Advanced Energy Storage Systems Market Research Report - Forecast to 2030

Advanced Energy Storage Systems Market Research Report: Information by Technology (Mechanical, Thermal, Electro Chemical And Others) Storage Type (Batteries, Flywheels, Compressed Air Storage, Pumped Hydro-Power, Others), Application (Transportation, Grid Storage, Others), and region - Forecast till 2030

ID: MRFR/E&P/0593-HCR | February 2021 | Region: Global | 185 pages

Advanced Energy Storage Systems Market overview 

Advanced Energy Storage Systems Market is projected to be worth USD 227.86 billion by 2028, registering a CAGR of 9.11% during the forecast period (2021 - 2028), The market was valued at USD 152.25 billion in 2021.

The advanced energy storage system is an exceptional technology that can effectively convert electricity into energy. Also, it can store the energy, convert and supply electricity when required. The developing countries are focusing on renewable energy production. Renewable energy is a clean and cost-efficient energy source. The reliability and sustainability of this energy source are higher. This development in the power industry is the major reason for massive market growth. 

The expansion of the smart grid market is also driving the demand for the energy storage market. The requirement for an undisturbed supply of power is high in many regions. The smooth flow of electricity increases productivity in the industrial and commercial spaces. The demand for a constant power supply is propelling the growth of the advanced energy storage market. The crucial operations of the advanced energy storage systems are frequently regulation, power congestion and uniform flow of power. Due to all these benefits, the Market Value will reach a tremendous rate in 2028. 

Covid analysis 

The advanced energy storage system is an efficient technology that can convert electricity into energy and offer electricity whenever required. The power provides by this system is renewable and reliable. The covid 19 has changed the Advanced Energy Storage Systems Market Outlook. The outbreak of the covid 19 has caused plenty of difficulties for the global market. The advanced entry storage systems market is facing plenty of challenges during this period. The government is imposing several regulations on all trade activities. Due to the lockdowns, there is a severe decline in the consumption of electricity. The shutdown of industrial and commercial facilities can cause this decline. The production process of energy storages system is reducing due to these factors. The market is witnessing less demand during this period. However, post covid 19, the advanced energy-storage system market operations will revenue gradually. 

Key players

  1. Toshiba Corporation 

  2. ABB Ltd.

  3. Tesla Inc.

  4. General Electric Company


  6. Samsung SDI Co ltd.

  7. GS Yuasa

  8. Siemens Ltd.

Recent developments 

  1. The AAB Company has launched an innovative micro-grid energy storage system that can offer power stability for energy-intensive technologies. 

  1. The key players of the market are partnering to launch storage inverters for commercial and industrial spaces.

  1. The key players of the market are introducing the Nano-carbon lead-acid battery for high need technologies. 

Market dynamics 

  • Crucial market drivers 

The increasing investments in renewable energy are the crucial driver for the market. The developed countries are making massive investments in renewable energy. Renewable energy is the purest and reliable energy that will have high demand in the upcoming years. Both the companies and governmental investments in this energy are causing exceptional demand for advanced energy storage systems. In the recent year’s governmental awareness and incentives to invest more in sustainable energy is more.

Also, renewable energy is a cost-efficient energy source that encourages the developed nations to invest more in it. It is a crucial market driving factor that will fuel the revenue rates of the advanced energy storage systems market. The upgrades and advancements in the power storage systems is another crucial driver for the market. Due to the rising investments, technological advancements are going to be higher for the market. It is another crucial driver that will bolster more demand for the market. With new and innovative energy storage solutions, end-users will demand the technology.

  • Market growth opportunities 

The key regional players of the market are modernising their current energy storage solutions. Most of the energy storage solutions in the china and other Asia Pacific markets maturing rapidly. There is a high need to upgrade these ageing storage solutions in the upcoming years. This requirement in the market offers plenty of growth opportunities for advanced energy storage systems. There is going to be approximately 30% up-gradation in the power industry. It will open up promising advanced energy storage solutions growth opportunities. Also, according to the SE4All initiative more than USD 45 billion will be made to replace the ageing storage systems. The universal adoption of the newer electric storage systems is essential. The innovation and launch of the smart grid in the energy storage system market will create further opportunities. The gird technology is efficient with plenty of exceptional features. It is a technology that can provide quick assistance to store and utilise energy in urgent times. All these factors reassure that there are massive growth opportunities for the advanced energy storage systems market. 

  • The market restraint 

Advanced energy storage systems require high capital investments. Some sectors require energy storage systems that have lithium, sodium and flow batteries. The high capital required for the production is a significant market restraint. The energy storage systems requiring lithium batteries have higher density features and high performance. Lithium is made with high-end metals that make the overall energy storage system expensive. Also, with the rated power, the cost of the advanced energy storage systems will rise further. The high capital investments of this technology can restraint the overall market demand. 

  • The market challenges 

The valuation of the advanced energy storage systems is dynamic. The value of energy storage depends on the light load or heavy load operations of the electrical utilities. Also, the price of energy storage systems depends on the type of energy resource. There are several forms of energy. Solar and wind energy are the two most sustainable energies. The storage of these various energy forms may affect the pricing. Also, there are few technical difficulties in the systems. The service difficulties, less system reliability and increasing inefficiency of the system are other challenges. These challenges can significantly reduce the overall demand for the advanced energy storage systems market. 

  • Cumulative growth analysis 

The advanced energy system storage market is witnessing steady growth during the forecast period. There are plenty of factors that fuel the growth. The profitable market segments are the transportation and electrochemical segment. Also, both these segments are responsible for the high market growth rate of this market. The transportation industry has a high demand for energy storage gird systems. Also, it is one of the industries to adapt to smart-energy storage systems at an exponential pace.

The electrochemical segment of the market will witness the highest growth rate in the upcoming years. The crucial drives of the market such as massive investments in renewable energy and energy storage system up-gradation will continue to benefits the market. However, there are few restraints such as high capital investments that can decline the demand rate. Further, the dynamic cost rates of this technology another market challenge. However, the overall market Trends look positive.

  • Value chain analysis 

The Asia Pacific market will witness the fastest growth rate in the forecast period. The renewable energy resource market is rising in the forecast period. The countries such as China, India, South Korea and Japan are the key contributors to the advanced energy storage systems market. Also, the growth of electrical vehicles is another crucial driver for the market in Asia pacific. The reliability and efficiency of the market are exceptional in Asia pacific region. Also, the key players of the market are introducing various innovative stogie systems. Further, the Asia Pacific market will witness the highest demand rate during the forecast period. 

Segment overview 

By application 

  • Grid storage 

  • Transportation 

  • Others

By Storage type 

  • Batteries

  • Flywheels

  • Compressed Air Storage

  • Pumped Hydro-Power

  • Others

By technology 

  • Mechanical

  • Thermal

  • Electro Chemical

  • Others

By region 

  • Europe 

  • Asia pacific 

  • North America 

Regional analysis 

The advanced energy storage market is diversified into North America, Europe and Asia pacific. Also, the Asia Pacific region dominates the other regional players with maximum Advanced Energy Storage Systems Market Share. The Asia Pacific market will record the highest growth rate during the forecast period. Also, the key players of the market have plenty of growth strategies during the forecast period. The market expansion rate is going to be massive in 2027.

The technological advancements in the advanced energy storage systems market will result in product variation. Further, the North American region is the next dominating the global market. The investment rate in this region is tremendous. Also, the production rate is expected to take an increase exceptionally during the forecast period. Also, the European market is witnessing massive advanced energy storage systems adoption rate. The ageing of existing storage systems is increasing the demand for innovative energy storage systems. 

Report overview 

  1. Market overview highlights 

  2. Analysis based upon COVID 19

  3. Explanation upon the Market Dynamics

  4. Value chain analysis

  5. Market segmentation overview

  6. The regional analysis

  7. Competitive landscape analysis

  8. Recent Developments

Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 227.86 billion
  • 2030 : Significant value
  •   CAGR   9.11% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Technology, Storage Type and Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   AES Corporation (US), Tesla, Inc. (US), GENERAL ELECTRIC (US), ABB (Switzerland), Saft (France), LG Chem. (South Korea), Siemens AG (Germany), Panasonic Corporation (Japan), Electrovaya (Canada), Hitachi, Ltd. (Japan)
      Key Market Opportunities

  • increase in demand for renewable energy
  • gradual downfall in technology cost and increase in storage application in all vertical of industries
  •   Key Market Drivers   growing need for uninterrupted power supply with substantial increase in power demand throughout the world

    Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    The growing need for uninterrupted power supply with extensive surge in power demand throughout the world is lashing the global advanced energy storage market.

    North America accounted for the largest market share of global advanced energy storage systems market

    The technology, storage type and application are the segments of the market.

    The AES Corporation (US), Tesla, Inc. (US), GENERAL ELECTRIC (US), ABB (Switzerland), Saft (France), LG Chem. (South Korea) are the main competitors of the market.

    Asia-Pacific is leading the market for advanced energy storage systems.