Advanced Energy Storage Systems Market Analysis

Advanced Energy Storage Systems Market Analysis

Compressed air advanced energy storage systems market size is anticipated to expand over 14% by 2022. Growing investments toward wind and solar energy resources to meet the peak power demand has fueled the technology penetration. Furthermore, government reforms to encourage the adoption of sustainable power generation technologies with growing integration of energy storage systems will further enhance the industry outlook.
 

Ongoing efforts toward power optimization across energy intensive industries coupled with increasing electricity prices will drive the battery advanced ESS industry growth. For instance, the European Energy Research Alliance initiated the SP1 program which focuses on the entire value chain from materials to integration of the energy storage technology. This in turn improves the performance, power and energy density while maintaining high level of safety.
 

Flywheel advanced energy storage systems market is anticipated to witness substantial growth by 2022. Long life, low maintenance, and high efficiency are some prominent features that will drive the product installation over other available alternatives. In addition, major industry players are aggressively investing in intensive research and development activities to increase technology penetration for emerging grid storage systems which stimulate the business outlook.
 

The U.S. advanced energy storage systems market is set to surpass USD 2 billion by 2022. Growing investments to shift the dependency from conventional to unconventional clean energy sources will stimulate the technology adoption. Reductions in battery prices are making energy storage a competitive alternative to other traditional solutions across the region. Rising penetration of large utility aided projects will further compliment the industry outlook over the forecast period. In 2018, Pacific Gas & Electric Company (PG&E) requested California Public Utilities Commission (CPUC) for the approval of four cost-efficient energy storage projects with total capacity of almost 567 MW.
 

Increasing R&D investments to develop effective low-cost sustainable products will up surge the Europe market size. Manufacturer’s focus to prepare a smart electric ecosystem in line of favoring the energy transition will further accelerate the regional industry growth over the forecast timeframe. In 2018, Groupe Renault launched the “Advanced Battery Storage” program with an aim to develop the largest stationary ESS using EV batteries. The systems tends to enable the grid integration of clean energies across various sites in France and Germany.
 

Latin America advanced energy storage systems market is set to witness growth over 15% by 2022. Rising measure toward limiting the carbon footprint along with soaring investment in clean energy sector will rise the deployment of these products. In addition, Stringent government regulation on account to curb the carbon emission will further boost the market share in the coming years.