The Advanced Energy Storage Systems Global Market Report 2023 by The Business Research Company, provides advanced energy storage systems market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Advanced Energy Storage Systems Global Market Report 2023, the market size grew from $16.56 billion in 2022 to $17.89 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of advanced energy storage systems is expected to grow to $24.31 billion in 2027 at a CAGR of 8.0%.
The increasing investments in renewable energy are expected to propel the growth of the advanced energy storage systems market. Renewable energy, also known as clean energy is in high demand as it is a non-polluting source of energy and is replenished by nature. The governments and private sectors globally are significantly investing in renewable energy as it is beneficial for minimizing pollution while conserving natural resources. This rise of investments in renewable energy will create a significant demand for advanced energy storage systems as these are essential to store and manage the energy generated as well as supply for use when needs arise.
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The advanced energy storage systems market is segmented:
1) By Technology: Pumped Hydro Storage, Electrochemical Storage, Electromechanical Storage, Thermal Storage
2) By Application: Transportation, Grid Storage, Other Applications
3) By End-User: Residential, Non-Residential
Technology advancement is a key trend gaining popularity in the advanced energy storage systems market. Key players in the market are focusing on implementing technological advancements such as software integration in advanced energy storage systems. These advanced energy storage systems enable advanced features such as improved controls, monitoring, and forecasting abilities, resulting in efficient use of energy. Companies offering these systems can gain a competitive edge in the market. For instance, in June 2021, Honeywell, a US-based global advanced-technology company introduced its battery energy storage system (BESS) platform technology with integrated controls, monitoring, and forecasting capabilities. The new BESS Platform will target large commercial and industrial (C&Is) users, independent power producers (IPPs), and utilities. It provides customers with asset monitoring, distributed energy resource management, supervisory control, and analytics capabilities to forecast and optimize energy use, made possible with software integration.
Top Major Players
ABB,
LG Chem,
Samsung SDI,
General Electric Company,
Tesla
The advanced energy storage systems market report table of contents includes:
- Executive Summary
- Advanced Energy Storage Systems Market Characteristics
- Advanced Energy Storage Systems Market Trends And Strategies
- Advanced Energy Storage Systems Market – Macro Economic Scenario
- Advanced Energy Storage Systems Market Size And Growth
- Advanced Energy Storage Systems Market Segmentation
- Advanced Energy Storage Systems Market Regional And Country Analysis
………
- Key Mergers And Acquisitions In The Advanced Energy Storage Systems Market
- Advanced Energy Storage Systems Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Advanced Energy Storage Systems Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Advanced Energy Storage Systems Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Advanced Energy Storage Systems Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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Table 46: ABB Financial Performance
Table 47: LG Chem Financial Performance
Table 48: Samsung SDI Financial Performance
Table 49: General Electric Company Financial Performance
Table 50: Tesla Financial Performance
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