The Business Research Company’s report on the Advanced Energy Storage Systems Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the advanced energy storage systems market further?
The increasing investments in renewable energy are expected to propel the growth of the advanced energy storage systems market. Renewable energy, also known as clean energy is in high demand as it is a non-polluting source of energy and is replenished by nature. The governments and private sectors globally are significantly investing in renewable energy as it is beneficial for minimizing pollution while conserving natural resources. This rise of investments in renewable energy will create a significant demand for advanced energy storage systems as these are essential to store and manage the energy generated as well as supply for use when needs arise. For instance, in March 2024, according to the International Energy Agency (IEA), a US-based government agency, 2023 marked a record in renewable energy deployment, reaching 3,870 Gigawatts (GW) globally in the power sector. Renewables accounted for 86% of new capacity, but the growth is uneven across regions, indicating a significant gap from the target to triple renewable power capacity by 2030. Therefore, the increasing investments in renewable energy will drive the growth of the advanced energy storage systems market.
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What are the key factors influencing the forecasted market size of the advanced energy storage systems industry?
The advanced energy storage systems market size has grown strongly in recent years. It will grow from $19.58 billion in 2024 to $21.08 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increase in renewable energy investments, grid modernization, government incentives and regulations, growth in the electric vehicles, rise in electricity consumption.
The advanced energy storage systems market size is expected to see strong growth in the next few years. It will grow to $29.8 billion in 2029 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to climate change and emission reduction goals, increasing demand for renewable energy sources, rising microgrid and on-grid technologies infrastructure, investment in modern infrastructure, growing need for energy reliability. Major trends in the forecast period include enhanced battery technologies, hybrid energy storage systems, virtual power plants (vpps), energy management software, second-life batteries.
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Who are the leading competitors 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 emerging trends are set to transform the advanced energy storage systems market landscape?
Technology advancement is a key trend gaining popularity in the advanced energy storage systems market. Key players in the market are focusing on implementing technological advancements such as Advanced Energy Storage Research and Testing Facility. The Advanced Energy Storage Research and Testing Facility develops and tests energy storage technologies to enhance renewable energy use and grid reliability. For instance, in August 2024 ENERGY.GOV, a US-based U.S. Department of Energy company, Launched a new Advanced Energy Storage Research and Testing Facility aimed at accelerating the development of next-generation energy storage technologies. This facility will focus on bridging the gap between fundamental battery research and commercial-scale battery development, facilitating the exploration of various battery chemistries and materials. It is designed to support the development of high-density energy storage systems, particularly for electric vehicles, and will enable collaboration among scientists from industry, academia, and national security. The facility features advanced capabilities for preparing and testing new battery chemistries, including lithium-sulfur and sodium-ion batteries, thereby contributing to advancements in energy storage solutions essential for renewable energy integration and grid stability.
How do different geographies compare in terms of market share and growth potential in the advanced energy storage systems market?
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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Which major segments of the advanced energy storage systems market are experiencing the fastest growth?
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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How is the advanced energy storage systems market defined?
The advanced energy storage systems refer to advanced devices that convert electrical energy from power systems and store it to supply electrical energy when needed later. The advanced energy storage systems enable to use and manage the electrical energy efficiently. The energy can be used to produce semiconductors, data storage devices, solar cells, and electricity.
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