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Strategic Growth: Advanced Energy Storage Systems Market Poised to Reach $25.39 Billion by 2028 with a 7.2% CAGR || ABB Ltd., LG Chem Ltd., Samsung SDI Co. Ltd
Advanced Energy Storage Systems Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the advanced energy storage systems industry. This report on advanced energy storage systems market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The advanced energy storage systems market size has grown strongly in recent years. It will grow from $17.97 billion in 2023 to $19.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increase in renewable energy investments, grid modernization, government incentives and regulations, growth in the electric vehicles, rise in electricity consumption. The advanced energy storage systems market size is expected to see strong growth in the next few years. It will grow to $25.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
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Key Market Players:
ABB Ltd., LG Chem Ltd., Samsung SDI Co. Ltd., General Electric Company, Tesla Inc., GS Yuasa Corporation, Siemens AG, Panasonic Corporation are prominent players in the advanced energy storage systems industry.
Market Drivers:
According to the Advanced Energy Storage Systems Market Report 2023 by The Business Research Company, the key factors driving the growth of the advanced energy storage systems market, includes the increasing investments in renewable energy. Renewable energy, also known as clean energy, is in high demand as it is a non-polluting source of energy and is replenished by nature. The governments and private sectors globally are significantly investing in renewable energy as it is beneficial for minimizing pollution while conserving natural resources. This rise of investments in renewable energy will create a significant demand for advanced energy storage systems as these are essential to store and manage the energy generated as well as supply for use when needs arise. For instance, according to the estimates by the autonomous intergovernmental organization the International Energy Agency (IEA), the global power sector investment was expected to rise by 5% to more than $820 billion in 2021 over 2020. Renewables dominated new power generation investment, accounting for 70% of the $530 billion spent on all new power generation capacity in 2021.
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Market segments for advanced energy storage systems include:
1) By Technology: Pumped Hydro Storage, Electrochemical Storage, Electromechanical Storage, Thermal Storage
2) By Application: Transportation, Grid Storage, Other Applications
3) By End-User: Residential, Non-Residential
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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