Global Advanced Battery Energy Storage Systems Market to Grow at an Exponential CAGR of 7.0% During the Forecast Period 2022-2030


The global advanced battery energy storage system market is estimated to rise with a CAGR of 7.0% during the forecast period of 2022-2030. Advanced batteries have been widely adopted as a cost-effective solution in the energy storage market. These batteries include Lithium ion batteries, Sodium Sulphur batteries, flow batteries, and nickel-metal hydride and other batteries.  Decreasing the cost of lithium ion batteries and surging energy storage deployments in power grids has largely impacted market growth. There is a huge demand for advanced energy storage technologies in the power grid system. On the other hand, consistently decreasing price of lithium ion batteries has further helped to boost the market growth.

Grid storage is the fastest growing application of advanced energy storage systems market. Grid storage application is anticipated to grow by CAGR 7.9% during period 2022-2030. Increasing integration of renewable energy with that of national grid, demand for energy storage devices amongst the residential households and rising investments in smart city energy infrastructure are the factors driving grid storage segment. Total investments in smart city infrastructure across the globe are anticipated to reach over $1trillion according to Economic Intelligence Unit. Of these over 30% would be used for creating sustainable energy infrastructure.

Lithium Ion battery is the fastest growing technology segment in the advanced battery storage systems market. Lithium ion battery market is anticipated to grow at CAGR 7.9% during forecast period. Expanding electric vehicles market, increasing demand for energy storage systems amongst the residential housing, demand for storing excess renewable energy systems, and expanding consumer electronics market are the main drivers of lithium ion batteries. Globally total sales of electric vehicles reached over 20million per annum by 2020 according to International Energy Agency. Increase in sales of electric vehicles across the globe would supplement the demand for lithium ion battery market in coming years.

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Asia Pacific leads global advance energy storage systems market by capturing the largest market share of over 68.56% in 2021. Asia Pacific advanced energy storage systems market is anticipated to grow at CAGR 6.8% during the forecast period. Increasing investments in energy storage systems from emerging economies like India, China and Japanis driving the demand for electrical vehicles in Asia Pacific. India, China, Korea, and Japan are a key market for energy storage systems for the forecast period.

Product launch is the leading strategic initiative adopted by advanced battery storage system manufacturers across the globe. Product launch build sales and revenue via expanding customer base. Manufacturers are targeting new untapped markets like Latin America, Africa, and Asia Pacific via product launch. Merger & Acquisition is an important strategy by manufacturing companies in advanced battery storage systems market. The ultimate goal of company investing in advanced battery energy storage systems market is to accelerate its development in the fields of renewable energy and electricity. The key companies include Samsung SDI Co Ltd., Hitachi Ltd., BYD Company Ltd, and others.

KEY MARKET MOVEMENTS

  • The global advanced battery energy storage system market is estimated to rise with a CAGR of 7.0% during the forecast period of 2022-2030.
  • Grid storage is the fastest-growing application of advanced energy storage systems market. Grid storage application is anticipated to grow by CAGR 7.9% during period 2022-2030.
  • Lithium Ion battery is the fastest growing technology segment in advanced battery storage systems market. Lithium ion battery market is anticipated to grow at CAGR 7.9% during forecast period.
  • Asia Pacific lead global advance energy storage systems market by capturing largest market share of over 68.56% in 2021.
  • Product launch is the leading strategic initiatives adopted by advanced battery storage system manufacturers across the globe.
  • The key companies include Samsung SDI Co Ltd., Hitachi Ltd., BYD Company Ltd and others.

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