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Advanced Energy Storage System Market by Technology (Batteries, Flywheel, Thermal, Molten Salt, Compressed Air): Growth, Future Prospects, and Competitive Analysis, 2015 – 2027

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Market Insights

The advanced energy storage system is a rapidly evolving technology and provides an integrated solution to critical energy needs. The advanced storage system offers reliability & resilience, sustainable mobility, flexibility, and enhanced economic competitiveness for remote communities. In addition, the energy storage systems strengthen and stabilize the U.S. grid by providing backup power, leveling loads, and offering various other energy management services while minimizing infrastructure costs.

The advanced energy storage system market is expected to cross-market value of USD 215.3 billion in 2027 from USD 155.6 billion in 2020. It is expected to grow at a CAGR of over 5.24% during the forecast period.

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Key Market Drivers and Restraints

The global advanced energy storage system market is likely to be driven by rapid growth in electric vehicles in developed and developing countries and rising investment in renewable energy. Constant electricity production coupled with frequently increasing demand propels the market’s growth. The leading players are focusing on the development of efficient technology which can be available at lower prices with fewer emissions and more reliable power. Owing to extensive research and development for the development of renewable energy technology is anticipated to fuel growth in the advanced energy storage system market. Furthermore, rising concerns about energy conservation and evolution from fossil fuels to alternative Technologies are expected to boost demand over the forecast period.

However, high capital and installation costs may hamper the demand of the advanced energy storage system market to a certain extent. The government authorities are forming R&D partnerships with key players to leverage technology and accelerate progress throughout the technology development cycle, fueling market growth. In addition, rapid technological advancements and a rising focus on cost-effective manufacturing systems are expected to offer lucrative opportunities for the market in the forecast period.

Impact of COVID 19

The outbreak of COVID-19 infection has caused enormous difficulties for the global market. The sudden epidemic has changed consumers’ approach toward adopting advanced energy storage systems. The storage system market is facing many challenges during the pandemic situation. Government imposition of new regulations, temporary shutdown of the manufacturing industry, and supply chain disruption in the market hamper the market growth for a short period. Further, the temporary shutdown of the industrial sector reduced electricity consumption, which in turn declined the demand for advanced energy storage systems market. As a result, the market witnessed a slow growth rate during the pandemic. However, post covid 19, the advanced energy storage system market processes will increase revenue gradually owing to the rise in new installations and technological innovation by market key players.

The Asia Pacific dominates the global advanced energy storage system market

The global advanced energy storage system market is geographically segmented into Asia, Europe, North America, the Middle East, Africa, and Latin America. The Asia Pacific market is anticipated to account for the highest revenue share globally. China holds the largest market share for advanced energy storage systems in the Asia Pacific in 2020. Increasing concern towards energy security in emerging countries is propelling the industry demand for energy storage systems in this region. Further, the increasing use of renewable energy technology for power generation, specifically in emerging countries such as China, India, and South Korea, is accelerating the demand for advanced energy storage system markets in the Asia Pacific region.

North America is projected to register significant growth in the advanced energy storage market due to increasing commercial & residential applications and growing investment in renewable energy. Introduction of new large capacity advanced energy storage system infrastructure in the United States and Canada.

The Thermal Segment drives Global Advanced Energy Storage System Market

On the basis of technology, the global advanced energy storage systems market is divided into Batteries, Flywheel, Thermal, Molten Salt, and Compressed Air. Among all technology types, the thermal segment accounted for the largest share of the Advanced Energy Storage System Market. However, the compressed air segment is anticipated to grow at a moderate CAGR during the forecast period.

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Increasing investment by companies operating in the market likely to boost the market growth

The global advanced energy storage system market is highly fragmented, with the presence of few key players occupying a major market share. The major players operating in the market are ABB Ltd., L.G. Chem, Ltd., General Electric Company, Tesla, Inc., Samsung SDI Co., Ltd, AES Energy Storage, Alevo Group S.A., and ZBB systems, Altair Nanotechnologies Inc., and Electrovaya Inc. The leading players are continuously focusing on technological innovation to fulfill the requirement of end-user industries. In addition, frequently changing consumer preferences are compelling manufacturers to focus on extensive research & development for the development of innovative products. Further, benefits associated with the advanced energy storage system such as minimum infrastructure investment, enhanced grid operation capabilities, high backup power for emergencies, and lower cost are expected to propel the market growth.

For instance, Hitachi ABB Power Grids Ltd. Company offers an advanced battery energy storage solution, e-meshTM PowerStoreTM, for Thailand’s largest private microgrid at Saha Industrial Park in Sriracha. The battery energy storage system (BESS) helps to develop a more sustainable and resilient solution for the industry.

1.Preface

1.1.Report Description
1.1.1.Purpose of the Report
1.1.2.Target Audience
1.1.3.USP and Key Offerings
1.2.Research Scope
1.3.Research Methodology
1.3.1.Phase I – Secondary Research
1.3.2.Phase II – Primary Research
1.3.3.Phase III – Expert Panel Review
1.3.4.Approach Adopted
1.3.4.1.Top-Down Approach
1.3.4.2.Bottom-Up Approach
1.3.5.Assumptions
1.4.Market Segmentation

2.Executive Summary

2.1.Market Snapshot: Global Advanced Energy Storage System Market

3.Market Dynamics

3.1.Introduction
3.1.1. Global Advanced Energy Storage System Market Value, 2015-2027, (US$ Bn)
3.2.Market Dynamics
3.2.1.Key Growth Trends
3.2.2.Major Industry Challenges
3.2.3.Key Growth Pockets
3.3.Attractive Investment Proposition,2020
3.3.1.Technology
3.3.2.Geography

4.Market Positioning of Key Players, 2020

4.1.Company market share of key players, 2020
4.2.Top 6 Players
4.3.Top 3 Players
4.4.Major Strategies Adopted by Key Players

5.COVID 19 Impact Analysis

5.1.Global Advanced Energy Storage System Market Pre Vs Post COVID 19, 2019 – 2027
5.2.Impact on Import & Export
5.3.Impact on Demand & Supply

6.North America

6.1.North America Advanced Energy Storage System Market, by Country, 2015-2027(US$ Bn)
6.1.1.U.S.
6.1.2.Canada
6.1.3.Mexico
6.2.North America Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
6.2.1.Overview
6.2.2.Batteries
6.2.3.Flywheel
6.2.4.Thermal
6.2.5.Molten Salt
6.2.6.Compressed Air

7.Europe

7.1.Europe Advanced Energy Storage System Market, by Country, 2015-2027(US$ Bn)
7.1.1.UK
7.1.2.France
7.1.3.Germany
7.1.4.Italy
7.1.5.Russia
7.1.6.Spain
7.1.7.Belgium
7.1.8.Netherland
7.1.9.Austria
7.1.10.Sweden
7.1.11.Poland
7.1.12.Denmark
7.1.13.Switzerland
7.1.14.Rest of Europe
7.2.Europe Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
7.2.1.Overview
7.2.2.Batteries
7.2.3.Flywheel
7.2.4.Thermal
7.2.5.Molten Salt
7.2.6.Compressed Air

8.Asia Pacific

8.1.Asia Pacific Advanced Energy Storage System Market, by Country, 2015-2027(US$ Bn)
8.1.1.China
8.1.2.Japan
8.1.3.South Korea
8.1.4.India
8.1.5.Australia
8.1.6.New Zealand
8.1.7.Taiwan
8.1.8.Southeast Asia
8.1.9.Central Asia
8.1.10.Rest of Asia Pacific
8.2.Asia Pacific Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
8.2.1.Overview
8.2.2.Batteries
8.2.3.Flywheel
8.2.4.Thermal
8.2.5.Molten Salt
8.2.6.Compressed Air

9.Latin America

9.1.Latin America Advanced Energy Storage System Market, by Country, 2015-2027(US$ Bn)
9.1.1.Brazil
9.1.2.Argentina
9.1.3.Peru
9.1.4.Chile
9.1.5.Colombia
9.1.6.Rest of Latin America
9.2.Latin America Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
9.2.1.Overview
9.2.2.Batteries
9.2.3.Flywheel
9.2.4.Thermal
9.2.5.Molten Salt
9.2.6.Compressed Air

10.Middle East

10.1.Middle East Advanced Energy Storage System Market, by Country, 2015-2027(US$ Bn)
10.1.1.UAE
10.1.2.KSA
10.1.3.Israel
10.1.4.Turkey
10.1.5.Iran
10.1.6.Rest of Middle East
10.2.Middle East Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
10.2.1.Overview
10.2.2.Batteries
10.2.3.Flywheel
10.2.4.Thermal
10.2.5.Molten Salt
10.2.6.Compressed Air

11.Africa

11.1.Africa Advanced Energy Storage System Market, by Country, 2015-2027(US$ Bn)
11.1.1.South Africa
11.1.2.Egypt
11.1.3.Nigeria
11.1.4.Rest of Africa
11.2.Africa Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
11.2.1.Overview
11.2.2.Batteries
11.2.3.Flywheel
11.2.4.Thermal
11.2.5.Molten Salt
11.2.6.Compressed Air

12.Global

12.1.Global Advanced Energy Storage System Market, by Technology, 2015-2027(US$ Bn)
12.1.1.Overview
12.1.2.Batteries
12.1.3.Flywheel
12.1.4.Thermal
12.1.5.Molten Salt
12.1.6.Compressed Air

13.Company Profiles

13.1.ABB Ltd.
13.2.LG Chem, Ltd.
13.3.General Electric Company
13.4.Tesla, Inc
13.5.Samsung SDI Co., Ltd
13.6.AES Energy Storage
13.7.Alevo Group S.A.
13.8.ZBB systems
13.9.Altair Nanotechnologies Inc
Electrovaya Inc.

List of Figures

FIG. 1Global Advanced Energy Storage System Market: Research Methodology
FIG. 2Market Size Estimation – Top Down & Bottom up Approach
FIG. 3Global Advanced Energy Storage System Market Segmentation
FIG. 4Global Advanced Energy Storage System Market, by Technology, 2019 (US$ Bn)
FIG. 5Global Advanced Energy Storage System Market, by Geography, 2019 (US$ Bn)
FIG. 6Attractive Investment Proposition, by Geography, 2019
FIG. 7Global Market Positioning of Key Advanced Energy Storage System Market Manufacturers, 2019
FIG. 8Global Advanced Energy Storage System Market Value Contribution, By Technology, 2019 & 2027 (Value %)
FIG. 9Global Advanced Energy Storage System Market, by Batteries, Value, 2015-2027 (US$ Bn)
FIG. 10Global Advanced Energy Storage System Market, by Flywheel, Value, 2015-2027 (US$ Bn)
FIG. 11Global Advanced Energy Storage System Market, by Thermal, Value, 2015-2027 (US$ Bn)
FIG. 12Global Advanced Energy Storage System Market, by Molten Salt , Value, 2015-2027 (US$ Bn)
FIG. 13Global Advanced Energy Storage System Market, by Compressed Air, Value, 2015-2027 (US$ Bn)
FIG. 14U.S. Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 15Rest of North America Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 16U.K. Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 17Germany Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 18France Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 19Rest of Europe Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 20Japan Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 21China Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 22India Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 23Rest of Asia Pacific Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
FIG. 24Middle East & Africa Advanced Energy Storage System Market, 2015-2027 (US$ Bn)
Latin America Advanced Energy Storage System Market, 2015-2027 (US$ Bn)

List of Tables

TABLE 1Market Snapshot: Global Advanced Energy Storage System Market
TABLE 2Global Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 3Global Advanced Energy Storage System Market, by Geography, 2015-2027 (US$ Bn)
TABLE 4North America Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 5North America Advanced Energy Storage System Market, by Country, 2015-2027 (US$ Bn)
TABLE 6Europe Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 7Europe Advanced Energy Storage System Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 8Asia Pacific Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 9Asia Pacific Advanced Energy Storage System Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 10Latin America Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 11Latin America Advanced Energy Storage System Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 12Middle East Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 13Middle East Advanced Energy Storage System Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 14Africa Advanced Energy Storage System Market, by Technology, 2015-2027 (US$ Bn)
TABLE 15Africa Advanced Energy Storage System Market, by Country/Region, 2015-2027 (US$ Bn)
TABLE 16ABB Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 17LG Chem, Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 18 General Electric Company: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 19Tesla, Inc: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 20Samsung SDI Co., Ltd: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 21 AES Energy Storage: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 22, Alevo Group S.A.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 23ZBB systems: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 24ZBB systems: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 25Electrovaya Inc.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments

Frequently Asked Questions

Which are the different types of Advanced Energy Storage System by technology?

Batteries, flywheel, thermal, molten salt and compressed air are major technologies of advanced Energy Storage System out of which Batteries segment dominated the global market and accounts for the major share in the global market.

Who are the key players in the global industry?

Some of the major players operating in Advanced Energy Storage System industry include, ABB Ltd., LG Chem, Ltd., General Electric Company, Tesla, Inc., Samsung SDI Co., Ltd, AES Energy Storage, Alevo Group S.A., ZBB systems, Altair Nanotechnologies Inc and Electrovaya Inc. The key players in the market adopt different business strategies to gain a competitive edge in the market.

Which is the leading regional market for global industry?

Asia Pacific region holds the largest share owing to large demand of Advanced Energy Storage System in several industries such as electrical, mechanical, thermal and others along with high level of awareness among end-users.

What will be the CAGR (2021 – 2027) of in global industry?

The market is anticipated to grow at a CAGR of 5.24% throughout the forecast period, in terms of revenue

What are the major challenges for the global Advanced Energy Storage System industry?

Advanced energy storage system require high capital investment for production and installation for high quality and improved performance. Further, high cost of raw materials used for the manufacturing, propels the capital cost of the system which may restrain the market growth.

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