Global advanced energy storage systems market size is anticipated to be valued at USD 24.8 billion by 2022, as per a new research report by Radiant Insights, Inc. Increasing energy consumption coupled with strong energy demand for industrial, commercial and residential applications is expected to drive industry growth. Increase in electric vehicle production is likely to play a significant role for market growth. Stringent norms from regulatory bodies such as U.S. EPA and DOE to curb carbon emissions are expected to favor the demand. High cost associated with technology is expected to challenge industry growth.
Thermal storage systems dominated the technology segment and accounted for more than 70% of the total market share in 2014. Low energy consumption, efficiency and low GNG emissions are anticipated to make this particular technology well suited for several applications. Batteries storage systems technology was second largest and is also anticipated to be the fastest growing with an estimated CAGR of 18.3% from 2015 to 2022.
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Key report insights suggest:
• Global advanced energy storage systems market size was estimated at 3.7GW in 2014 and may reach 11.3 GW by 2022 growing with an estimated CAGR of 15.0% from 2015 to 2022.
• North America dominated the regional demand with an estimated market share of 47.5% in 2014. Favourable environment regulations to curb CO2 emissions are likely to drive this regions demand. Asia Pacific is likely to witness high growth rates with an estimated CAGR of 15.7% from 2015 to 2022. Presence of large scale manufacturing units particularly in China and India is anticipated to drive Asia Pacific’s market growth.
• European market valuation exceeded USD 340 million in 2014. Renewable energy installation programs by European Union couple with preference given to electric vehicle production in countries such as France and Germany is expected to drive regional demand.
• Highly fragmented energy storage systems market share is characterised by joint ventures and continuous research programs for developing technologies used in difference applications. Key industry participants include LG Chem, AES Energy, Alevo, Nippon Chemi-Con, Samsung SDI, A123 Systems, LLC, Duke Energy and GE.
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Global Advanced Energy Storage Systems Technology Overview (Capacity, Mega Watts; Revenue, USD Million, 2012 – 2022):
• Compressed Air
• Molten Salt
Global Advanced Energy Storage Systems Application Overview (Capacity, Mega Watts; Revenue, USD Million, 2012 – 2022):
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Saudi Arabia
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