Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on advanced energy storage systems market provides an in-depth analysis of segments and sub-segments in the global as well as
regional advanced energy storage systems market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
advanced energy storage systems market over the short term as well as the long
term. The report is a comprehensive presentation of trends, forecast and dollar
values of global advanced energy storage systems market. According to the
report, the global advanced energy storage systems market is projected to grow
at a CAGR of around 8% over the forecast period of 2022-2028.
The global advanced energy storage
systems market was valued at nearly USD 19 billion in 2022 and is expected to
reach about USD 30 billion in 2028, with a CAGR of around 8% during the
forecast period. When needed, the advanced energy storage system uses the
stored energy. Energy is produced and stored. The advanced energy storage
system makes use of a number of technologies to convert electrical energy into
usable electricity and then back again. The different kinds of energy, such as
radiation, chemical, electrical potential, electricity, kinetic, and many
others, are stored by modern energy systems using phase change materials,
supercapacitors, batteries, and fuel cells. Globally, there is an increasing
need for energy, and the amount of electricity produced worldwide cannot keep
up with this need.
The use of renewable energy
sources like solar and wind power is expanding due to the world's fast-rising
energy needs and the depletion of fossil fuels. The market for sophisticated
energy storage systems is expanding as a result of cumulative expenditures on
renewable energy. Additionally, it is projected that the usage of advanced
energy storage systems in electrical and hybrid mobility as well as the
production of heat and power will accelerate market growth for these systems. A
storage system that is projected to accelerate market expansion is managed with
the help of integrated software in the advanced energy system. The market for
advanced energy storage systems is expanding, but it is being constrained by
the high cost of the total storage system. A number of possibilities are
anticipated to arise in the market for advanced energy storage systems in the
coming years due to factors such as expanding acceptance of advanced energy
storage systems across a variety of end-use sectors and rising investments in
contemporary infrastructure.
The COVID-19 pandemic-related
lockdown caused a temporary prohibition on manufacturing and processing
activities across various businesses and electrical utilities, which
reduced the demand for electricity from these users. Additionally, it is
anticipated that a stop in the building and construction of new electric
utility infrastructures, renewable power plants, grid networks, and other power
plants will hinder market growth throughout the pandemic period due to a lack of
laborers and a widening of the supply-demand imbalance. Due to this, market
growth decreased in the second, third, and fourth quarters of 2020.
Nevertheless, the market for energy storage systems had recovered by the first
quarter of 2021 when COVID-19 immunization had started in numerous countries
throughout the world, which had a positive impact on the world economy.
Globally, the Asia Pacific area is
expected to be the fastest-growing region in the market for advanced energy
storage systems. The market for advanced energy storage systems is expanding in
the Asia Pacific area as a result of the rapidly expanding power supply
infrastructure and the growing customer preference for renewable energy
sources. In comparison to industrialized regions like Europe and North America,
the Asia Pacific saw relatively late development of the advanced energy storage
sector. However, it has had tremendous expansion in recent years and is
anticipated to increase at an impressive rate during the anticipated period. In
Europe and North America, which are both mature markets for advanced energy
storage, the market is anticipated to grow at a slower rate than in the Asia
Pacific. Due to significant advancements in the power distribution
infrastructure, particularly in developing nations like China, India, and South
Korea, the Asia Pacific market is predicted to grow rapidly over the course of
the projected period.
The report on the global advanced
energy storage systems market covers segments such as technology, and
application. On the basis of technology, the sub-markets include
electrochemical energy storage, mechanical energy storage, thermal energy
storage, and others. On the basis of application, the sub-markets include grid
storage, and transportation.
The report provides profiles of
the companies in the market such as ABB Ltd., LG Chem Ltd., General Electric
Company, Samsung SDI Co Ltd., GS Yuasa Corporation, Siemens AG, Panasonic
Corporation, Calmac, Toshiba Corporation, and AES Corporation.
The report provides deep insights
into demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the advanced energy storage systems market. Moreover, the study
highlights current market trends and provides forecast from 2022-2028. We also
have highlighted future trends in the market that will affect the demand during
the forecast period. Moreover, the competitive analysis given in each regional
market brings insight into the market share of the leading players.
Please Choose One of them.