Advanced Energy Storage Is Estimated To Witness High Growth Owing To Increasing Demand For Renewable Energy Integration
Advanced energy storage refers to technologies that can store electricity from renewable energy sources for later use and cover usage fluctuation from these intermittent energy sources. It involves battery technologies like lithium-ion, lead-acid batteries, and flow batteries that store excess electricity from solar and wind for later use. These storage solutions help discharge electricity when there is a deficit from renewables and balance the grid workload. They provide backup power during emergencies and improve power quality. Advanced energy storage helps power electric mobility too by charging electric vehicles.
The global Advanced Energy Storage Market is estimated to be valued at US$ 19.9 Bn or Mn 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 Dynamics:
Increasing demand for renewable energy integration across regions drives the advanced energy storage market growth. Renewable energy sources like solar and wind are intermittent and storage helps regulate variability through charging and discharging. Battery storage paired with renewables provides continuous power by bridging supply gaps. Furthermore, the declining battery prices and technological advancements are improving the viability of energy storage solutions. However, high initial installation costs of advanced battery systems continue to hinder widespread adoption of energy storage technologies.
SWOT Analysis
Strength: The advanced energy storage market offers several benefits. Energy storage helps reduce dependency on fossil fuels by enabling the use of renewable energy sources like solar and wind. Energy storage also helps address issues related to intermittency of renewable sources. It allows balancing of supply and demand of electricity.
Weakness: The high upfront capital costs of advanced energy storage technologies is a major weakness. The costs of batteries and other storage mediums are still relatively high compared to conventional sources. The technology is also not mature yet which impacts reliability.
Opportunity: Rapid growth in deployment of renewable energy worldwide presents a major opportunity. As the share of solar and wind power increases globally, the need for energy storage to deal with their intermittency will rise significantly. Technological innovations are continuously reducing costs and improving performance which will further drive the market.
Threats: Declining costs and improvements in conventional power generation technologies can pose a threat. Advancements in natural gas, coal, and nuclear energy may reduce reliance on renewables coupled with storage. Stringent regulations around battery disposal and recycling also present a challenge. Geopolitical issues and trade barriers can disrupt supply chains for key materials.
Key Takeaways
The global Advanced Energy Storage Market Demand is expected to witness high growth over the forecast period supported by positive drivers like expanding renewable energy sector, declining costs of batteries, and policy support for clean energy adoption. Rapid pace of technological innovations and continuous R&D will be crucial for the industry.
Regional analysis: Asia Pacific region currently dominates the advanced energy storage market globally and is expected to maintain its leading position. China alone accounts for over 50% of the global energy storage capacity additions led by its aggressive renewable energy and emissions reduction targets. Other Asian countries like Japan, India, and South Korea are also among the fastest growing markets.
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 companies are focusing on expanding production capacity and tapping opportunities in Asia and other high growth markets through collaborations or acquisitions. Technology advances and customized solutions will be critical for long term growth.
Explore more related article on this topic: https://www.newsanalyticspro.com/advanced-energy-storage-market-size-and-share-analysis/
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