The global advanced energy storage systems market attained a value of nearly USD 20.6 billion in 2023. The market is further expected to grow at a CAGR of 8.3% during the forecast period of 2024-2032 to reach a value of USD 42.1 billion by 2032.
Base Year
Historical Year
Forecast Year
| Global Advanced Energy Storage Systems Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 20.6 |
| Market Size 2032 | USD Billion | 42.1 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 8.3% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 10.7% |
| CAGR 2024-2032 - Market by Country | India | 12.3% |
| CAGR 2024-2032 - Market by Country | Saudi Arabia | 9.4% |
| CAGR 2024-2032 - Market by End User | Non-Residential | 9.1% |
| CAGR 2024-2032 - Market by Application | Grid Storage | 9.1% |
| Market Share by Country 2023 | Italy | 2.3% |
The market in the Asia Pacific region is estimated to be the leading region for advanced energy storage systems in the forecast period. The increasing use of renewable energy resources for power generation, especially in China, South Korea, and India and the increase in the number of electric vehicles are driving the demand for advanced energy storage systems in this region. The increased demand for energy reliability and efficiency is also predicted to drive market expansion, representing a lucrative potential for major advanced energy storage system providers. In 2021, the People's Republic of China led the global increase in electric car markets, nearly tripling sales to 3.4 million. In other words, in 2021, China alone sold more electric vehicles than the rest of the world combined.
In addition, rising infrastructural spending from residential, industrial, and commercial sectors among developing nations, including China and Indonesia, will encourage advanced energy storage systems in the coming years. Due to increased energy demand, significant capacity additions are anticipated to impact the advanced energy storage systems market positively.
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The transportation segment is expected to hold the largest market share in the forecast period. The increased deployment of lithium-ion batteries in the electric vehicle market is driving the growth in this segment. Further, grid expansion and investment in modern infrastructure in developing countries present lucrative opportunities to the market.
An advanced energy storage system (ESS) is a device or collection of appliances that convert electrical energy from power systems and store it to supply electrical energy when needed later. The AES system is a vital upgrade technology for expanding the energy sector in the twenty-first century. The energy can be used to produce semiconductors, data storage devices, solar cells, and power.
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Based on technology, the market is divided into:
The end-users of the market are:
The major applications of the market are:
The regional markets for advanced energy storage systems can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
| CAGR 2024-2032 - Market by | Country |
| India | 12.3% |
| Saudi Arabia | 9.4% |
| Australia | 7.3% |
| Germany | 6.1% |
| France | 5.8% |
| USA | XX% |
| Canada | XX% |
| UK | XX% |
| Italy | 5.2% |
| China | XX% |
| Japan | XX% |
| Brazil | XX% |
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Increasing investments in renewable energy, the global rise in the electric vehicles market and regulatory changes demanding energy efficiency are expected to drive the advanced energy storage systems market. Increased implementation of energy efficiency measures, combined with rising energy demand, will increase the market demand. Secondly, a greater emphasis on improving the cost competitiveness of the power grid by maintaining high stability, and the widespread adoption of clean energy sources, will further accelerate the market growth. The product's use is predicted to increase in the coming years due to the constant increase in electricity usage and the widening of the energy demand-supply gap. Moreover, increased concerns about energy conservation and the transition from fossil fuels to alternate sources are likely to drive up the demand for advanced storage systems during the forecast period. The global market is anticipated to witness an increase in utilisation over the coming years due to rising concerns associated with CO2 and greenhouse gas emissions. The increasing research and development activities are further propelling the market growth.
In June 2023, Sweden's Volvo Energy announced an investment of around SEK 50 million for a 10% stake in the UK-based, second-life battery energy storage expert Connected Energy to enhance the battery business and sustainability potential.
The report gives a detailed analysis of the following key players in the global advanced energy storage systems market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by End User |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is projected to grow at a CAGR of 8.3% between 2024 and 2032.
The major drivers of the market include the investment in modern infrastructure, increased implementation of energy efficiency measures, rising energy demand, widespread adoption of clean energy sources, increase in electricity usage, widening of the energy demand-supply gap, and rising concerns associated with CO2 and greenhouse gas emissions.
Increasing investments in renewable energy and a global rise in the electric vehicles market are the key industry trends propelling the market's growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Based on technology, the market is divided into electrochemical, mechanical, and thermal storage. Electrochemical is further divided into lead-acid battery, flow battery, nickel-metal hydride (NiMH) and nickel metal cadmium (NiCd), lithium-ion battery, and sodium sulphur (NaS) battery. At the same time, mechanical is sub-divided into the flywheel, pumped hydro, compressed air energy storage (CAES) and liquid air energy storage (LAES). Thermal storage is broken down into sensible, thermochemical, and latent.
The end-users of the market are residential and non-residential.
The major applications of the market are grid storage and transportation.
The major players in the industry are ABB Ltd., LG Chem, Samsung SDI Co., Ltd., General Electric Company, and Tesla, Inc., among others.
In 2023, the market reached an approximate value of USD 20.6 billion.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 42.1 billion by 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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