Press release
Advanced Energy Storage Systems Market Size Forecasted To Achieve $29.8 Billion By 2029 With Steady Growth
Advanced Energy Storage Systems
What Is the Advanced Energy Storage Systems Market Size and Projected Growth Rate?
In recent years, the market size for advanced energy storage systems has seen robust growth. It's expected to expand from $19.58 billion in 2024 to $21.08 billion in 2025, demonstrating a 7.6% compound annual growth rate (CAGR). The increase during the historic period is due to enhanced investments in renewable energy, modernization of grids, government incentives and regulations, the emergence of electric vehicles, and a marked increase in electricity consumption.
In the coming years, the market size for advanced energy storage systems is predicted to see robust growth. The market is projected to reach $29.8 billion by 2029, with a compound annual growth rate (CAGR) of 9.0%. This growth during the forecast period can be linked to factors such as climate change and targets for reducing emissions, increased demand for renewable energy sources, the rise in microgrid and on-grid technology infrastructure, investment in modern infrastructure, and a growing necessity for reliable energy. Major trends expected during the forecast period are the advancement in battery technologies, hybrid energy storage systems, virtual power plants (VPPs), energy management software, and re-purposed batteries.
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What Are the Major Segments in the Advanced Energy Storage Systems Market?
The advanced energy storage systems market covered in this report is segmented -
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
Subsegments:
1) By Pumped Hydro Storage: Conventional Pumped Storage, Open-loop Pumped Storage, Closed-loop Pumped Storage
2) By Electrochemical Storage: Lithium-ion Batteries, Lead-acid Batteries, Flow Batteries, Sodium-sulfur Batteries, Others
3) By Electromechanical Storage: Flywheel Energy Storage, Compressed Air Energy Storage (CAES), Other Mechanical Storage
4) By Thermal Storage: Molten Salt Storage, Ice Storage, Water Storage, Phase Change Materials (PCM), Others
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What Are The Driving Advanced Energy Storage Systems Market Evolution?
The growth of the advanced energy storage systems market is anticipated to be spurred by increasing investments in renewable energy. The vast demand for renewable energy, also referred to as clean energy, arises from its non-polluting nature and the fact that it is naturally replenished. Governments and private entities around the world are pouring substantial investments into renewable energy for its ability to curb pollution and conserve natural resources. This surge in renewable energy investments is forecasted to stimulate significant demand for advanced energy storage systems, which are integral for storing and managing the generated energy, as well as supplying it as and when required. For example, as per the International Energy Agency (IEA), a US government agency, 2023 saw a record-setting deployment of renewable energy, achieving a global output of 3,870 Gigawatts (GW) in the power sector. Even though renewable sources represented 86% of fresh capacity, growth has been inconsistent across geographical regions, demonstrating a considerable discrepancy from the goal of tripling renewable power capacity by 2030. Thus, the escalating investments in renewable energy are predicted to stimulate the advanced energy storage systems market's growth.
Which Firms Dominate The Advanced Energy Storage Systems Market Segments?
Major companies operating in the advanced energy storage systems market include ABB Ltd., LG Chem Ltd., Samsung SDI Co. Ltd., General Electric Company, Tesla Inc., GS Yuasa Corporation, Siemens AG, Panasonic Corporation, Caledonian MacBrayne Ltd., Toshiba Corporation, NextEra Energy Inc., sonnen GmbH, AES Corporation, EDF Renewables SA, Schneider Electric SE, Maxwell Corporation, LyondellBasell Industries N.V., INEOS Group AG, SAFT S.A., Green Charge Networks LLC, S&C Electric Company, BYD Company Limited, Hitachi Chemical Co. Ltd., NEC Energy Solutions Inc., Enphase Energy Inc., Sunverge Energy Inc., Renewable Energy Systems, Eversource Energy, DTE Energy Co., NV Energy Inc., Advanced Energy Industries Inc., Alevo Group SA, Stem Inc., Aquion Energy Inc.
What Trends Are Expected to Dominate the Advanced Energy Storage Systems Market in the Next 5 Years?
The progress in technology is a notable trend that is gathering steam in the advanced energy storage systems market. The focus of key players in the field is on introducing cutting-edge technological improvements like the Advanced Energy Storage Research and Testing Facility. This facility is tasked with the development and testing of energy storage tech to bolster the use of renewable energy and ensure more reliable grids. As an example, in August 2024, ENERGY.GOV, which is a firm tied to the U.S. Department of Energy, introduced their new Advanced Energy Storage Research and Testing Facility, with the goal of speeding up the creation of future energy storage solutions. This facility will endeavor to bridge the gap between primary battery research and development on a commercial scale, thereby enabling the study of different battery materials and chemistries. Its main aim is to aid in the creation of potent energy storage systems, especially those meant for electric vehicles, and to foster collaboration among industry professionals, scholars, and national security experts. The facility is equipped with advanced features to prepare and test new battery chemistries, including lithium-sulfur and sodium-ion batteries, thus aiding in the progression of essential energy storage solutions for renewable energy incorporation and grid balance.
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Which Is The Largest Region In The Advanced Energy Storage Systems Market?
Asia-Pacific was the largest region in the advanced energy storage system market in 2024. The regions covered in the advanced energy storage systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Advanced Energy Storage Systems Market?
2. What is the CAGR expected in the Advanced Energy Storage Systems Market?
3. What Are the Key Innovations Transforming the Advanced Energy Storage Systems Industry?
4. Which Region Is Leading the Advanced Energy Storage Systems Market?
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