Advanced Energy Storage Systems Market is Expected to Reach USD 15.95 Billion by 2020

Date: 2015-12-04

Advanced energy storage systems market is expected to reach a value of USD 15.95 billion by 2020, at a high CAGR of 4.4% during the forecast period. Energy arbitrage opportunities, increasing renewable installations and growth of the electric vehicles market are propelling the growth of the energy storage systems market across the globe. Various regions, especially North America and Europe, are investing in expanding their energy storage infrastructure in order to perceive sustainable development; energy storage systems are considered to be the need of the hour in order to achieve energy security.   Growing economies such as Asia-Pacific leading the energy storage systems market as the region is moving towards renewable energy sources to cope up with the increasing energy demand. The government has taken various steps for renewable energy programs, and therefore, increasing renewable energy programs across the world would definitely support the usage of energy storage systems.

“Transportation application leading the global market”
The transportation application is the fastest growing segment in the global energy storage systems market. The high growth is attributed to increasing usage of electric vehicles in developing as well as developed economies across the world. According to Electric Vehicles Initiative (EVI), there will be approximately 20 million electric vehicles on road by 2020, which is a huge growth considering the current presence of 180,000+ electric vehicles globally. 

“Europe & North America: Growing at a similar pace in the energy storage systems market”
These regions are focusing on developing reliable and efficient grid networks. In order to achieve sustainable development, respective governments are deploying new renewable installations in the countries. This increases the demand for energy storage systems in the region. Most countries in the respective regions are member of EVI, and as a part of their target of reducing carbon emissions, these countries have long-term sales targets of electric vehicles, supporting the demand for energy storage systems in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants among other experts to obtain & verify critical qualitative and quantitative information as well as assess future market prospects. Distribution of primary interviews is as follows:
By Company Type: Tier 1-22%, Tier 2- 47%, Tier3-31%
By Designation: C Level- 34%, Director Level- 29%, Others- 37%
By Region: Asia-Pacific-34%, Europe-29%, North America-23%, RoW-14%

Leading players of this industry have been profiled with their recent developments and other strategic activities. These include GS Yuasa Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), Hitachi Limited (Japan), Exide Technologies (U.S.), and L.G. Chem. Limited (South Korea) among others. The major companies in energy storage systems market comprise battery technology providing companies. Another major technology i.e. pumped hydro energy storage is dominated by companies such as Toshiba Corporation (Japan), ABB Limited (Switzerland), Siemens A.G. (Germany), Voith (Germany), Alstom (France), Dominion Energy (U.S.), and others. 


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