable electronics. 
  • Flow batteries and thermal energy storage are also growing, driven by their roles in large-scale energy storage systems and efficient energy management.
  • The residential sector, among other end users, dominates the market, fueled by the adoption of home energy storage systems and integration of renewable energy sources. The commercial and industrial sectors also show strong growth, supported by the growing focus on energy efficiency, backup power solutions, and managing energy consumption.
  • The utility sector's demand for large-scale energy storage solutions supports market expansion, due to grid stabilization, load balancing, and renewable energy integration. 
  • Emerging technologies like supercapacitors and flywheel energy storage are also contributing to market growth through niche applications and ongoing R&D efforts.

Key Offerings of the Report:

  • The EMR report gives an overview of the global advanced energy storage systems market for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the technology, end user, application, and major regions of the advanced energy storage systems market.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global advanced energy storage systems market are ABB Ltd., LG Chem, Samsung SDI Co., Ltd., General Electric Company, and Tesla, Inc. among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • End User
  • Application
  • Region
Breakup by Technology
  • Electrochemical
  • Mechanical
  • Thermal Storage
Breakup by End User
  • Residential
  • Non-Residential
Breakup by Application
  • Grid Storage
  • Transportation
Breakup by Region
  • North America
  • Europe 
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ABB Ltd.
  • LG Chem
  • Samsung SDI Co., Ltd.
  • General Electric Company
  • Tesla, Inc.
  • Others
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