LONDON, Feb. 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s research on the advanced energy storage systems market, in recent years, the advanced energy storage systems market has experienced robust growth, driven by technological advancements, increasing demand for electric vehicles, and growing awareness of the need for sustainable energy solutions. With a projected compound annual growth rate (CAGR) of 7.1%, the market size is expected to reach $19.25 billion in 2024, marking a significant milestone in its expansion. Looking ahead, the advanced energy storage systems market is poised for even stronger growth, with a projected market size of $25.39 billion by 2028, at a CAGR of 7.2%. This advanced energy storage systems market growth trajectory reflects the increasing adoption of advanced energy storage systems across various industries and applications.
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Electric Vehicles Driving Market Growth
The rise in demand for electric vehicles (EVs) is a key factor fueling the growth of the advanced energy storage systems market. EVs rely on advanced energy storage systems, such as lithium-ion batteries and other advanced battery technologies, to power their electric motors. These batteries provide the high energy density required for driving range and are essential for the widespread adoption of EVs. According to the International Energy Agency (IEA), the share of electric cars in total sales has more than tripled in three years, reaching around 14% in 2022. With over 2.3 million electric cars sold in the first quarter of 2023 and an expected 14 million in sales by the end of the year, the demand for advanced energy storage systems in the EV market is set to soar. As governments worldwide continue to implement policies aimed at reducing carbon emissions and promoting sustainable transportation solutions, the demand for EVs is expected to further accelerate, driving the growth of the advanced energy storage systems market.
Integration of Advanced Materials
Major companies in the advanced energy storage systems market are increasingly focusing on integrating advanced materials, such as phase changing materials (PCMs), into their products. These materials offer significant advantages, including high energy storage density, improved thermal management, and enhanced safety compared to traditional battery chemistries. For example, HeatVentors, a Hungary-based startup, has developed a groundbreaking technology called HeatTank, which utilizes PCMs to store energy more efficiently. This technology aims to reduce space requirements and optimize the use of cooling and heating systems. PCMs have the unique ability to store heat in a more concentrated form by undergoing phase changes, such as melting and solidification. This allows for significant space savings and energy efficiency improvements, making PCMs an attractive option for advanced energy storage systems.
Market Landscape and Opportunities
The global advanced energy storage systems market is characterized by its fragmentation, with a large number of players operating in the market. However, certain key players, such as Tesla, Inc., LG Electronics, and ABB Ltd., dominate the market landscape. North America leads the advanced energy storage systems market, accounting for the largest share of total revenue in 2023, followed by Asia Pacific and Western Europe. The advanced energy storage systems market is segmented by technology, application, and end-user, with grid storage emerging as the largest segment in terms of application. As grid modernization efforts gain momentum and renewable energy integration increases, the demand for grid-scale energy storage solutions is expected to surge, presenting significant growth opportunities for market players.
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In conclusion, the advanced energy storage systems market is poised for strong growth in the coming years, driven by the increasing demand for electric vehicles, the integration of advanced materials, and the expansion of grid storage solutions. As industries and governments worldwide prioritize sustainability and energy efficiency, advanced energy storage systems will play a pivotal role in facilitating the transition to a cleaner and more sustainable energy future. With ongoing technological advancements and market innovations, the future of the advanced energy storage systems market looks promising, offering vast opportunities for growth and development in the years to come.
Advanced Energy Storage Systems Global Market Report 2024 by The Business Research Company provides insights on the advanced energy storage systems market size, advanced energy storage systems market segments, advanced energy storage systems market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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