Transportation is Expected to Dominate the Global Advanced Battery Energy Storage System Market
The
Advanced Energy Storage System (ESS) Market is a rapidly growing industry that
provides efficient and sustainable energy storage solutions for various
applications.
According
to TechSci Research report, “Global Advanced Battery Energy Storage System Market
- Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Advanced Battery
Energy Storage System is anticipated to project robust growth in the forecast
period with a CAGR of 9.50% through 2028. Electric vehicles are becoming
increasingly popular, and they require high-performance batteries that can
store a lot of energy. Advanced Energy Storage System batteries offer the
potential to meet this demand, with higher energy densities than traditional
lithium-ion batteries. Renewable energy sources, such as solar and wind power,
are becoming increasingly popular. However, these sources are intermittent, so
they require energy storage solutions to store energy when it is produced and
release it when it is needed. Advanced Energy Storage System batteries offer
the potential to be used in these energy storage solutions. Traditional
lithium-ion batteries have been known to catch fire, which can be a safety
hazard. Advanced Energy Storage System batteries
offer the potential to be safer and more sustainable than traditional
lithium-ion batteries. Governments around the world are increasingly regulating
the use of traditional lithium-ion batteries due to their environmental impact.
This is creating a demand for Advanced Energy Storage System batteries, which
are seen as being more environmentally friendly.
Browse over xx market data Figures spread through 181 Pages
and an in-depth TOC on "Advanced Battery Energy Storage System Market"
Based
on End User, Transportation Segment Expected to Dominate the Market. In April
2022, Honda Motors announced that it would invest USD 39.84 billion in
electrification and software technologies to accelerate its business globally
for the next ten years. It will also build a demonstration production line for
all-solid-state batteries in North America, allocating approximately USD 342.65
million. The investment company plans to launch two mid-to-large-scale electric
vehicles (EV) models by 2024 with a partnership with General Motors.
According
to the International Energy Agency (IEA), the global electric vehicle stock
increased from 1.25 million in 2015 to about 10.2 million in 2020. In 2020,
battery-electric vehicles accounted for most of the electric vehicles at about
6.85 million, and plug-in hybrid electric vehicles were about 3.35 million.
Furthermore,
aluminium-air batteries have an advantage over the conventional lithium-ion
battery as the aluminium acts as a fuel where air reacts with the metal via an
electrolyte to produce power. It has a travel range similar to gasoline-powered
cars and a higher energy density than the lithium-ion battery. However, it
lacks government policy support and attention from automakers to make it a
popular battery energy storage system for electric vehicles. In December
2021, Mercedes Benz, a German car manufacturer, announced to invest of USD 100
million in a wide range of electric cars. The company also intends to integrate
solid-state battery technology into a limited number of vehicles within the
next five years. Mercedes Benz plans to invest tens of millions into Factorial
Energy, a battery company to develop solid-state batteries. In April 2022,
Nissan Motor Company planned to bring laminated solid-state batteries to the
market by 2028, with the beginning of a prototype production facility. It is a
part of Nissan’s Ambition 2030 strategy, plus an investment of USD 17 billion
for the four new electric vehicle concepts. Overall, automobile manufacturers
are investing heavily in developing solid-state batteries and metal-air
batteries, making automobiles one of the major sectors of the next-generation
advanced market.
Key
market players in the Global Advanced Battery Energy Storage System Market include:
- Tesla,
Inc
- Panasonic
Corporation
- LG
Chem
- Samsung
SDI
- BYD
Company Limited
- CATL
- A123
Systems
- Enphase
Energy
- NEC
Energy Solutions
- Saft
Group
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“As
of 2021, China, India, and Japan were the potential markets for the Advanced
Battery Energy Storage System technology in the Asia-Pacific region. As of
March 2022, China’s battery energy storage capacity reached 3 GW, representing
an increase of 76.5% compared to 1.7 GW in 2019. Furthermore, the Chinese
Government is expected to increase its battery storage capacity to 100 GW by
2030. Such scenarios are creating vast opportunities for various
next-generation advanced developers in the region. According to the China
Energy Storage Alliance (CNESA), the refinement of policy related to grid
ancillary services – energy storage’s primary application – as well as policy
developments in regions including Qinghai, Guangdong, Jiangsu, inner Mongolia,
and Xinjiang, have created a wave of energy storage construction and
development in China. Such government policies will likely boost the demand for
advanced technologies during the forecast period.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
Advanced
Battery Energy Storage System Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented By Application
(Residential, Commercial, Industrial), By Technology (Solid State Batteries,
Flow Battery, Thermal Energy Battery), By Region, By Competition 2018-2028 has evaluated the future growth
potential of Portable Advanced Battery Energy Storage System Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Portable Advanced
Battery Energy Storage System Market.
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