Advance energy storage system has gained popularity over the years with growing concerns over climate change, which has eventually led to opt for renewable and sustainable energy resources as an alternative. There has been significant development in the advance energy market in the recent years, owing to factors like technological advancements and decreased average cost per KWh. Energy storage technology providers and systems integrators are elemental to the growth of advance energy storage market. Different types of application segment has different requirement, which in turn leads to different forms of energy storage technologies. Hence, the advance energy storage market comprises of technologies like Lithium Ion battery, flow battery, molten salt battery, metal air battery and Ultrabattery.
The global advance energy storage market is expected to grow at a standard rate for the period 2016-2022. North America and Asia-Pacific are the regions where some of the major technologies in the advance energy storage market are growing rapidly, while many other regions are still at an early stage and are expected to develop in the coming years. The primary driving forces in the future growth of the market are, increasing production of electronic vehicles (EVs), hybrid vehicles (HVs) and plug-in hybrid electric vehicles (PHEVs) and increasing deployment of renewable energy projects. Although, there is a slight disadvantage to these forces as cost per KWh is higher and hence, it restrains the growth of the market.
The advance energy storage market is highly competitive right now in which similar form of technologies are competing neck and neck, and may overtake each other with further developments in the market. The market has been divided on the basis of technology, application and geography. In technology, Lithium Ion battery has dominated the market and is currently growing rapidly in the market. International Renewable Energy Agency (IRENA) recently predicted that use of better storage for electricity could reach 250 GW by 2030, which is 1GW at present.
In terms of application, advance energy storage technology includes automotive, consumer electronics and grid storage. Consumer electronics holds the major segment in terms of installed capacity whereas automotive and grid storage is expected to witness a surge in growth rate during 2016-2022. In terms of geography, the APAC region is ahead of all other regions in installed capacity and revenue generation. The South Asian countries hold a share of 75% of the global production for Lithium Ion batteries, which has made APAC region a key player in the advance energy storage market.
The companies in the advance energy storage market are inclining towards joint ventures and collaborations to expand their operations. A development similar to this trend was witnessed when General Motors and Honda announced their joint venture to bring down the costs of advanced hydrogen fuel cell systems and its mass production for their vehicles. Some of the key companies in the advance energy storage market are Panasonic Corp., LG Chem, Samsung SDI, GS Yuasa, BYD, Shenzhen BAK, Sumitomo Electric Company, NGK Insulators, Maxell and Saft Batteries. These companies are also actively participating in collaborations.
BIS Research has done an extensive report on ‘Global Advanced Energy Storage and Fuel Cell Market’. The report provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry. For further queries, please write to us at [email protected] or call us at : +1 650 228 0182