Sarasota, FL -- (SBWIRE) -- 08/09/2018 -- Zion Market Research has published a new report titled "Advanced Energy Storage System Market by Technology (Electro Chemical Storage, Mechanical Storage, and Thermal Storage) and by Application (Transportation and Grid Storage): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, global advanced energy storage system market was valued at approximately USD 12.3 million in 2017 and is expected to generate revenue of around USD 22.4 million by the end of 2024, growing at a CAGR of around 9.03% between 2018 and 2024.

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In recent years, the demand for electricity has increased rapidly. Therefore, energy storage systems are used to enable utilities to match the present capacity with variable demand and offer secure, consistent, and affordable services. Energy storage systems can also boost the usability of solar and other substitute renewable resources which, in turn, help to modernize the grid by improving the power capacity.

The rising demand for a large number of renewable resources can be met with the help of energy storage. An energy storage system allows the operators to manage the energy flow by supplying the required amount of energy and avoiding the waste of energy. Various approaches such as batteries, flywheels, electrochemical capacitors superconducting mechanical energy storage, and others can be used for the advanced energy storage purpose. Increased renewable energy investments are expected to drive the advanced energy storage system market growth over the forecast period. Moreover, increasing demand for energy efficiency is anticipated to offer the market growth. Such factors are expected to boost the demand for advanced energy storage system market growth over the forecast period.

The advanced energy storage system market is segmented on basis of technology which is further divided into electrochemical storage, mechanical storage, and thermal storage. Lithium-ion batteries within the electrochemical storage held the major revenue share in 2016. The growth is attributed to the technological advancements and increase in the use of lithium-ion batteries to reduce the cost of energy. The rising demand for the lithium-ion batteries used in the electric powered vehicles is the major factor that is expected to drive the market growth. Lithium-ion batteries are the most demanding storage option which improves the grid reliability and increases the use of clean and efficient power sources. Moreover, these batteries offer environmental benefits as they have no green gas emissions which in turn boost the market growth.

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On the basis of application, the advanced energy storage system market is segmented into transportation and grid storage. The transportation segment accounted for a major market share in 2016 owing to the increased utilization of the advanced energy storage system in the transportation sector. Increasing demand for the electric vehicles contributes to the growth of the transportation segment in the advanced energy storage system market. The transportation segment accounted for 50.8% market share in 2016. According to the International Energy Agency (IEA), over 750,000 electric car sales were recorded globally which is anticipated to positively enhance the market growth.

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the advanced energy storage system market. The Asia Pacific held significant revenue share in 2017 and is expected to continue its regional supremacy over the forecast period. In 2020, the developing countries will be compelled to double their electrical power output owing to the increasing demand, as per the International Energy Agency (IEA). It is also anticipated that these economies will represent 80% of the overall growth in the energy consumption and production by 2035.

Some of the key players operating in the advanced energy storage system market include ABB Ltd., Samsung SDI Co., Ltd., Saft Groupe S.A., Siemens AG, Panasonic Corporation, LG Chem, Ltd., GS Yuasa Corporation, General Electric Company, Hitachi, Ltd., and Tesla, Inc. The market players majorly focus on research and development activities in order to initiate the advanced energy storage system.

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This report segments the advanced energy storage system market as follows:

Advanced Energy Storage System Market: Technology Segment Analysis

Electro-Chemical Storage
Mechanical Storage
Thermal Storage

Advanced Energy Storage System Market: Application Segment Analysis

Transportation
Grid Storage