Advanced Energy Storage Market: Introduction
The global market for advanced energy storage features a largely fragmented competition landscape, owing to the presence of several large- and medium-scale companies and low threat of new entrants due to the market’s capital-intensive nature. Leading companies in the market benefit from their technical expertise, vast experience, and strong distribution and sales channels.
The focus on strategic alliances, long-term contracts, and expansion across high-growth regional markets has increased. A recent instance of this strategy is the contract won by AES Energy Storage, a completely owned subsidiary of AES Corporation, under which the company would assist San Diego Gas in installing and commissioning energy storage installation arrays of capacity 37.5 MW.
The global market is expected to expand at a CAGR of 5.7% during the forecast period from 2021 to 2031. In this context, the advanced energy storage market was valued at US$ 1.13 Bn in 2020 and is expected to reach US$ 2.08 Bn by 2031.
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Reduced Battery Costs Help Lift Market Growth Prospects
Some of the key forces driving the global market for advanced energy storage are significant growth in the field of battery energy storage, vast rise in micro grid and on-grid energy distribution infrastructure across the globe, and lower regulatory constraints pertaining to energy storage. Of these, the excellent growth observed in the battery industry in the past few years, which has helped in significantly reducing battery prices, has the electrochemical (battery) energy storage segment and benefitted the growth prospects of the global advanced battery storage market as well.
The impressive growth observed in micro grid and on-grid energy distribution sectors, especially across some of the world’s leading developed and emerging economies, has also had a positive impact on the overall growth prospects of the global advanced energy storage market. In the near future, the market is expected to benefit from relaxation in tax structure and encouraging government regulations concerning energy storage, especially in countries across Europe and Asia Pacific where governments support the industry via loan rebates and subsidies.
Lack of Global Standard for Deploying Novel Energy Storage Technologies Hinders Growth Prospects
Some of the key restraints of the global advanced energy storage market are rising costs of novel energy storage technologies such as liquid air energy storage, thermal energy storage, and hydrogen storage, and lack of global standards regarding the deployment of these technologies. Lack of proper infrastructure and integration technologies in certain high growth potential regional markets are also limiting the expansion of the advanced energy storage market.
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Asia Pacific to Continue Dominance of Advanced Energy Storage Market
The global advanced energy storage market is segmented into the major regions of Asia Pacific, Middle East & Africa, Latin America, North America, and Europe. The regional classifications offer a comprehensive view of the growth factors that could define the course of the market at regional level over the period of forecast. Asia and Africa are estimated to reign over the global advanced energy storage market during the assessment period. The prominence of the market in these parts of the world can mainly be ascribed to the augmented initiatives on part of the governments to generate electricity utilizing renewable sources.
Rural electrification is another significant growth factor that is expected to propel the advanced energy storage market in Asia and Africa. North America is likely to project moderate growth over the period of review due to rise in awareness about the adverse effects of diesel power generators on people and the environment.
The global advanced energy storage market seems to be fairly fragmented with the presence of many well-entrenched enterprises. This also highlights the intense competition landscape of the market.
AES Corporation, EDF Renewables, Schneider Electric, Maxwell Corporation, LyondellBasell Industries N.V., INEOS Group AG, SAFT S.A., Green Charge Networks LLC, S&C Electric Company, NEC Corporation, Beacon Power LLC, Dynapower Company LLC, and EOS Energy Storage are some of the key participants in the global advanced energy storage market.
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Global Advanced Energy Storage Market: Segmentation
Advanced Energy Storage Market, by Technology
- Pumped Hydro
- Battery Storage
- Flywheel Storage
- Thermal Storage
- Others
Advanced Energy Storage Market, by Application
- On-Grid
- Off-Grid
- Micro Grid
- Others
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