Advanced Energy Storage Systems– Insights
Advanced Energy Storage (AES) systems involve the capture of the required energy which is produced at one time and can be used later. Energy is stored via a variety of mediums. Advanced Energy Storage technologies convert electricity into a different form of energy which can be stored and converted back into usable electricity at the required time. Energy can be transported via Advanced Energy Storage and stored using grids. AES system is an evolving technology critical for the growth of the energy sector in the 21st century. The energy can be used in the manufacture of various semiconductors, data storage products, solar cells, and electricity. The increasing demand for large amount of renewable energy can be met with the help of AES. It also allows operators manage the flow of energy sources by supplying only the required amount of energy thus avoiding the waste of energy. AES can effectively help reduce the Green House Gases and CO2 emissions, thus reducing global warming. The various forms of energy that can be stored via AES include chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The increasing demand and investments in renewable sources of energy along with various governmental regulations supporting the use of renewable energy is a major driver that augments the growth of the global AES market. However, the lack of a legislative and regulatory policy with regards to AES is a major restraining factor that affects the growth of the global AES market. The Assembly Bill 2514 passed on June 3, 2010 by the California State Assembly was accepted to create a smarter, cleaner electric grid, and increasing the use of renewable energy. The bill required the California Public Utilities Commission by March 1, 2012 to consider procurement for viable and cost-effective energy storage systems. In 2011, Senate Bill 412 (Kehoe, 2009) expanded the Self-Generation Incentive Program to include Advanced Energy Storage as an eligible technology. The Self Generation Incentive Program (SGIP) provides financial incentives for the installation of new renewable qualifying technologies that are installed to meet all or a portion of the electric energy needs for a facility. These factors are expected to boost the demand for Advanced Energy Storages globally.
Lithium-ion batteries was the most dominant segment in the global Advanced Energy Storage system in 2016. The trend is expected to continue during the forecast period. The reason for the same is the technological advancements and the growing use of lithium-ion batteries as a source of energy to reduce energy costs. The increasing use of lithium-ion batteries in electrically powered vehicles is a major factor that is expected to augment the growth of this segment during the forecast period. Asia Pacific is expected to be the most dominant region in the global AES systems market during the forecast period and is expected to grow at a fast rate during the forecast period. The International Energy Agency (IEA) estimates that by 2020, emerging countries will need to double their electrical power output to meet rising demand. It is estimated that by 2035, these nations will represent 80 percent of the total growth in both energy production and consumption. Asia Pacific is home to a number of emerging countries, thus, boosting the demand for AES in this region. The IEA estimates that Energy storage deployments in emerging markets worldwide are expected to grow over 40% annually in the coming decade, adding approximately 80 GW of new storage capacity to the estimated 2 GW existing today.
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.
Figure 1. Global Advanced Energy Storage Systems Market Share, By Application, 2016
Source: Coherent Market Insights (2017)
AES systems were mainly used in the transportation segment in 2016. The increasing adoption of electric vehicles is a major driver that has resulted in the rising demand for AES systems in the transportation sector. The transportation sector accounted for 50.20% market share in the AES systems market. According to the International Energy Agency, over 750000 electric car sales were recorded worldwide. This is expected to positively boost the global AES systems market. China and the U.S. are expected to dominate the electric vehicle sales during the forecast period. China is the leading consumer of electric vehicles registering as many as 352,000 new electric vehicles in 2016.
Some of the leading players in the AES include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.
An Advanced Energy Storage (AES) system is used to efficiently manage energy resources, thereby reducing the need for utility scale power generation plants. Advanced energy storage systems help in increasing the usage of renewable energy by using renewable sources such as solar and wind energy. The proper usage of renewable sources of energy due to AES makes these renewable sources more foreseeable, thus making it easy to integrate these sources of energy with an already existing power grid. Companies such as ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc. collaborate each other and with independent research organizations and institutes to speed-up the research activities in order to decrease Time To Market (TTM).
Increasing adoption of electric vehicles has resulted in an increase in demand for advanced energy system globally. The transportation segment dominates the advanced energy system market. Rising adoption of lithium-ion batteries in electric cars has resulted in significant demand for advanced energy system in transportation segment. The segment accounted for 50.20% market share, valued at US$ 5.92 billion, in 2016.
This report segments the global AES systems on the basis of application, and technology. On the basis of technology, the global AES systems market is classified into electro chemical, thermal storage, mechanical energy storage and other storage technologies. The electro chemical segment is further classified into lithium-ion batteries, lead acid batteries, sodium sulfur batteries, flow batteries and Nickel Metal Hydride (NIMH) & Nickel Cadmium Batteries (NICD). Thermal storage is further classified as Thermo Chemical Energy Storage, Latent Heat Thermal Energy Storage and Sensible Heat Thermal Energy Storage. The Mechanical Energy Storage is classified as Pumped Hydro Energy Storage, Compressed Air & Liquid Air Energy Storage and Flywheel Energy Storage. The application segment is classified as Transportation and Grid Storage.
Key features of the study:
Table of Contents
*Browse 90 market data tables and 40 figures on "Advanced Energy Systems(CGM) Market - Global forecast to 2024”.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.