Advanced Energy Storage Systems Market Size Worth USD 6.93 Billion By 2022 : Radiant Insights,Inc
RadiantInsights.com includes new market research report on "Global Advanced Energy Storage Systems Market Size, Share And Trends Report Up To 2022 : Radiant Insights" to its huge collection of research reports.
San Francisco, Dec. 16, 2015 (GLOBE NEWSWIRE) -- Global Advanced Energy Storage Systems Market is expected to reach USD 6.93 billion by 2022. Increasing demand for utility scale power generation particularly during peak hours is expected to augment demand for advanced energy storage systems. Advanced energy storage systems efficiently manage energy resources thereby reducing the need for utility scale power generation plants. The above factor significantly helps in reducing fixed cost and is expected to play a key role in market growth over the forecast period.
Stringent regulatory framework governing the use of fossil fuels for power generation is also expected to act as a major driver for advanced energy storage systems market growth. Power plants generate significant quantities of GHG such as CO2, which can be overcome through the efficient use of advanced energy storage systems. These systems store energy when generated and are capable of providing back up power in times of excess power demand (peak hours).
Thermal energy storage systems were the largest technology segment in terms of installed capacity accounting for over 40% of global market in 2014. High efficiency in terms of energy storage and ability to provide power during peak hours in expected to play a major role in promoting market growth.
Battery storage devices market is still in a nascent stage and is expected to witness fastest growth at a CAGR of over 18% from 2015 to 2022. The market has large potential owing to easy charging properties and re-energization of the electrolyte liquid resulting in negligible wastage.
North America dominated the advanced energy storage systems market accounting for over 45% of global installed capacity in 2014. Stringent regulations with regards to environmental emissions are expected to result in increased installations of advanced energy storage systems, particularly in the U.S.
Asia Pacific is expected to be the fastest growing market for advanced energy storage systems at a CAGR of over 18% in terms of revenue from 2015 to 2022. Growing industrialization and improving consumer lifestyle has resulted in a surging need for energy which in turn is expected to augment advanced energy storage systems market in the region.
Advanced energy storage systems market is highly fragmented owing to the presence of numerous companies across multiple technologies. Owing to the technology driven nature of the market, key companies including AES Energy Storage, LG Chem, GE and Alevo are heavily investing into R&D to develop breakthrough technologies.
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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