Advanced Energy Storage System Market Size, Share Report, Analysis, Trends, Growth 2032

The global Advanced Energy Storage System market size accrued earnings worth approximately USD 19.86 Billion in 2023 and is predicted to gain revenue of about USD 41.40 Billion by 2032, is set to record a CAGR of nearly 8.50% over the period from 2024 to 2032.

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Advanced Energy Storage System Market Overview

Advanced Energy Storage Systems (AESS) involves capturing the electricity in the form of energy; this energy which is stored is used later for several purposes. For instance, the electricity generated by a PV (photovoltaic) system can be stored in the battery and the stored energy is later used whenever required. The energy is stored in a variety of forms including chemical, mechanical, thermal, electrical, electrochemical, tidal, solar, and biological. The stored energy can be used in manufacturing data storage products, solar cells, semiconductors, and so on. Growing number of renewable energy resources, higher energy demand, and increasing regulations demanding for efficient energy are the major factors contributing to the advanced energy storage system market growth over the forecast period. Energy storage can help to address various challenges such as green gases emissions reduction, backup energy supply for critical loads, and also enabling the efficient deployment of electric vehicles.

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Advanced Energy Storage System Market Growth Analysis

In order to give the users of this report a comprehensive view of the advanced energy storage system market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the technology and the application segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, technology portfolio of various companies according to the region.

Advanced Energy Storage System Market: Report Scope

Advanced Energy Storage System Market Segmentation Analysis

The study provides a decisive view on the advanced energy storage system market by segmenting the market based on technology, application, and regions.

The lithium-ion batteries within the electrochemical storage system are expected to hold the highest share of the advanced energy storage systems market during the forecast period. In 2023, lithium-ion batteries contributed major shares in the global advanced energy storage system, and are expected to dominate the market during the forecast timeframe. The increase in the technological advancements and reduced energy costs are the major factors increasing the use of lithium-ion batteries. The increased use of the electrically-powered vehicles with lithium-ion batteries is also a major factor that is anticipated to increase the growth of this sector during the forecast timeframe.

The Asia Pacific held a substantial revenue share of the advanced energy storage system market in 2023 and the region is anticipated to continue with its regional supremacy over the forecast period. The growth of this regional market is accredited to the increased renewable energy installations and the growth in the electric vehicles market. Presence of the major manufacturers such as LG Chem, Exide Industries Ltd., BYD Battery Co. Ltd., and others in the storage systems also propel the growth of the advanced energy storage system market in the Asia Pacific. According to the International Energy Agency (IEA), the emerging countries will double their output of electrical power to meet up the increasing demand by 2032. 

The report also includes detailed profiles of end players such as

• LG Chem Ltd.
• ABB Ltd.
• GS Yuasa Corporation
• Samsung SDI Co. Ltd.
• General Electric Company
• Saft Groupe S.A.
• Hitachi Ltd.
• Siemens AG
• Tesla Inc.
• and Panasonic Corporation.

This report segments the global advanced energy storage system market as follows:

By Technology Segments

• Electro-Chemical Storage
• Mechanical Storage
• Thermal Storage

By Application Segments

• Transportation
• Grid Storage

By Regional Segments

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa