The global advanced energy storage systems market was estimated at USD 152.52 billion in 2021 and it is expected to surpass around USD 228.37 billion by 2030, poised to grow at a CAGR of 4.59% from 2022 to 2030.

Report Highlights

• The thermal segment accounted for the largest maximum share of 78.8%, in terms of capacity, in 2021.


• Asia-Pacific is expected to witness the fastest growth with a CAGR of 21.7% from 2022 to 2030.


• The U.S. accounted for a share of over 86.02% of the North American market in 2021.

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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).
 
Technology insights

The thermal segment accounted for the largest maximum share of 78.8%, in terms of capacity, in 2021 on account of high efficiency and temporary energy storage for later use. No requirement of inputs such as lithium for battery technology or molten salt & no geographical constraints is likely to fuel the growth further. The batteries segment is anticipated to witness significant growth during the forecast period. The growth can be attributed to the easy charging of batteries and liquid electrolyte reenergizing factor that leads to minimized electricity wastage.

Molten salt technology can be employed to retain thermal energy collected by a concentrated solar plant which can be further used to generate electricity at night and in bad weather. Halotechnics, a niche player in the market, has developed a system that employs molten salt chemistry to store power from any source of electricity.

Increasing demand for flywheel technology in industrial applications is expected to augment the growth over the forecast period. A flywheel is a mechanical energy storage system. This technology has vast market opportunities on account of more reliability, longer life, enhanced efficiency, and less maintenance.

Industry participants have been intensively investing in research and development projects on employing this technology for emerging grid storage systems. For instance, Hawaii-based firm American Electric Co. LLC deployed the 8-kW energy storage system with flywheel technology at a power generating station in Oahu. The system stores electricity in the form of rotational kinetic energy and charges & discharges without any loss of capacity for multiple duty cycles per day.

The technology is estimated to experience high growth as a result of uninterrupted & continuous power supply to the grid with immediate response, quality improvement, and frequency regulation. However, high capital investment is expected to be a major constraint for this technology over the forecast period.

Regional insights

Renewable energy technologies such as wind & solar PV are estimated to witness high growth in various developed & emerging economies including Japan, India, China, Germany, the U.S., and Italy. This is likely to increase the utilization of the product over the coming years.

Asia-Pacific is expected to witness the fastest growth with a CAGR of 21.7% from 2022 to 2030. Rising infrastructural spending from residential, industrial, and commercial sectors among developing nations including China and Indonesia will encourage the advanced energy storage systems market in the coming years. Significant capacity additions owing to increased energy demand is likely to have a positive impact on the market.

Europe and North America accounted for a substantial share in the market as a result of large installed capacities. Increasing government funding is expected to provide growth prospects for the market in North America. In addition, rising grid-scale projects owing to enhanced peak demand management are expected to propel the growth further. Growing adoption of electric vehicles along with stringent government regulations in countries such as Germany and France to minimize pollution levels will bolster the business growth during the forecast period.

The U.S. accounted for a share of over 86.02% of the North American market in 2021. The presence of numerous players coupled with a high adoption rate of new technologies is expected to fuel the growth over the coming years. The U.S. has adopted several regulations and policies to bring down pollution levels which will positively influence the business growth in the future.

Drivers and Restraints:

The increased awareness regarding global warming and ways to minimize it has given rise to several products that are able to harness solar energy. In a bid to conserve energy, governments across the world are actively engaged in building the right platforms for efficient distribution of solar energy. Solar farms are by far, the most effective ways of harnessing solar energy to generate electricity. Growing number of government subsidies have further attracted the riches and solar farm deployment firms are gaining investor traction.

The adoption of advanced energy storage system in solar farms has led to efficient energy harnessing methods. In April 2019, subsidiaries of the China Energy Engineering Corp. initiated two solar farms with the ability to generate a combined 500 MW solar energy. Considering the enormous population in China, this will be a major step towards establishing green energy regions, in a bid to conserve energy. Fortune Business Insights states that the use of advanced energy storage systems in solar plants across the world will have a positive impact on the global market growth in the forthcoming years.

Advanced energy storage system has the ability to enhance electricity grids. The gradual depletion of fossil fuels has created the need to conserve energy on the global platform. This has resulted in a huge emphasis on deployment of several methods of energy harnessing across the world. The adoption of advanced energy storage system can play a major part in enhancing energy storage, thereby improving energy resource utilization. To suffice the needs of the massive global population, it essential to preserve energy and deploy it based on the convenience of end users. The report provides a detailed analysis of several factors that have contributed to the demand for advanced energy storage.

Key Players

• Storage


• Alevo


• AES


• GE


• Altair


• LG Chem

Market Segmentation

By Technology Outlook

• Batteries


• Flywheel


• Thermal


• Molten Salt


• Compressed Air

By Regional Outlook

• North America


• Europe


• Asia Pacific


• Latin America


• MEA

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