The advance energy storage market has developed significantly over the recent years, a lot of which is attributed to technological advancements and decreasing average cost per kWh. The ecosystem of the advance energy storage market comprises of energy storage technology providers and systems integrators. The advance energy storage market comprises of storage technologies such as Li Ion battery, flow battery, molten salt battery, metal air battery and Ultrabattery. Different types of application segment has different requirement, thereby needing different forms of energy storage technologies. Detailed insight focusing on Panasonic Corp., LG Chem, Samsung SDI, GS Yuasa, BYD, Shenzhen BAK, Sumitomo Electric Company, NGK Insulators, Maxell and Saft Batteries.
The global advance energy storage market was worth $28 billion in the FY2015 and is expected to grow at a standard rate during the forecast period of 2017-2022. Some of the major technologies in the advance energy storage market are growing rapidly in regions such as North America and APAC while many others are still at a nascent stage and expected to develop in upcoming years.
Increasing production of EVs, HVs and PHEVs and increasing deployments of renewable energy projects globally are responsible for driving the market growth in the future. However, high cost per kWh of these technologies is restraining the growth of the advance energy storage market.
The market for advance energy storage comprises of diverse technologies for usage in different application verticals. The market is highly competitive in nature in which many similar forms of technologies are competing neck to neck with each other, moreover, with further developments, may replace each other in the long term.
The advance energy storage market has been divided on the basis of technology/type, application and geography. Lithium Ion battery technology has dominated the market and is currently witnessing a rapid growth.
Increasing application potential and decreasing average cost per kWh are some of the factors which are helping in the growth of the advance energy storage market.
The advance energy storage technology finds application in a number of fields including automotive, consumer electronics and grid storage. Consumer electronics is the largest segment in terms of installed capacity whereas automotive and grid storage is expected to witness a strong growth rate during the forecast period.
In terms of geography, the Asia Pacific (APAC) region is geographically the largest in terms of installed capacity and revenue generation and is expected to witness a strong growth rate along with other geographic regions. The South Asian countries are home to almost 75% of the global production capacity of Li Ion batteries because of which APAC has emerged as one of the key players in advance energy storage market.
The growing concern for climate change leading to the increasing deployment of renewable energy projects has led to the rapid growth of the APAC regions.
Some of the key companies in the advance energy storage market are Panasonic Corp., LG Chem, Samsung SDI, GS Yuasa, BYD, Shenzhen BAK, Sumitomo Electric Company, NGK Insulators, Maxell and Saft Batteries. These companies are actively aiming for an increased participation through partnerships and collaborations in order to expand their operations and offerings to target potential clientele.
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