Advanced Energy Storage Systems Industry - Growth, Trends, Size, Forecast (2018 - 2023)
The Advanced Energy Storage Systems market size will grow from USD 12.73 Billion in 2017 to USD 20.69 Billion by 2023, at an estimated CAGR of 8.43%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
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This growth is attributed to increasing renewable energy investments, growth in the electric vehicles market globally, and regulatory changes demanding energy efficiency. The lithium-ion sub-segment, within the electro chemical segment led the advanced energy storage systems market in 2017, and is projected to dominate the market during the forecast period. Moreover, technological advancements and growing deployment of lithium-ion batteries is expected to result in economies of scale, which would lower the cost for this technology, further driving the growth in the market. The advanced energy storage systems market has been segmented, based on application, into transportation and grid storage. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for the growth.
By Market Players:
LG Chem, Ltd. , ABB Ltd. , GS Yuasa Corporation , Samsung SDI Co., Ltd. , General Electric Company , Saft Groupe S.A. , Tesla, Inc. , Evapco, Inc. , Calmac , Baltimore Aircoil Company, Inc. , BYD Company Limited , Hitachi, Ltd. , Siemens AG , Panasonic Corporation,
By Application
Transportation , Grid Storage,
By Technology
Electro Chemical , Thermal Storage , Mechanical Energy Storage , Other Storage Technologies,
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