Global advanced energy storage systems Market Expected to Reach XX Million by 2025
According to a new report published by Reports Monitor titled, “Advanced Energy Storage Systems Market by technology and by Application: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Advanced energy storage systems market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. Asia-Pacific dominates the advanced energy storage systems market, in terms of value, and is expected to maintain this trend throughout the forecast period.
Advanced energy storage systems helps to store electricity for time being and can be used at a time of need in future. Energy storage system is a vital part of the electricity management due to repeatedly changing demand of the electricity. Development of renewable energy sources and higher electricity cost are helping the market to grow.
Growing Concern of conventional energy sources give rise to the renewable source of energy results in enhancing the growth of the advanced energy storage systems. Rising demand of electric vehicle is led to increasing use of battery technology which also has advantages such as low cost and easy charging. Rising investment of R&D in sustainable energy source is expected to increase the demand of the advanced energy storage systems market.
Key Findings • Thermal storage technology segment is accounted for major share in the advanced energy storage system market. • Segmentation by application is dominates by transportation owing increasing battery powered vehicles. • Asia-Pacific is accounted for higher share in the advanced energy storage systems due to rising installation of renewable energy sources in that region.
The major companies profiled in the report include ABB Ltd., CALMAC, Evapco, Inc., General Electric Company, GS Yuasa Corporation, Hitachi, Ltd. LG Chem, Ltd., Panasonic Corporation, SaftGroupe S.A., Samsung SDI Co., Ltd. , Siemens AG and Tesla, Inc.
Regional Analysis Global advanced energy storage systems are divided in a region as North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is a expected to accounts for higher share in the market owing rising population, industrialization and urbanization increases the demand fluctuation of electricity which raises the growth of the market, along with rising installation of renewable energy sources in this region. North American and Europe region growing moderately compared to developing economies.
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