The advanced energy storage systems market is projected to grow at a CAGR of 8.38%, from 2017 to 2022
The Advanced Energy Storage Systems Market is projected to reach USD 19.04 billion by 2022, at a CAGR of 8.38%, from 2017 to 2022. The increasing renewable energy investments, reducing costs lithium-ion battery, and electrification of the transportation sector are the major drivers of the advanced energy storage systems market.
High capital requirement for some of the technologies, hazardous environmental impact of batteries, and lack of common codes and standards in the energy storage industry could hinder the growth of the AESS market.
The lithium-ion sub-segment, within the technology segment, is expected to grow at the highest CAGR, from 2017 to 2022
The lithium-ion battery sub-segment, within the technology segment, is likely to grow at the highest CAGR, during 2017 to 2022. It led the electro chemical technology segment sector within the advanced energy storage systems market in 2016 and is projected to dominate the market during the forecast period.
This particular market is expected to grow in the future as a result of rapid growth in the electric vehicles market coupled with the falling cost of these batteries. Furthermore, technological advancements and the rapid involvement of domestic manufacturers to cater to the varied applications demand for lithium-ion batteries are some of the reasons behind the segment’s strong hold in the market.
Asia Pacific: The largest market for advanced energy storage systems
The market in Asia Pacific is currently the largest market for advanced energy storage systems, followed by North America. The market in Asia Pacific is primarily driven by China and Japan. China has a major share in the world’s electric vehicle market, which makes it a key market for lithium-ion batteries.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 31%, Tier 2- 22%, and Tier 3- 47%
• By Designation: C-Level- 37%, Manager-Level- 34%, and D-Level- 29%
• By Region: North America- 23%, Europe- 29%, Asia Pacific- 34%, and RoW- 14%
Notes: The tier for companies has been defined on the basis of their total revenue, as of 2016: Tier 1=>USD 5 billion, Tier 2=from USD 1 billion to USD 5 billion, and Tier 3=<USD 1 billion
RoW is the rest of the world
Leading players in the advanced energy storage systems market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), General Electric Company (US), Samsung SDI Co ltd. (South Korea), GS Yuasa Corporation (Japan), Siemens Ltd. (Germany), Panasonic Corporation (Japan), CALMAC (US), Baltimore Aircoil Company, Inc (US), Tesla Inc. (US), Evapco, Inc. (US), Saft Groupe S.A (France), Hitachi Ltd (Japan), and BYD Company Ltd (China).
The report defines, describes, and forecasts the global advanced energy storage systems market by technology, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and key issues. It also covers various important aspects of the market.
Why buy this report?
• The report identifies and addresses key technology providers for advanced energy storage systems which would help service providers, review the growth in the demand for services.
• The report helps system providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
• The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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