Advanced Energy Storage System Market
Advanced Energy Storage Systems (AESS) involves capturing the electricity in the form of energy; this energy which is stored is used later for several purposes. For instance, the electricity generated by a PV (photovoltaic) system can be stored in the battery and the stored energy is later used whenever required. The energy is stored in a variety of forms including chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The stored energy can be used in manufacturing data storage products, solar cells, semiconductors, and so on. Growing number of renewable energy resources, higher energy demand, and increasing regulations demanding for efficient energy are the major factors contributing to the advanced energy storage system market growth over the forecast period. Energy storage can help to address various challenges such as green gases emissions reduction, backup energy supply for critical loads, and also enabling the efficient deployment of electric vehicles.
Based on the technology, the advanced energy storage system market is segmented into electrochemical storage, mechanical storage, and thermal storage. Based on the application, the advanced energy storage system market is classified into transportation and grid storage.
The lithium-ion batteries within the electrochemical storage system are expected to hold the highest share of the advanced energy storage systems market during the forecast period. In 2016, lithium-ion batteries contributed major shares in the global advanced energy storage system, and are expected to dominate the market during the forecast timeframe. The increase in the technological advancements and reduced energy costs are the major factors increasing the use of lithium-ion batteries. The increased use of the electrically-powered vehicles with lithium-ion batteries is also a major factor that is anticipated to increase the growth of this sector during the forecast timeframe.
The Asia Pacific held a substantial revenue share of the advanced energy storage system market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast period. The growth of this regional market is accredited to the increased renewable energy installations and the growth in the electric vehicles market. Presence of the major manufacturers such as LG Chem, Exide Industries Ltd., BYD Battery Co. Ltd., and others in the storage systems also propel the growth of the advanced energy storage system market in the Asia Pacific. According to the International Energy Agency (IEA), the emerging countries will double their output of electrical power to meet up the increasing demand by 2022.
Some of the industry players operating in the advanced energy storage system market include LG Chem, Ltd., ABB Ltd., GS Yuasa Corporation, Samsung SDI Co., Ltd., General Electric Company, Saft Groupe S.A., Hitachi, Ltd., Siemens AG, Tesla, Inc., and Panasonic Corporation. Industry players are mostly focusing on research and development activities to initiate the advanced energy storage system.
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