Advanced Energy Storage Market By Technology (Solid State Battery, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage, and Others) Application (Transportation and Grid Storage) End User (Residential, Commercial, Industrial, and Utility) and Geography  

Advanced Energy Storage Market size is expected to be valued at USD 21.4 billion in 2022 and is poised to grow at a significant CAGR of 8.9% over 2022–2028. Advanced energy storage is a growing technology sector of 21st-century electricity grids. Energy storage systems are used to manage our power supply in order to create a more resilient energy infrastructure at a low cost. Energy storage systems can be segmented into batteries, thermal, mechanical storage, pumped hydropower, and others. The increasing global energy consumption is driving the global advanced energy storage market. Moreover, the availability of electricity in urban to local areas, and the initiative of government and international agencies are the major reasons for the fast adoption rate of the advanced energy storage system worldwide. According to a report, the percentage of people with access to electricity has been steadily increasing over the last few decades. In 1990, around 71% of the world's population had access; this has increased to 87% in 2016. It means 13% of the world did not have access to electricity in 2016. Pumped hydro storage is mainly used for storage systems due to its high stability, energy balancing, longer battery life, and capacity for large electrical loads within less time. Moreover, increasing renewable chemical energy investments, revising energy policies in developed countries, government policies, and support for the renewable energy sector are expected to boost the global advanced energy storage market. According to a report, renewable energy held a market share of 29% in global electricity generation in 2020, up from 27% in 2019, and bioenergy use in the industry grew by 3%. However, high capital investment and high cost of technology can be major restraints in the global advanced energy storage market. Although, new innovative technologies and advanced grid expansion in emerging countries are the major opportunities. Based on geography, North America is dominating the global market for this transformative technology and is expected to maintain its growth at a faster rate.

Recent Market Developments:

In May 2021, Hitachi ABB Power Grids announced to provide battery storage tech to Thailand. In April 2021, Swiss-Swedish multinational corporation ABB secured a contract from rail vehicle manufacturer Stadler to deliver energy storage systems. In May 2022, LG Energy Solution announced new battery storage solutions and moved to lithium iron phosphate (LFP) In Mar 2022, Tesla deployed a new energy storage system in Alaska that's less dependent on fossil fuels.