Press release
Advanced Energy Storage Systems Market Expected to Achieve 8.7% CAGR by 2029: Growth Forecast Insights
Advanced Energy Storage Systems
How Large Will the Advanced Energy Storage Systems Market Size By 2025?
The market size for advanced energy storage systems has significantly expanded in the past few years. The growth projection shows an increase from $19.58 billion in 2024 to $20.73 billion in 2025, with a 5.9% compound annual growth rate (CAGR). This sustained growth during the historic period can be linked to factors such as an upsurge in renewable energy investments, modernization of grids, government incentives and regulations, the expansion of electric vehicles, and a skyrocketing demand for electricity.
How Big Is the Advanced Energy Storage Systems Market Size Expected to Grow by 2029?
Expectations are high for sturdy expansion in the advanced energy storage systems market size in the upcoming years. It is projected to amplify to $28.97 billion in 2029, escalating at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth during this timeframe is linked to factors like climate change and emission reduction targets, an uptick in the demand for renewable energy sources, growth in microgrid and on-grid technologies infrastructure, budget allocation for advanced infrastructure, and the escalating requirement for reliable energy. The future trend predictions include improved battery technologies, mixed energy storage systems, virtual power plants (vpps), software for energy management, and repurposed batteries.
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Which Key Market Drivers Powering Advanced Energy Storage Systems Market Expansion and Growth?
Expectations for growth in the advanced energy storage systems market are increasing, as investments in renewable energy escalate. Also identified as clean energy, renewable energy is a pollution-free, naturally replenishing form of power, highly sought-after these days. Capital investment into this sector is being made significantly worldwide by both government and private entities, as it yields environmental benefits like reduced pollution and conservation of natural resources. A considerable demand for advanced energy storage systems is fueled by these heightened investments in renewable energy because these systems are invaluable for energy storage, management, and delivery, when necessary. The International Energy Agency (IEA), a US-based government entity, highlighted in March 2024 that 2023 broke a new record for renewable energy distribution, hitting 3,870 Gigawatts (GW) globally in the power sector. Renewable power represented 86% of the new capacity, though growth wasn't uniform across all regions, pointing to a considerable gap from the goal set to triple renewable power capacity by 2030. Hence, the escalating investments in renewable energy are expected to stimulate the growth of the advanced energy storage systems market.
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Which Fast-Growing Trends Are Poised to Disrupt the Advanced Energy Storage Systems Market?
The increasing emphasis on technological advancement is shaping the advanced energy storage systems market as a notable shift. Market players are strategically adopting advancements such as the Advanced Energy Storage Research and Testing Facility to boost their positions. This facility, designed by the key players, serves to develop and examine energy storage technologies to optimise the use of renewable energy and affirm grid stability. An example of this is the August 2024 launch of a new Advanced Energy Storage Research and Testing Facility by ENERGY.GOV, an enterprise under the U.S. Department of Energy. The purpose of this facility is to speed up the evolution of upcoming energy storage technologies. Its focus lies in reconciling the distance between primary battery research and commercial-scale battery development. It does so by fostering the exploration of diverse battery chemistries and materials. Specifically tailored to bolster high-density energy storage systems development, especially for electric vehicles, this facility encourages interaction among researchers from industry, academia, and national security. Additionally, the facility is furnished with advanced features for formulating and experimenting with novel battery chemistries including lithium-sulfur and sodium-ion batteries. This leads to innovations in energy storage solutions crucial for renewable energy assimilation and grid stability.
What Are the Emerging 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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Who Are the Global Leaders 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 are the Top Profitable Regional Markets for the Advanced Energy Storage Systems Industry?
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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