This report introduction comes from Coherent Market Insights. The 550-page report is identified with report code CMI14746.
Advanced Energy Storage (AES) systems are an evolving technology critical for the growth of the energy sector in the 21st century. AES systems involve the capture of energy produced at one time for use later. Energy can be stored in a variety of mediums. These energy systems convert electricity into a different form of energy which can be stored and converted back into usable electricity at a required time. Energy can also be transported over a grid and then stored.
Transportation and lithium-ion batteries were the most dominant segment in the global Advanced Energy Storage system in 2016.
The increasing demand for large amounts of renewable energy can be met with the help of AES. It also lets operators manage the flow of energy by supplying only the required amount thus avoiding the waste of energy.
AES can effectively help reduce the greenhouse gases and CO2 emissions. The various forms of energy that can be stored via AES include chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The increasing demand and investments in renewable sources of energy along with various governmental regulations supporting the use of renewable energy is a major driver that augments the growth of the global AES market.
However, the lack of a legislative and regulatory policy with regards to AES is a major restraining factor that affects the growth of the global AES market. The Assembly Bill 2514 passed on June 3, 2010, by the California State Assembly was accepted to create a smarter and cleaner electric grid, and increase the use of renewable energy.
The bill required the California Public Utilities Commission by March 1, 2012, to consider procurement for viable and cost-effective energy storage systems. In 2011, Senate Bill 412 (Kehoe, 2009) expanded the Self-Generation Incentive Program to include Advanced Energy Storage as an eligible technology. The Self Generation Incentive Program (SGIP) provides financial incentives for the installation of new renewable qualifying technologies that are installed to meet all or a portion of the electric energy needs for a facility. These factors are expected to globally boost the demand for advanced energy storages.
Lithium-ion batteries were the most dominant segment in the global Advanced Energy Storage system in 2016. Their use trend is expected to continue during the forecast period. The reason for the trend is the technological advancements and the growing use of lithium-ion batteries as a source of energy.
The increasing use of lithium-ion batteries in electrically powered vehicles is a major factor expected to augment the growth of this segment during the forecast period. Asia Pacific is expected to be the most dominant region in the global AES systems market during the forecast period and is expected to grow at a fast rate during the forecast period.
The International Energy Agency (IEA) estimates that by 2020, emerging countries will need to double their electrical power output to meet rising demand. It is estimated that by 2035, these nations will represent 80% of the total growth in both energy production and consumption. Asia Pacific is home to a number of emerging countries, thus, boosting the demand for AES in this region.
The IEA estimates that Energy storage deployments in emerging markets worldwide are expected to grow over 40% annually in the coming decade, adding about 80 GW of new storage capacity to the estimated 2 GW existing today.
The global advanced energy storage systems market was valued at $11.79 billion in 2016 and is expected to expand at a CAGR of 8.88% in terms of revenue during 2017 – 2025.
In 2016, AES systems were mainly used in the transportation segment. The increasing adoption of electric vehicles is a major driver that has resulted in the rising demand for AES systems in the transportation sector. This sector accounted for 50.20% market share in the AES systems market. According to the International Energy Agency, over 750,000 electric car sales were recorded worldwide. This is expected to boost the global AES systems market. China and the U.S. are expected to dominate EV sales during the forecast period. China is the leading consumer of electric vehicles registering as many as 352,000 new electric vehicles in 2016.
A few leading AES players include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.
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Filed Under: Energy storage
