Published Date : 30 Nov 2022
The global advanced energy storage systems market size accounted for USD 20.35 billion in 2022 and is expected to hold around USD 38.29 billion by 2030 with a registered CAGR of 8.2% from 2022 to 2030.
The necessity for energy conservation and storage is rapidly increasing as a result of energy depletion. Manufacturing, oil and gas, and transportation are all energy-intensive industries. As a result, improved energy storage systems using batteries are in high demand. Furthermore, the government is continually collaborating on rural development projects with private sector companies. As a result, demand for energy storage is expanding all over the world as a result of this aspect. As a result, the worldwide advanced energy storage systems market is experiencing a direct impact as a result of this. On the other hand, some countries lack of strong energy storage regulations is impeding the worldwide advanced energy storage systems market's growth.
Advanced Energy Storage Systems Market Report Scope
|Market Size In 2022||USD 20.35 Billion|
|Market Size By 2030||USD 38.29 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.2%|
|Forecast Period||2022 to 2030|
By Technology, By Application, By End User
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Batteries, flywheel, molten salt, thermal, and compressed air are the different types of technologies used in advanced energy storage systems. Due to the factors such as growing demand for sustainable energy and electricity and rising research and development initiatives by major market players and government agencies, the compressed air segment held the highest share in 2020. This segment is expected to expand in the upcoming years.
North America is the largest segment of the advanced energy storage systems market in terms of region. The factors such as growing technological advancements, product innovation, and growing investments by the government for the development of advanced energy storage systems are boosting the growth of the advanced energy storage systems market in the North American region.
The Asia-Pacific region is the fastest-growing region in the advanced energy storage systems market. The advanced energy storage systems market in the Asia-Pacific region is being driven by the factors such as surge in demand for electricity and power generation, stringent government regulations and guidelines, and the existence of major market players.
Drivers: Growing demand for electricity
Due to the factors such as rapid industrialization and urbanization, the demand for electricity had increased over a period of time. This has led to a surge in demand for renewable energy all over the world. In addition, the consumption of electricity had surged in the industrial areas where manufacturing units are prevailing. The generation of electricity with the help of various methods and technologies is helping in the growth of the market. As a result, the growing demand for electricity is propelling the advanced energy storage systems market growth during the projected period.
Restraints: Lack of proper resources
The countries of developing and underdeveloped regions face several problems regarding the proper utilization of resources. Sometimes, these nations don’t have enough resources for the installation of manufacturing plants. Even government are not able to cope with this kind of situation and circumstances. The government of such regions try to take help from developed regions. But it requires a lot of time and financial resources. That’s the reason, they remain backward as compared to developed and established nations. Hence, the lack of proper resources is hindering the growth of the global advanced energy storage systems market.
Opportunities: Surge in the number of investments in renewable energy sources
The surge in demand for electricity and power generation is forcing the government to invest in renewable energy projects. These projects help in the storage of energy on a large scale. The requirement and need of energy in underdeveloped regions are growing. The government of developed and developing regions has understood the importance of energy storage. The government is also providing tax rebates, incentives, and subsidies for the development of renewable energy sources. According to the International Energy Agency (IEA), the consumption and utilization of renewable energy has increased over a period of time. Thus, surge in the number of investments in renewable energy sources is creating lucrative opportunities for the growth of the global advanced energy storage systems market over the forecast period.
Challenges: High costs of investments
The installation and implementation of manufacturing plants for advanced energy storage systems require large costs. The technologies used for the advanced energy storage systems also cost high. The technologies such as molten salt technology and compressed air technology require land which increases the cost and expense for major market players. Advanced energy storage systems not only require installation costs but also maintenance and operating costs. This increases the initial cost of the setup of advanced energy storage systems. As a result, the high costs of investments are a major challenge for the expansion of the global advanced energy storage systems market.
Key Market Players
By End User
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1670
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333