Advanced Energy Storage Market Propelled By Increasing Adoption Of Renewable Energy Technology

 

Advanced Energy Storage Market

Advanced energy storage refers to devices that can store energy from renewable and cleaner energy sources and release it over time. These include electrochemical batteries, mechanical batteries like pumped hydro and flywheels, compressed air energy storage, hydrogen fuel cells and thermal energy storage. They are used widely in applications like transportation, grid storage, portable devices and military among others. Advanced energy storage batteries help accelerate the flexible use of renewable energy sources like solar and wind by storing excess energy generated during peak generation times and reutilizing it when the sources are not generating power.

 

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 Dynamics:

The increasing demand for renewable energy integration is a key driver propelling the advanced energy storage market growth. With rapid advancements in solar and wind technology, there is excess renewable energy generated during certain times of the day which needs to be stored for use later. Advanced battery technologies help support the reliable integration of variable renewable resources into the electric grid by absorbing and dispatching power as required.

 

Lithium-ion batteries have emerged as a popular energy storage solution owing to their higher energy density and longer lifespan compared to lead-acid batteries. Continuous investment in R&D is improving the performance of lithium-ion batteries each year. This has resulted in wider adoption of lithium-ion batteries across transportation and grid energy storage applications. However, regulatory challenges around recycling spent lithium-ion batteries and supply security of raw materials continue to restrict the market potential.

 

SWOT Analysis

Strength: Advanced energy storage provides a clean and renewable alternative to fossil fuels. It helps reduce dependence on oil and gas. Energy storage helps balance the intermittency of renewable energy sources like solar and wind by storing excess energy for later use. Energy storage improves grid reliability and resilience.

Weakness: Energy storage technologies still have high upfront capital costs compared to conventional power generation. The lifespan of energy storage systems need to extend further to justify the costs. Energy density limitations mean large space requirements for some technologies like batteries.

Opportunity: Increasing adoption of renewable energy is driving demand for energy storage to balance intermittent power supplies. Growing concerns about the environmental impact of fossil fuels is boosting the advanced energy storage market. Supportive government policies and incentives in many countries encourage the development and deployment of energy storage solutions.

Threats: Changes in government regulations and subsidies can impact market opportunities. Cost reductions in competing technologies pose challenges. Geopolitical uncertainties and trade policies affect global supply chains and investments. Natural disasters or unexpected technology failures may disrupt supply.

 

Key Takeaways

 

The Global Advanced Energy Storage Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 19.9 Bn by 2024, growing at a CAGR of 7.0% through 2030.

 

Regional analysis: Asia Pacific dominates the advanced energy storage market currently, accounting for over 35% of the global market share in 2023. China leads deployment and manufacturing, followed by Japan. Rapid economic development, rising electricity demand, and supportive policies are driving the region's growth. North America is the second largest regional market, led by the United States with extensive grid modernization programs incorporating energy storage solutions.

 

Key players: Key players operating in the advanced energy storage market include 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. The market is moving towards consolidation as large firms acquire smaller players to expand technology and geographic reach. Collaboration with utilities and project developers is also increasing.


Get More Insights Here

https://www.trendingwebwire.com/advanced-energy-storage-market-size-share-growth-outlook-2023/

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