Advanced Energy Storage Systems Market Worth 15.96 Billion USD by 2020
PUNE, India, December 2, 2015 /PRNewswire/ --
The report "Advanced Energy Storage Systems Market by Application (Transportation, and Grid Storage), by Technology (Lithium ion Battery, PHS, NaS Battery, CAES, Flow Battery, Supercapacitors, and Others), by End User & by Region - Global Forecast to 2020", published by MarketsandMarkets, The Market is expected to grow from an estimated USD 12.89 Billion in 2015 to USD 15.96 Billion by 2020, at a CAGR of 4.4% during the forecast period.
Browse 81 market data Tables with 68 Figures spread through 184 Pages and in-depth TOC on "Advanced Energy Storage Systems Market"
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The market report defines and segments the global energy storage systems market with an analysis and forecast of the market size.
Advanced Energy Storage Systems Market is expected to grow from an estimated USD 12.89 Billion in 2015 to USD 15.96 Billion by 2020, at a CAGR of 4.4% during the forecast period. Energy arbitrage opportunities, renewable energy installations, and growing electric vehicles market are driving the energy storage systems market globally.
Energy storage system in transportation application emerging as the major segment in the AESS market
The transportation segment accounted for the major share in the energy storage systems market. Lithium-ion and nickel-metal hydride batteries held the major share in the transportation sector in 2014. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by companies such as Honda Motor Company Ltd. (Japan), Chrysler Group LLC (U.S), and Toyota Motor Corporation (Japan), the usage of lithium-ion batteries is expected to be the most in electric vehicles by 2020.
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Increasing preference of lithium ion battery in advance energy storage systems
The report also segments the Advance Energy Storage Systems Market on the basis of technology into lithium ion battery, pumped hydro storage, NaS battery, CAES, flow battery, supercapacitors, and others. The lithium ion batteries segment is estimated to account for the largest market share in 2015. Varied application of this technology including its usage in large transportation application is contributing to its growth and a larger market share. However, the CAES market is expected to grow at the highest CAGR of 6.9% during the forecast period. This growth can be attributed to the drastic change in energy mix and the new trend of renewable energy as a power source. Use of renewable energy will result in frequent incidents of volatility of load profiles, which further requires the interference of energy storage systems.
Asia-Pacific is the dominant market for energy storage systems market
In this report, the energy storage systems market has been analyzed with respect to four regions, namely, Asia-Pacific, Europe, North America, and the Rest of the World (RoW). The energy storage systems market is expanding in developing countries owing to the progress in renewable energy installations and growth in electric vehicles market. The Asia-Pacific energy storage systems market is expected to dominate with a share of 47.0% in 2015. The region is expected to maintain its dominance in the energy storage systems market during the forecast period.
The report includes profiles of some of the leading players in the energy storage systems market to provide an in-depth understanding of the competitive landscape. The leading players include GS Yuasa Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), Hitachi Limited (Japan), Exide Technologies (U.S.), and L.G. Chem. Limited (South Korea) among others. Major companies in energy storage systems market comprise battery technology providing companies. Another major technology i.e. pumped hydro energy storage is dominated by companies such as Toshiba Corporation (Japan), ABB Limited (Switzerland), Siemens A.G. (Germany), Voith (Germany), Alstom (France), and Dominion Energy (U.S.). The dominant players are trying to penetrate developing economies and adopting various methods to grab a bigger market share.
Furthermore, market share analysis, by revenue, for key companies has also been included in the report. The scope accordingly aids market participants to identify high growth markets and help in managing key investment decisions. For this report, major players in the energy storage systems market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market shares have been evaluated and validated.
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