According to market research firm Markets and Markets, the global advanced energy storage system market is expected to increase from $ 12.73 billion in 2017 to $ 19.04 billion in 2022, with an annual compound annual growth rate of 8.38%.
Energy arbitrage opportunities, renewable energy deployments and the growing electric car market are driving the growth of the global energy storage system market.
The area of transport is expected to be a major component of the global market
The transportation area occupies the main share of the advanced energy storage system market. Lithium-ion batteries in 2016 accounted for an important share of energy storage systems in the transport sector. Now available battery-powered cars include hybrid cars, plug-in hybrids and electric vehicles. With the continued development of major automotive companies, the use of lithium-ion batteries by 2022 will grow at a high rate.
Lithium ion secondary areas are expected to account for the largest share of the global market
According to the technical division, 2016 lithium-ion battery secondary areas to lead the global market, and is expected to continue to dominate in the future. By 2022 the sub-sector will grow at the fastest rate.
The secondary area of pumping energy storage is also one of the major components of the market, and future growth will be driven by the operation of new utilities in the Asia-Pacific region.
Asia Pacific is the world's leading market
The energy storage system market is expanding in developing countries due to the deployment of renewable energy and the growth of electric vehicles. Asia-Pacific energy storage system market is expected to dominate the global market, accounting for the largest share.
The world's leading suppliers of advanced energy storage systems include ABB (Switzerland), LG (Korea), Samsung (Korea), Tesla (USA). These major suppliers are taking different strategies to expand their market share.