Electricity can be generated, transformed, and transported, but it is also necessary to store the electricity in a cost-effective, easy, and practical way. As such electricity cannot be stored and has to be transformed into other forms of energy. In such cases, advanced energy storage comes into the picture and adds value at every single stage of the supply chain. Advanced energy storage is nothing but a technology that converts electricity into energy, stores it, and later on converts it back into usable electricity.
One of the major factors that is fueling the growth of the global advanced energy storage market is the growing need to manage the power supply. In addition to this, growing investments in renewable energy sources and growing concerns of environmental pollution are also the key factors that are contributing to the growth of the global market. Moreover, growing necessity for the management of an antiquated utility grid network, development of large amounts of renewable energy sources, and higher energy (demand) costs are also some of the aspects that are driving the growth of the market. In addition to this, advance energy storage has the potential to back up power for critical loads, utility transmission & distribution constraints, and enable the efficient deployment of Electric Vehicle (EV) charging stations to meet increasing demand. This is also adding up to the overall market growth. Furthermore, rise in installation of advanced energy storage owing to its ability to store various forms of energy including solar, tidal, electrochemical, electrical, thermal, and many more will generate several opportunities for the growth of the global advanced energy storage market over the forecast period.
The global advanced energy storage market is categorized based on technology, application, and region. Thermal storage, electro chemical, and mechanical energy storage are the key technologies scoped under the global market. Among technologies, the electro chemical segment is expected to hold the dominant share in the overall advanced energy storage market. Different applications such as grid storage and transportation are considered in the market.
Among the regions, Asia Pacific is expected to remain the highest revenue contributor in the global advanced energy storage market throughout the forecast period. Increasing demand for energy in emerging countries such as India and China is primarily fueling the growth of the advanced energy storage market in the region. North America and Europe are also expected to generate significant revenue for the advanced energy storage market over the forecast period.
AES Corporation, E22, Schneider Electric SE, S&C Electric, Green Charge Networks, ASystems, GS Yuasa Corporation, Maxwell Technologies, EDF Renewable Energy, and EOS Energy Storage are some of the key manufacturers in the global advanced energy storage market.
In November 2020, to offer network facilities to Ausnet electricity distribution networks in Australia, E22 initiated the EPC Project for a Li-ion energy storage project.