Advanced energy storage systems store energy generated using renewable sources like solar and wind for later use. They allow excess renewable energy to be stored and supplied to the grid when renewable sources are unavailable, ensuring a stable power supply. These systems help reduce costs and environmental footprint compared to fossil fuel powered backup generation.
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
Growing integration of renewable energy in the electricity mix is a major driver for advanced energy storage solutions. Renewables produced about 27% of global electricity in 2020 but integrating higher proportions requires energy storage to balance variability. Advanced batteries and other storage technologies allow excess power generated from weather-dependent renewable sources to be stored and supplied on demand, facilitating increased renewable energy adoption targets worldwide. This trend is expected to continue supporting growth of the advanced energy storage market over the forecast period.
Strength: Advanced energy storage have higher energy density and longer lifespan than conventional batteries. They provide buffer to intermittent renewable sources like solar and wind energy.
Weakness: advanced energy storage technologies have higher upfront capital costs compared to traditional fossil fuels. Technical complexities and lack of standardization hamper large scale commercial deployment.
Opportunity: Increasing focus on developing green technologies to meet climate change targets opens up opportunities. Rapid adoption of EVs and demand management from smart grids and microgrids boost the market.
Threats: Technology disruptions from newer entrants and stagnant oil prices delay investments in alternative energy sources. Stringent safety regulations increase compliance costs.
The global Advanced Energy Storage Market Demand is expected to witness high growth over the forecast period. The market is anticipated to grow at a CAGR of around 7% during 2023-2030.
Regional analysis: Asia Pacific region currently dominates the market and is expected to maintain its lead position during the forecast period. China and Japan are major contributors owing to huge investments in renewable energy integration and electric vehicles adoption. Europe and North America are other major regions adopting advanced energy storage solutions for various applications including residential, commercial and utility-scale purposes.
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 investing in developing safer and more efficient battery technologies like solid-state, redox flow batteries to gain competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it