How Advanced Energy Storage Works? Market Top Players Include AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla | US$ 25.27 billion By 2026

The Global Advanced Energy Storage Systems Market was valued at US$ 11.79 billion in 2016, according to report published by Coherent Market Insights. Advanced Energy Storage systems (AES) involves storage and use of the required energy. The AES involves an arrangement of mediums that store energy and can enable numerous technologies, such as transportation, distribution of electricity, and communication networks.

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AES accumulates energy from various sources and stores it in a variety of mediums for a required period before it is supplied to various power providing facilities. Increasing adoption of renewable energy is major driving factor for the growth of the global AES market. The various tax subsidiaries due to the government support for renewable energy is expected to witness the entry of numerous players in the AES market. The cost associated with the storage technologies coupled with the lack of standards with regards to the development of AES technologies is a major restrain for the growth of the global AES market.

Among technology, the electro chemical segment held a dominant position in the advanced energy storage systems market in 2016, owing to increasing use of lithium-ion batteries in various applications. The demand for AES is expected to increase over the forecast period due to increasing use of lithium-ion batteries in electric vehicles. Lithium-ion batteries offer various advantages such as high energy density when compared to other batteries.

Asia Pacific held the dominant position in market in 2016 and the region is expected to retain its dominance during 2017-2025. High requirement of electricity in the emerging economies is a major factor for the growth of the global AES market in the Asia Pacific region.

AES could play a vital role in sufficing the demand for electricity in these regions. Increasing grid expansion and mounting spending in construction activities in these economies present ample growth opportunities for the AES market.

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Some of the leading players in the AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc., among others are a few key players operating in the global advanced energy storage systems market. There are various organic and inorganic growth strategies, which are being followed by the leading players in the market. For instance, Siemens AG and The AES Corporation entered into a joint venture in 2017 to form an advanced global energy storage technology and services company named Fluence in order to increase their global market share in the AES systems market.

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This release was published on openPR.