Advanced Energy Storage Market Estimated To Witness a Phenomenal Growth by 2025
Advanced Energy Storage (AES) systems involve the capture of the required energy which is produced at one time and can be used later. Energy is stored via a variety of mediums. Advanced Energy Storage technologies convert electricity into a different form of energy which can be stored and converted back into usable electricity at the required time. Energy can be transported via Advanced Energy Storage and stored using grids. AES system is an evolving technology critical for the growth of the energy sector in the 21st century. The energy can be used in the manufacture of various semiconductors, data storage products, solar cells, and electricity. The increasing demand for large amount of renewable energy can be met with the help of AES. It also allows operators manage the flow of energy sources by supplying only the required amount of energy thus avoiding the waste of energy. AES can effectively help reduce the Green House Gases and CO2 emissions, thus reducing global warming. The various forms of energy that can be stored via AES include chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The increasing demand and investments in renewable sources of energy along with various governmental regulations supporting the use of renewable energy is a major driver that augments the growth of the global AES market. However, the lack of a legislative and regulatory policy with regards to AES is a major restraining factor that affects the growth of the global AES market. The Assembly Bill 2514 passed on June 3, 2010 by the California State Assembly was accepted to create a smarter, cleaner electric grid, and increasing the use of renewable energy. The bill required the California Public Utilities Commission by March 1, 2012 to consider procurement for viable and cost-effective energy storage systems. In 2011, Senate Bill 412 (Kehoe, 2009) expanded the Self-Generation Incentive Program to include Advanced Energy Storage as an eligible technology. The Self Generation Incentive Program (SGIP) provides financial incentives for the installation of new renewable qualifying technologies that are installed to meet all or a portion of the electric energy needs for a facility. These factors are expected to boost the demand for Advanced Energy Storages globally.
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Lithium-ion batteries was the most dominant segment in the global Advanced Energy Storage system in 2016. The trend is expected to continue during the forecast period. The reason for the same is the technological advancements and the growing use of lithium-ion batteries as a source of energy to reduce energy costs. The increasing use of lithium-ion batteries in electrically powered vehicles is a major factor that is expected to augment the growth of this segment during the forecast period. Asia Pacific is expected to be the most dominant region in the global AES systems market during the forecast period and is expected to grow at a fast rate during the forecast period. The International Energy Agency (IEA) estimates that by 2020, emerging countries will need to double their electrical power output to meet rising demand. It is estimated that by 2035, these nations will represent 80 percent of the total growth in both energy production and consumption. Asia Pacific is home to a number of emerging countries, thus, boosting the demand for AES in this region. The IEA estimates that Energy storage deployments in emerging markets worldwide are expected to grow over 40% annually in the coming decade, adding approximately 80 GW of new storage capacity to the estimated 2 GW existing today.
The global advanced energy storage systems market was valued at US$ 11.79 billion in 2016 and is expected to expand at a CAGR of 8.88% in terms of revenue during 2017 – 2025.
AES systems were mainly used in the transportation segment in 2016. The increasing adoption of electric vehicles is a major driver that has resulted in the rising demand for AES systems in the transportation sector. The transportation sector accounted for 50.20% market share in the AES systems market. According to the International Energy Agency, over 750000 electric car sales were recorded worldwide. This is expected to positively boost the global AES systems market. China and the U.S. are expected to dominate the electric vehicle sales during the forecast period. China is the leading consumer of electric vehicles registering as many as 352,000 new electric vehicles in 2016.
Some of the leading players in the AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.
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