Advanced Energy Storage Market is Thriving with Leading Players: ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc., Etc.

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. 

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. 

Lithium-ion batteries segment dominated the advanced energy storage system market in 2016 and is expected to maintain the trend during the forecast period. Factors leading to high popularity of lithium-ion batteries are mainly due its easy availability, ubiquitous use, and low pricing of the product. Electrically powered vehicles are increasingly using lithium-ion batteries, which in turn will increase the growth of lithium-ion segment during the forecast period.

According to IEA, every year about 40 percent energy storage deployments will increase in the emerging markets, which will add about 80 GW 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.

Download PDF Brochure of this Report @ https://www.coherentmarketinsights.com/insight/request-pdf/746

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.

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.

Multinational players:

Some of the leading players in the AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.

Request for Customization of this Report @ https://www.coherentmarketinsights.com/insight/request-customization/746

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.