An Advanced Energy Storage (AES) system is used to efficiently manage energy resources, thereby reducing the need for utility scale power generation plants. Advanced energy storage systems help in increasing the usage of renewable energy by using renewable sources such as solar and wind energy. The proper usage of renewable sources of energy due to AES makes these renewable sources more foreseeable, thus making it easy to integrate these sources of energy with an already existing power grid. Companies such as ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc. collaborate each other and with independent research organizations and institutes to speed-up the research activities in order to decrease Time To Market (TTM).

The global advanced energy storage systems market was valued at US$ 11.79 billion in 2016 and is expected to expand at a CAGR of 8.88% in terms of revenue during 2017 – 2025.

Market Dynamics

Increasing adoption of electric vehicles has resulted in an increase in demand for advanced energy system globally. The transportation segment dominates the advanced energy system market. Rising adoption of lithium-ion batteries in electric cars has resulted in significant demand for advanced energy system in transportation segment. The segment accounted for 50.20% market share, valued at US$ 5.92 billion, in 2016.

Market Taxonomy

This report segments the global AES systems on the basis of application, and technology. On the basis of technology, the global AES systems market is classified into electro chemical, thermal storage, mechanical energy storage and other storage technologies. The electro chemical segment is further classified into lithium-ion batteries, lead acid batteries, sodium sulfur batteries, flow batteries and Nickel Metal Hydride (NIMH) & Nickel Cadmium Batteries (NICD).

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Major Keyplayers: ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla, Inc.

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