Advanced storage battery systems market is rising with increasing demand for electric vehicles. According to International Council on Clean Transport (ICCT), the percentage of hybrid electric vehicles (HEV) in US in 2015, touched 15% of all the vehicles. The total count of HEV vehicles in Europe was more than 8% of the total transport vehicles in 2015. One in every seven vehicle sold in EU is HEV, since 2015.
In 2015, Department of Transport, UK announced an investment of $270 million YoY till 2020 for electric vehicles. The aim of the investment is to have every vehicle in the country (UK) to be of low emission by 2050. Asia Pacific is the fastest growing market for the forecast period 2017-2024. China, Korea, Singapore and Japan are main drivers of advanced battery storage technology market in Asia Pacific. The demand for electric vehicles in Japan is forecasted to increase by 11% in 2017. Sales of electric vehicles in China grew astounding 294% in 2015, according to ICCT. The high growth rate is anticipated to continue till 2020.
Other driving factors include volatility in fossil fuel price, new technologies in battery technology and rising investments in renewable energy. However, market competition, regulatory compliance, technical challenges in battery technologies and high capital investments are the factors impacting market growth for the forecast period 2017-2024.
Advanced battery storage systems market in Asia Pacific is growing with highest CAGR. The growth in Asia Pacific market is led by countries like China, Japan, and South Korea. Total investment in renewable energy in Asia pacific was highest in 2016. India and China together in 2016, invested more than $120billion for renewable energy technologies.
Government of Australia and Japan are planning to invest in sustainable energy technologies for next five years. Along with AGL energy, Government of Australia is planning to invest up to $4 billion till 2020 on renewable energy projects. Japanese Government invested over $37 billion in 2016 (0.3% increase) as compared to 2015 in renewable energy technologies.
North America dominates global advanced battery energy storage systems market in terms of revenue followed by Europe. Rising demand for electrical vehicles, favourable regulatory environment, increasing expenditure in renewable energy, and large pool of automobile companies are the factors driving market in Europe and North America. In 2016, total renewable energy investment in USA was $23.1 billion. Further by 2020, the total renewable energy investment is projected to reach $30 billion in USA.
Volatile Fossil Fuel Price
Rising Investments In Renewable Energy
Increasing Demand For Electric Vehicles
New Technologies In Battery
High Initial Capital Investments
Escalating Renewable Energy Demand Across The Globe
Increasing Application In Defense Sector
Technical Challenges In Battery Technologies
Key Topics Covered:
2. Market Overview
3. Market Determinants
4. Global Battery Energy Storage System Market By Technology
5. Global Battery Energy Storage System Market By Application
6. Global Battery Energy Storage System Market By End Users