Advanced Energy Storage Systems Market Size to Grow at a CAGR of 20.18% | Industry New Tech Developments and Growth by Leading International Manufacturers with its Applications, Usage and Types by 2027
nergy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors. . Energy efficiency mandates for emitting zero or no carbon emissions and demand for clean energy are driving the growth of advanced energy storage systems. The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage systems. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.
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In July, 2017 – Siemens AG (“Siemens”) and The AES Corporation (NYSE: AES, “AES”) announced their agreement to form a new global energy storage technology and services company under the name Fluence. The joint venture will bring together AES’ ten years of industry-defining experience deploying energy storage in seven countries with over a century of Siemens’ energy technology leadership and its global sales presence in more than 160 countries.
In February, 2017 – MAN Diesel & Turbo and Karpowership renewed their ongoing partnership to develop Powerships with the utilization of MAN Diesel & Turbo. 18V 51/60 engines.
In November, 2016 – AES Energy Storage, a subsidiary of The AES Corporation (NYSE: AES), showcased two new Advancion battery-based energy storage sites, totaling 37.5 megawatts (MW), in partnership with San Diego Gas & Electric (SDG&E), a leading energy company delivering safe, reliable and clean power.
Indusrty Top Key Player:
Some of the key players in the advanced energy storage market are Yuasa Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), Hitachi Limited (Japan), Toshiba Corporation (Japan), ABB Limited (Switzerland), Siemens A.G. (Germany), Alstom (France), Exide Technologies (U.S.), L.G. Chem. Limited (South Korea), Alevo Group S.A. (U.S.) , Maxwell Technologies Inc. (U.S.) and others.
Advanced energy storage systems Global Market – Segmentation
The scope of global advanced energy storage systems market is segmented into two major segments which are explained below:
Compressed Air Storage
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Regional Analysis of Advanced Energy Storage Systems Market
Asia-Pacific market is expected to dominate the advanced energy storage market with major manufacturing and infrastructural activities being undertaken in this region. Major growth in the electric vehicles market in this region is another factor which is contributing to the growth of the Advanced Energy Storage system market.
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