Advanced Energy Storage Systems Market Growing at CAGR of 22% by 2027

Advanced Energy Storage Systems Global Market – Overview
The global advanced energy storage systems market has witnessed a remarkable growth in the past few years and it has been anticipated that the energy storage systems will grow at the rapid pace during the forecast period. Energy Storage is a very diverse subject areas, it comprises from small to very large systems. Energy storage is broadly segmented into mechanical energy storage, electro-chemical energy storage, thermal storage and chemical storage. Energy storage systems have been dominating the renewable energy market as well conventional market in recent years because of the ability of store the energy in various forms and supply according to end user needs. The energy storage systems are driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems. As per the study conducted by Market Research Future, the global market for advanced energy storage systems is likely to grow at the CAGR of around 20.18%.

Key Player
Some of the key players in the advanced energy storage market are
• Yuasa Corporation (Japan),
• Samsung SDI Co. Ltd. (South Korea),
• Hitachi Limited (Japan),
• Toshiba Corporation (Japan),
• ABB Limited (Switzerland),
• Siemens A.G. (Germany),
• Alstom (France),
• Exide Technologies (U.S.),
• L.G. Chem. Limited (South Korea),
• Alevo Group S.A. (U.S.) ,
• Maxwell Technologies Inc. (U.S.)
• others.

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Industry/ Innovation/ Related News
November 15, 2017 - India Energy Storage Alliance (IESA) announced that Large-scale adoption of energy storage is expected to attract investment over $3 billion in the next three years. These opportunities are expected to attract investment in 2-4 giga factories for advanced li-ion batteries in India, attracting over $3 billion investments in next 3 years. Already, over 1 GWh of annual assembling capacity is being set up for converting imported li-ion cells into battery modules by various Indian companies.
October 27, 2017 – Swiss institutional investment group SUSI Partners announced its plans to finance C$120 million (US$94.56 million) of commercial and industrial (C&I) sector energy storage projects by Canadian project developer/owner NRStor. The company signed a deal with fellow Canadian company Hydrostor, which delivers advanced adiabatic compressed air energy storage (A-CAES) from underground caverns, to jointly develop utility-scale energy storage projects across Canada.

October, 2017 – The Indian energy storage industry announced a 28-megawatt-hour battery plant in the Andaman and Nicobar Islands will kick-start a utility-scale market that has been slow to emerge. IESA has a vision of making India a global advanced energy storage systems manufacturing hub by 2020. Given India’s track record on utility-scale energy storage, the aim is ambitious. However, India is sure that it will help open up opportunities for such hybrid projects in India

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Advanced energy storage systems Global Market - Competitive Analysis
The global market for advanced energy storage systems seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

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