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Global Advanced Energy Storage Systems Market Size, Share: By Technology: Electro Chemical, Mechanical, Thermal Storage; By End User: Residential, Non-Residential; By Application: Grid Storage, Transportation; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Advanced Energy Storage Systems Market Outlook
The global market for advanced energy storage systems reached a value of about USD 17.53 billion in 2021. The market is further expected to grow at a CAGR of about 8.3% in the forecast period of 2024-2032 to reach a value of around USD 28.35 billion by 2027, owing to the increasing investments in renewable energy.
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Asia Pacific to be a Significant Regional Market for Advanced Energy Storage Systems
The market in the Asia Pacific region is estimated to be the leading region for advanced energy storage systems in the forecast period. The increasing use of renewable energy resources for power generation, especially in China, South Korea, and India and the increase in the number of electric vehicles are driving the demand for advanced energy storage systems in this region. The increased demand for energy reliability and efficiency is also predicted to drive market expansion, representing a lucrative potential for major advanced energy storage system providers. In 2021, the People's Republic of China led the global increase in electric car markets, nearly tripling sales to 3.4 million. In other words, in 2021, China alone sold more electric vehicles than the rest of the world combined.
In addition, rising infrastructural spending from residential, industrial, and commercial sectors among developing nations, including China and Indonesia, will encourage advanced energy storage systems in the coming years. Due to increased energy demand, significant capacity additions are anticipated to impact the advanced energy storage systems market positively.
Transportation Segment Expected to Dominate the Market Growth
The transportation segment is expected to hold the largest market share in the forecast period. The increased deployment of lithium-ion batteries in the electric vehicle market is driving the growth in this segment. Further, grid expansion and investment in modern infrastructure in developing countries present lucrative opportunities to the market.
Market Segmentation: Advanced Energy Storage System (ESS)
An advanced energy storage system (ESS) is a device or collection of appliances that convert electrical energy from power systems and store it to supply electrical energy when needed later. The AES system is a vital upgrade technology for expanding the energy sector in the twenty-first century. The energy can be used to produce semiconductors, data storage devices, solar cells, and power.
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Based on technology, the market is divided into:
- Electrochemical
- Lead Acid Battery
- Flow Battery
- Nickel Metal Hydride (NiMH) and Nickel Metal Cadmium (NiCd)
- Lithium-ion Battery
- Sodium Sulphur (NaS) Battery
- Mechanical
- Flywheel
- Pumped Hydro
- Compressed Air Energy Storage (CAES) and Liquid Air Energy Storage (LAES)
- Thermal Storage
- Sensible
- Thermo Chemical
- Latent
The end-users of the market are:
- Residential
- Non-Residential
The major applications of the market are:
- Grid Storage
- Transportation
The regional markets for advanced energy storage systems can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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Increasing Renewable Energy Investments Propelling the Market Growth
Increasing investments in renewable energy, the global rise in the electric vehicles market and regulatory changes demanding energy efficiency are expected to drive the advanced energy storage systems market. Increased implementation of energy efficiency measures, combined with rising energy demand, will increase the market demand. Secondly, a greater emphasis on improving the cost competitiveness of the power grid by maintaining high stability, and the widespread adoption of clean energy sources, will further accelerate the market growth. The product's use is predicted to increase in the coming years due to the constant increase in electricity usage and the widening of the energy demand-supply gap. Moreover, increased concerns about energy conservation and the transition from fossil fuels to alternate sources are likely to drive up the demand for advanced storage systems during the forecast period. The global market is anticipated to witness an increase in utilisation over the coming years due to rising concerns associated with CO2 and greenhouse gas emissions. The increasing research and development activities are further propelling the market growth.
In June 2023, Sweden's Volvo Energy announced an investment of around SEK 50 million for a 10% stake in the UK-based, second-life battery energy storage expert Connected Energy to enhance the battery business and sustainability potential.
Key Players in the Global Market for Advanced Energy Storage Systems
The report gives a detailed analysis of the following key players in the global advanced energy storage systems market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- ABB Ltd.
- LG Chem
- Samsung SDI Co., Ltd.
- General Electric Company
- Tesla, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
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:
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| Breakup by Technology |
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| Breakup by End User |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Advanced Energy Storage Systems Market Analysis
8.1 Key Industry Highlights
8.2 Global Advanced Energy Storage Systems Historical Market (2018-2023)
8.3 Global Advanced Energy Storage Systems Market Forecast (2024-2032)
8.4 Global Advanced Energy Storage Systems Market by Technology
8.4.1 Electro Chemical
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Break up by Type
8.4.1.3.1 Lead Acid battery
8.4.1.3.2 Flow battery
8.4.1.3.3 Nickel Metal Hydride (NiMH) and Nickel Metal Cadmium (NiCd)
8.4.1.3.4 Lithium-ion battery
8.4.1.3.5 Sodium Sulphur (NaS) battery
8.4.2 Mechanical
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Break up by Type
8.4.2.3.1 Flywheel
8.4.2.3.2 Pumped Hydro
8.4.2.3.3 Compressed Air Energy Storage (CAES) and Liquid Air Energy Storage (LAES)
8.4.3 Thermal Storage
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.3.3 Break up by Type
8.4.3.3.1 Sensible
8.4.3.3.2 Thermo Chemical
8.4.3.3.3 Latent
8.5 Global Advanced Energy Storage Systems Market by End User
8.5.1 Residential
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Non-Residential
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Advanced Energy Storage Systems Market by Application
8.6.1 Grid Storage
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Transportation
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Advanced Energy Storage Systems Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Advanced Energy Storage Systems Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Advanced Energy Storage Systems Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Advanced Energy Storage Systems Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Advanced Energy Storage Systems Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Advanced Energy Storage Systems Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 LG Chem
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Samsung SDI Co., Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 General Electric Company
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Tesla, Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Advanced Energy Storage Systems Market: Key Industry Highlights, 2017 and 2021
2. Global Advanced Energy Storage Systems Historical Market: Breakup by Technology (USD Billion), 2018-2023
3. Global Advanced Energy Storage Systems Market Forecast: Breakup by Technology (USD Billion), 2024-2032
4. Global Advanced Energy Storage Systems Historical Market: Breakup by End User (USD Billion), 2018-2023
5. Global Advanced Energy Storage Systems Market Forecast: Breakup by End User (USD Billion), 2024-2032
6. Global Advanced Energy Storage Systems Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Advanced Energy Storage Systems Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Advanced Energy Storage Systems Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Advanced Energy Storage Systems Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Advanced Energy Storage Systems Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Advanced Energy Storage Systems Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Advanced Energy Storage Systems Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Advanced Energy Storage Systems Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Advanced Energy Storage Systems Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Advanced Energy Storage Systems Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Advanced Energy Storage Systems Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Advanced Energy Storage Systems Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Advanced Energy Storage Systems Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Advanced Energy Storage Systems Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Advanced Energy Storage Systems Market Structure
Key Questions Answered in the Report
In 2021, the global market for advanced energy storage systems attained a value of nearly USD 17.53 billion.
The market is projected to grow at a CAGR of 8.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 28.35 billion by 2027.
The major drivers of the market include the investment in modern infrastructure, increased implementation of energy efficiency measures, rising energy demand, widespread adoption of clean energy sources, increase in electricity usage, widening of the energy demand-supply gap, and rising concerns associated with CO2 and greenhouse gas emissions.
Increasing investments in renewable energy and a global rise in the electric vehicles market are the key industry trends propelling the market's growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Based on technology, the market is divided into electrochemical, mechanical, and thermal storage. Electrochemical is further divided into lead-acid battery, flow battery, nickel-metal hydride (NiMH) and nickel metal cadmium (NiCd), lithium-ion battery, and sodium sulphur (NaS) battery. At the same time, mechanical is sub-divided into the flywheel, pumped hydro, compressed air energy storage (CAES) and liquid air energy storage (LAES). Thermal storage is broken down into sensible, thermochemical, and latent.
The end-users of the market are residential and non-residential.
The major applications of the market are grid storage and transportation.
The major players in the industry are ABB Ltd., LG Chem, Samsung SDI Co., Ltd., General Electric Company, and Tesla, Inc., among others.
Analyst Review
The global advanced energy storage systems market attained a value of nearly USD 17.53 billion, driven by the increasing investments in renewable energy. Aided by the rising energy demand and the global rise in the electric vehicles market, the market is expected to grow at a CAGR of 8.3% in the forecast period of 2024-2032. The market is estimated to reach USD 28.35 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on technology, the market is divided into electrochemical, mechanical, and thermal storage. Electrochemical is further divided into lead-acid battery, flow battery, nickel-metal hydride (NiMH) and nickel metal cadmium (NiCd), lithium-ion battery, and sodium sulphur (NaS) battery, while mechanical is sub-divided into flywheel, pumped hydro, and compressed air energy storage (CAES) and liquid air energy storage (LAES). Thermal storage is broken down into sensible, thermochemical, and latent. The end-users of the market are residential and non-residential. The major applications of the market are grid storage and transportation. The major regional markets for advanced energy storage systems are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market are ABB Ltd., LG Chem, Samsung SDI Co., Ltd., General Electric Company, and Tesla, Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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