NEW YORK, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Global Advance Energy Storage market size is expected to grow from USD 8.8 billion in 2017, to USD 17.6 billion in 2024, at a CAGR of 9.1% from 2018 to 2024. Factors propelling the growth of market include electric energy storage for energy arbitrage and increasing investment in modernizing the grid for robust and resilient electricity delivery system. Advance battery storage offer lucrative platform to become profitable to arbitrage shifting electricity prices – filling up batteries with cheap power sources such as solar, wind and using stored energy rather than peak priced electricity. The report segments the Advance Energy Storage market by Technology (Mechanical ((Pumped Hydro, CAES, Flywheel)), Electrochemical ((Lead-Acid, Lithium-ion, Sodium Sulfur, Sodium Nickel, Flow Batteries (Vanadium Redox, Zinc Iron, Zinc Bromide, Others)), Thermal ((Sensible, Latent, Thermochemical)), Electrical ((Supercapacitors, SMES)), Chemical ((Power to Power, Power to Gas, Others)), Biological ((Glycogen, Starch), by Application (Grid Storage, Transportation), by System (On-Grid, Off-Grid, Micro Grid) by End Use (Residential, Commercial, Utility) and by region (North America, Europe, Asia-Pacific, Rest of World). The report studies the global Advance Energy Storage market over the forecast period (2018-2024).
Advanced Energy Storage refers to the technology converting electricity into energy, store it and then convert back into usable electricity at a later time. Advance energy storage offers solution to various challenges including backup power for critical loads, greenhouse emission and utility transmission and distribution constraints.
Key Findings From Global Advance Energy Storages Market
- The global Advance Energy Storages market is expected to increase from USD 8.8 billion in 2017, to USD 17.6 billion in 2024, at a CAGR of xx% during 2018 -2024
- The lithium-ion held the largest market share of global electrochemical Advance energy storage market and is expected to grow at a significant rate during the forecast period owing to increased demand from electric vehicles, portable consumer electronics and grid storage systems
- The Thermal energy storage technology segment held the largest market share of the global advance energy storage market in 2016. The increasing number of project in thermal advance energy storage from the renewable sources such as concentrated solar power has driven the demand for this technology
- North America holds the largest share in the global Advance Energy Storages market in 2016. The growth in the region is accompanied by the federal support promoting technology development for advance storage.
- Key players in Advance Energy Storages Market are Alevo, AES, GE, Altair, LG Chem, Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc., Hitachi,Ltd., Calmac, ABB Ltd. are among others.
Advance Energy Storage- Simplest yet most effective tool for on- screen theft prevention
The energy storage market is growing significantly on account of advancements in technologies making it attractive to consumers and more affordable for investors. Energy storage technologies support the adoption of renewable energy by addressing generation variation resulting from weather conditions Advance energy storage systems is playing crucial role in modernizing the grid for better enhanced power reliability and integration of renewable resources. With increasing number of renewable projects across the globe and billions of dollars being invested, energy storage technology is of key importance for investors ensuring long term reliability. Advance Energy storage enhances the usability of solar and other renewable resources. Further, energy storage reduces the dependency on fossil-fueled generation sources by enabling peak shifting, providing backup power and other ancillary grid services. Advance Energy storage cleaner offers solution to support more reliable electric system and present pool of market opportunity towards building the clean energy economy.
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Advance Energy Storages Market- Regional Insight
North America represents largest region for the growth of Advance Energy Storages market. The factors driving the North American Advance Energy Storages market is owned to advancement in the energy storage technologies, and cost effectiveness. Increasing demand for electric vehicles and renewable energy further augments the growth of the North American Advance Energy Storages market. Demand for Advance Energy Storage in Asia-Pacific is expected to grow at highest rate owing to the rising economies in the region with focus on developing renewable energy sources and governmental support for energy storage. Europe being a key market in the global Advance Energy Storages market is primarily driven due to large number of renewable projects operating and rapid adoption to electric vehicles in the region.
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