The global Advanced Energy Storage Market Growth Accelerated by Increasing Demand for Clean Energy Storage Solutions

 

Advanced energy storage solutions provide efficient energy storage capabilities and serve as an alternative to conventional energy sources. They are deployed in various applications such as grid energy storage, residential energy storage, utility-scale energy storage, and others. Advanced lithium-ion and lead-acid batteries are commonly used advanced energy storage solutions that offer high energy density, long lifetime, and lower maintenance. Their high efficiency in storing energy from renewable sources like solar and wind energy has accelerated their adoption.

The global Advanced Energy Storage Market is estimated to be valued at US$ 16.9 Billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for reliable and clean energy across the world has been a major driver for the advanced energy storage market growth. Various countries and government agencies are investing heavily in deploying renewable energy sources like solar and wind due to their clean energy attributes. However, energy generated from renewable sources can fluctuate due to weather dependency and other factors. Advanced energy storage solutions help store the energy generated from such intermittent renewable sources and dispatch it as per usage requirements. This ability to store clean energy and ensure reliable supply has increased their adoption significantly.

Segment Analysis

The global advanced energy storage market is dominated by the lithium-ion batteries segment. Lithium-ion batteries have a higher energy density when compared to lead-acid and nickel-metal hydride batteries and are more commonly used in applications such as consumer electronics, electric vehicles, and grid storage. As renewable energy generation grows and electric vehicles become more widespread, the demand for large scale and uninterrupted power storage is increasing rapidly. This drives the growth of the lithium-ion batteries segment in the advanced energy storage market.

Key Takeaways

The global advanced energy storage market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 16.9 Billion in 2024 and anticipated to grow at a CAGR of 5.6% during the forecast period.

Regional analysis

North America presently accounts for the largest share in the global advanced energy storage market. Early adoption of renewable technologies due to supportive government policies and regulations drives the growth of advanced energy storage systems in the region. The US, in particular, is expected to remain the major regional market owing to stringent carbon emission reduction targets and growing investment in large-scale energy storage projects.

Key players

Asia Pacific is projected to witness the highest CAGR during the forecast period. Rapid industrialization and growing capacity additions in renewable energy across countries such as China and India are expected to boost the adoption of advanced energy storage systems in the region.

Key players analysis

Key players operating in the advanced energy storage market are ABB Ltd., LG Chem, Ltd., Samsung SDI Co. Ltd. ABB Ltd. is one of the leading players providing utility-scale energy storage solutions worldwide. LG Chem, Ltd. and Samsung SDI Co. Ltd. have a dominant presence in the lithium-ion battery manufacturing space and are continuously investing in R&D to improve battery chemistry and performance.

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