Advanced Energy Storage Market Insights, Analysis and trends during forecast period 2017-2025

 

Advanced Energy Storage Market

Advanced Energy Storage (AES) systems collect the needed energy at a single point in time and store it for later use. Energy may be stored in a variety of ways. Advanced Energy Storage methods transform electricity into a new type of energy that can be stored and transformed back into useful power when needed. Energy may be delivered and stored utilising Advanced Energy Storage and grids. The AES system is a developing technology that is crucial to the expansion of the energy industry in the twenty-first century. The energy may be utilised to make semiconductors, data storage devices, solar cells, and power. AES can assist meet the growing need for massive amounts of renewable energy.

It also enables operators to regulate the flow of energy sources by delivering only the needed quantity of energy, hence preventing energy waste. AES can successfully contribute to the reduction of Green House Gases and CO2 emissions, hence lowering global warming. Chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological energy may all be stored using AES. The rising demand for and investment in renewable energy sources, as well as numerous government policies encouraging the use of renewable energy, are important factors driving the worldwide AES market's expansion. However, the absence of an AES legal and regulatory policy is a key impediment to the expansion of the worldwide AES industry.

According to Coherent Market Insights, The global Advanced Energy Storage Systems Market was valued at US$ 11.79 billion in 2016 and is expected to expand at a CAGR of 8.88% in terms of revenue during 2017 – 2025.

The California State Assembly approved Assembly Bill 2514 on June 3, 2010 in order to develop a smarter, cleaner electric system and increase the usage of renewable energy. The measure compelled the California Public Utilities Commission to evaluate acquisition of feasible and cost-effective energy storage devices by March 1, 2012. The Self-Generation Incentive Program was enhanced in 2011 by Senate Bill 412 (Kehoe, 2009) to include Advanced Energy Storage as a qualifying technology. The Self Generation Incentive Program (SGIP) offers financial incentives for the installation of new renewable eligible technologies that fulfil all or a portion of a facility's electric energy demand. These reasons are projected to increase global demand for Advanced Energy Storages.

The lithium-ion battery category led the advanced energy storage system market in 2016, and this trend is projected to continue over the forecast period. The simple availability, widespread use, and affordable cost of lithium-ion batteries are the primary factors driving their appeal. Electric cars are increasingly employing lithium-ion batteries, which will drive the lithium-ion segment's growth throughout the projection period. Asia Pacific is predicted to be the industry leader in sophisticated energy storage.

According to the International Energy Agency (IEA), in order to fulfil expanding demand, developing countries such as China and India would need to quadruple their electrical power output by 2020. According to the same source, developing economies will account for almost 80% of total energy production and consumption by 2035. Because the majority of rising nations are located in Asia Pacific, this region is likely to enhance the AES market in the near future. According to the IEA, energy storage installations in emerging economies will expand by around 40% each year, adding about 80 GW to the projected 2 GW now in place.

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