Advanced energy storage technologies provide reliable solutions for storing energy from renewable sources like solar and wind energy for later use. These technologies include batteries, flywheels, compressed air storage, and pumped hydroelectric storage that help stabilize the power grid by absorbing excess renewable energy production and supplying power when the wind isn't blowing or the sun isn't shining. They play a vital role in enabling higher penetrations of renewable energy by addressing the intermittent nature of these resources. The global advanced energy storage market is estimated to be valued at US$ 19.9 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Utility scale energy storage projects are on the rise driven by supportive government policies and incentives. Major utilities across regions are actively pursuing large stationary storage systems to help balance the irregular power supply from renewable sources. For instance, Southern California Edison recently invested US$ 130 million to develop a 100 MW battery energy storage project. Another major project includes a 400 MW lithium-ion battery project in California to store excess solar power. Such large-scale stationary storage installations are accelerating the deployment of advanced energy storage technologies to enable reliable integration of renewable energy.
Segment Analysis
The global advanced energy storage market is dominated by lithium-ion battery segment. Lithium-ion batteries are widely used in consumer electronics devices like smartphones, tablets, laptops etc which is driving its adoption in this segment. Moreover, lithium-ion batteries have higher energy density compared to lead-acid batteries which makes them preferable for energy storage applications.
Key Takeaways
The Global Advanced Energy Storage Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region is expected to be the fastest growing market for advanced energy storage during the forecast period. This growth can be attributed to increasing investments by countries like China, Japan and India in grid-scale and off-grid energy storage projects to increase the share of renewable energy in overall electricity generation.
Key players: Key players operating in the advanced energy storage market are Himalaya Herbal Healthcare, Gaia Herbs, Nature's Bounty, NOW Foods, NutriGold, Garden of Life, MegaFood, New Chapter, Sambucol, BioSchwartz, Solgar, Source Naturals, Nature's Way, Jarrow Formulas, Pure Encapsulations. These players are focusing on new product launches and expansions to increase their market share. For instance, in 2022, Tesla launched its Megapack battery which is a pre-engineered, pre-configured and pre-tested utility-scale battery system to provide reliable and cost-effective energy storage for the grid as well as commercial and industrial organizations.
Get More Insights Here
https://www.newsstatix.com/advanced-energy-storage-market-size-share-growth-outlook-2023/
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