- Surge in use of renewable energy sources is boosting growth prospects in the advanced energy storage market
- Asia Pacific is expected to gain profitable avenues due to increased efforts for the development of power distribution infrastructures
ALBANY, N.Y., May 25, 2022 /PRNewswire/ -- The global advanced energy storage market is estimated to attract growth at a CAGR of 5.7% during the forecast period, 2021-2031, as per a study by Transparency Market Research (TMR).
In the recent years, there has been increase in the availability of a wide range of options for the storage of energy including battery storage, pumped hydro, thermal storage, and flywheel storage. Of them, battery storage is being increasingly used for the photovoltaic systems. Though the product is comparatively expensive, it is still in high demand owing to its ability to provide many advantages such as improved dependability, safety, and overcharge protection. Moreover, the demand for thermal storage devices is being rising in the recent years owing to their cost-effective nature. These factors are leading to promising sales opportunities in the global advanced energy storage market.
The advanced energy storage market in Asia Pacific is projected to gain lucrative prospects during the forecast period due to many factors such as rise in the developments in the power distribution infrastructures, specifically in many developing nations including India, South Korea, and China.
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Players operating in the global advanced energy storage market are increasing the utilization of different renewable energy sources in order to generate energy and fulfilling the increasing demand for electric power. Moreover, they are seen increasing cash in-flow toward R&Ds to offer improved products, notes a TMR study on the advanced energy storage market.
Advanced Energy Storage Market: Key Findings
- Government authorities of many developing nations across the globe are increasing initiatives pertaining to the energy storage. For instance, several governments are providing benefits such as tax relaxations and introducing favorable regulations associated with the storage of energy. Moreover, they are offering incentives on the use of energy generated utilizing renewable sources of energy. These factors are leading into prominent sales growth opportunities in the global advanced energy storage market.
- Many developed and developing nations around the world are integrating renewable sources of energy in their energy generation policies in order to fulfill the rising electrical power demands. In addition, government authorities are focusing on the redevelopment of their policies pertaining to energy consumption and generation. These efforts are likely to drive the sales prospects in the global advanced energy storage market in the years ahead.
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- Players in the global advanced energy storage market are focusing on addressing several critical issues including surge in the costs of latest energy storage technologies such as thermal energy storage, hydrogen storage, liquid air energy storage. Moreover, they are also taking initiatives to highlight the need for the development of global standards pertaining to the use of these technologies. These factors are expected to play key role in the development of the advanced energy storage market during the forecast period.
Advanced Energy Storage Market: Growth Boosters
- Increasing investments on renewable energy sources across the globe are propelling the advanced energy storage market
- Surge in awareness among global populace about greenhouse gases and CO2 emissions is favoring the sales growth of the market
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Advanced Energy Storage Market: Key Players
Some of the key players profiled in the report are:
- EDF Renewables
- AES Corporation
- Maxwell Corporation
- Schneider Electric
- INEOS Group AG
- LyondellBasell Industries N.V.
- Green Charge Networks LLC
- SAFT S.A.
- NEC Corporation
- S&C Electric Company
- Dynapower Company LLC
- Beacon Power LLC
- EOS Energy Storage
Advanced Energy Storage Market Segmentation
- Pumped Hydro
- Battery Storage
- Flywheel Storage
- Thermal Storage
- Micro Grid
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