PUBLISHER: The Business Research Company | PRODUCT CODE: 1477071
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477071
Advanced energy storage systems encompass a wide range of technologies designed to store energy in a form that can be retrieved and converted back into electricity or another useful form of energy at a later time. These systems are crucial for enhancing the efficiency and reliability of energy supply, managing electricity demand and facilitating the integration of variable renewable energy sources such as wind and solar power.
The advanced energy storage systems market consists of sales of advanced energy storage systems by entities (organizations, sole traders and partnerships) that provide technologies and methodologies designed to store energy efficiently and effectively for later use.
The global advanced energy storage systems market was valued at $13,339.2 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.5%.
Increase In Investments In Renewable Energy
The increase in investments in renewable energy drove the growth of the advanced energy storage systems market during the historic period. 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. For instance, according to the 2023 Renewable Energy Investment Tracker report by Bloomberg, a New-York-based financial, software, data and media company, the global new investment in renewable energy surged to $358 billion in the first half of 2023, a 22% increase over the same period last year and a record for any six-month period. Therefore, the increase in investments in renewable energy supported the growth of the advanced energy storage systems market.
Development Of Integrated Energy Storage Systems For Unified Storage
Companies in the advanced energy storage systems market are developing integrated energy storage system solutions to gain a competitive edge in the market. Integrated Energy Storage Systems (ESS) refer to comprehensive solutions that combine various components and technologies into a unified system for storing electrical energy. For example, in October 2023, Caterpillar Inc., a US-based engineering equipment manufacturing company, launched the Cat ESS suite, an integrated Energy Storage System (ESS) solution. The suite offers scalable and modular designs for various energy system applications, including generator set transient assist, grid integration and support, energy time-shifting, power stabilization, power factor correction and renewable energy integration. The standard module, serving as the foundational unit, is a 20-foot module equipped with lithium-ion batteries, Caterpillar's bi-directional inverter and an isolation transformer. The Cat ESS suite aims to provide customers with grid stabilization and energy time-shifting technologies to support site loads with scalability.
The global advanced energy storage systems market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 22.9% of the total market in 2022.
Advanced Energy Storage Systems Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global advanced energy storage systems market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for advanced energy storage systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The advanced energy storage systems market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider advanced energy storage systems market; and compares it with other markets.