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Top Market Shifts Transforming the Advanced Energy Storage Systems Market Landscape: Key Insights
Advanced Energy Storage Systems Market
What Is the Expected CAGR for the Advanced Energy Storage Systems Market Through 2025?
Over the past few years, there has been a robust growth in the market size of advanced energy storage systems. The market is projected to expand from $19.58 billion in 2024 to $21.08 billion in 2025, representing a compound annual growth rate (CAGR) of 7.6%. This remarkable growth during the historical period can be linked to factors such as heightened investments in renewable energy, the modernization of the grid, governmental incentives and regulations, the proliferation of electric vehicles, and an upsurge in electricity consumption.
What's the Projected Size of the Global Advanced Energy Storage Systems Market by 2029?
The market size for advanced energy storage systems is forecasted to witness a robust growth in the coming years. By 2029, it is projected to expand to $29.8 billion, with a compound annual growth rate (CAGR) of 9.0%. This anticipated growth during the forecast period can be chalked up to factors such as climate change, emission reduction aims, an increased appetite for renewable energy sources, the growth of microgrid and on-grid technologies infrastructure, investment in contemporary infrastructure, and a mounting need for energy reliability. Key trends for the forecast period encompass advanced battery technologies, hybrid energy storage systems, virtual power plants (vpps), energy management software, and second-life batteries.
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Top Growth Drivers in the Advanced Energy Storage Systems Industry: What's Accelerating the Market?
The rise in renewable energy investments is predicted to stimulate the expansion of the advanced energy storage systems market. Renewable or clean energy is greatly demanded because it's a pollution-free energy resource naturally replenished. Globally, both government and private sectors are making considerable investments in renewable energy as it's effective in reducing pollution and conserving natural resources. Thise surge in such investments will generate substantial demand for advanced energy storage systems, which are crucial for the storage and management of the produced energy and to provide it when required. For instance, in March 2024, the International Energy Agency (IEA), a United States-based governmental agency, proclaimed that 2023 had allegedly seen a surge in renewable energy deployment, culminating at 3,870 Gigawatts (GW) worldwide in the power sector. Renewable energy was responsible for 86% of new capacities, but the growth pattern exhibited disparities across different regions, suggesting a notable deviation from the aim to triple the renewable power capacity by 2030. Consequently, the escalation in renewable energy investments will stimulate the growth of the advanced energy storage systems market.
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What Trends Will Shape the Advanced Energy Storage Systems Market Through 2029 and Beyond?
Technological innovation has become a prominent trend in the advanced energy storage systems market, with major players directing their focus towards implementing such advancements. One such innovation is the Advanced Energy Storage Research and Testing Facility, which develops and tests energy storage technologies aimed at improving renewable energy usage and grid reliability. In August 2024, ENERGY.GOV, a company under the U.S. Department of Energy, inaugurated a new Advanced Energy Storage Research and Testing Facility. The purpose of this facility is to expedite the creation of futuristic energy storage technologies. The establishment is designed to fill the gap between basic battery research and large-scale battery production, encouraging exploration of diverse battery chemistries and materials. It specifically supports the progress of high-density energy storage systems, especially for electric vehicles, and creates a collaborative environment for industry scientists, academicians, and national security experts. The facility is equipped with state-of-the-art features for the preparation and testing of new battery chemistries like lithium-sulfur and sodium-ion batteries, playing a crucial role in progressing energy storage solutions vital for renewable energy assimilation and grid stability.
What Are the Main 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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Which Top Companies are Driving Growth in the Advanced Energy Storage Systems Market?
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.
Which Regions Will Dominate the Advanced Energy Storage Systems Market Through 2029?
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.
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