Advanced Energy Storage Market Optimistic About Battery Costs Reduction Benefits

The bulk of the solutions, equipment, and services under advanced energy storage are concerned with the storage of electricity by converting into a feasible type of energy, which can later be reconverted into electricity whenever required. Advanced energy storage techniques can additionally store energy generated through various sources and in different mediums for the required frame of time, before converting it into electricity as output. This includes most types of energy generation methods available today, both conventional and innovative, including hydrogen storage, thermal, flywheel, battery storage, and pumped hydro.
The global advanced energy market is currently expanding at a steady CAGR of 5.4% within a forecast period from 2016 to 2024. The market was valued at US$0.87 bn in 2015 and is expected reach US$1.39 bn by the end of 2024. Several factors are contributing to the growth of the market, the core factors being explained below:


Where do the Regional Markets Stand Today?
From a regional perspective, a massive chunk of the implementation as well as research and development efforts emanate from the developed economies. The regions of North America and Europe hold very strong goals towards a greener future and advanced energy storage is a great way to reduce a region’s carbon footprint. In 2015, Asia Pacific held the leading growth rate in the global advanced energy storage market, owing to the massive scope of investment in this market following the increasingly difficult power shortage management. Players from North America and Europe are showing a high level of interest in Asia Pacific opportunities, partly due to the scope of growth in this region, and partly due to the saturation of the market in their home regions.
What Energy Storage Methods are Being Preferred Over Others?
Pumped hydro storage has been experiencing a massive spike in demand over the recent years and for good reasons. In 2015, pumped hydro storage already took up a gargantuan 90% of the global advanced energy storage market on the basis of technology. This technology holds a core set of advantages over the other feasible types, taking the top spot among nearly all end users. This is very likely to remain the case over the foreseeable future. Due to its greater preference, a large chunk of the investments made into renewable energy are going into its development, especially in regards to grid network improvements and peak power management.
The implementation levels in Europe and North America are already high enough, thanks to a greater number of individuals and companies focusing on going green, along with increasingly stringent government regulations for the same. The market for green energy has only just begun in Asia Pacific, relatively speaking, and has piqued the interests of names such as Schneider Electric, AES Corporation, and Maxwell Corporation.

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