Advanced Energy Storage Systems Market: Current Analysis and Forecast (2022-2028)

Report Description

The Global Advance Energy Storage Systems Market was valued at USD 2.3 billion in 2021 and grow at a CAGR of 5.3% from 2022-2028. The Advanced Energy Storage System (ESS) Market is a rapidly growing industry that provides efficient and sustainable energy storage solutions for various applications. These systems enable the storage of energy from renewable sources such as wind and solar power is driving the demand for advanced energy storage systems to store and manage the energy produced. In addition, government initiatives, tax incentives, and subsidies for renewable energy and energy storage systems coupled with the need for energy security and reliability are driving the growth of the advanced energy storage system market.

ABB Ltd., AES Corporation, CALMAC Inc., Ecoult Energy Storage Solutions, Evapco Inc., General Electric Company, GS Yuasa Corporation, Hitachi Chems, Lockheed Martin Corporation, Panasonic Corporation.

Insights Presented in the Report

“Amongst application, transportation category to witness robust CAGR during the forecast period”

Based on the application, the advanced energy storage systems market is bifurcated into transportation and grid storage. Transportation acquired dominating share in the advanced energy storage systems market. The growing adoption of lithium-ion batteries in electric vehicles will drive the market size of the advanced energy storage system (AESS). It is mainly owing to the increasing need for peak shaving & shortening up electricity supply during load hours will further increase the penetration rate of AESS in transportation applications.

“Amongst end-user industry, residential category to witness robust CAGR during the forecast period”

Based on the end-user industry, the advanced energy storage systems market is segmented into industrial, commercial, residential, and utility. The residential segment acquired the highest share of the advanced energy storage systems market. Factors such as increasing demand for renewable energy sources and the need for energy storage solutions in residential homes is driving the growth of the market. The installation of advanced energy storage systems enables residential homeowners to store excess energy generated during the day for use during peak hours. Moreover, the integration of smart grid systems provides the necessary flexibility and reliability to support the integration of renewable energy sources into the grid increasing the demand for advanced energy storage systems in the residential sector.

“North America to hold a significant share in the market”

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly driven by the government support in the region coupled with initiatives to promote renewable energy and reduce carbon emissions are accelerating the demand for ADESS. In addition, advanced energy storage is a rapidly evolving technology that is critical for electricity grids and various key players are actively developing and deploying the advanced energy storage systems. For instance: in Feb 2023, Developers of the Oneida Energy Storage project (250 MW energy storage project) in Ontario, Canada, secured a battery supply deal for Tesla’s Megapack system.

Advance energy storage systems Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Advance energy storage systems market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Advance Energy Storage Systems Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Advance energy storage systems market were the three major steps undertaken to create and analyze the adoption of Advance energy storage systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Advance energy storage systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Advance energy storage systems market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Advance energy storage systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application, technology, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Advance energy storage systems market. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for material handling equipment a thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Advance energy storage systems market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Advance energy storage systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Advance energy storage systems market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Advance energy storage systems market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Advance energy storage systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, technology, and end-user in the global Advance energy storage systems market.

The main objective of the Global Advance energy storage systems Market Study

The current & future market trends of the global Advance energy storage systems market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Advance energy storage systems market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of application, technology, and end-user.
• Define and analysis of the regulatory framework for the Advance energy storage systems
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Advance energy storage systems market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Advance energy storage systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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