Press Release / Environment / Advanced Energy Storage Systems Market 2018 Global Industry Analysis by Size, Share, Growth Application and 2027 Opportunity Research Forecast Report

Advanced Energy Storage Systems Market 2018 Global Industry Analysis by Size, Share, Growth Application and 2027 Opportunity Research Forecast Report

Market Overview:-
The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage systems. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced. The tremendous yearly addition in capacity of renewable energy is certainly boosting the energy storage systems globally. Energy storage system primarily utilizes potential energy to convert it into various forms of energy through mechanical, electrochemical, thermal and chemical conversion.
This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems. As per the study conducted by Market Research Future, the global market for advanced energy storage systems is likely to grow at the CAGR of around 20.18%.
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Industry News
In July, 2017 – Siemens AG (“Siemens”) and The AES Corporation (NYSE: AES, “AES”) announced their agreement to form a new global energy storage technology and services company under the name Fluence. The joint venture will bring together AES’ ten years of industry-defining experience deploying energy storage in seven countries with over a century of Siemens’ energy technology leadership and its global sales presence in more than 160 countries.In February, 2017 – MAN Diesel & Turbo and Karpowership renewed their ongoing partnership to develop Powerships with the utilization of MAN Diesel & Turbo. 18V 51/60 engines.In November, 2016 – AES Energy Storage, a subsidiary of The AES Corporation (NYSE: AES), showcased two new Advancion battery-based energy storage sites, totaling 37.5 megawatts (MW), in partnership with San Diego Gas & Electric (SDG&E), a leading energy company delivering safe, reliable and clean power.
Top Key Players:-

ABB Limited
Siemens A.G.
uasa Corporation 
Samsung SDI Co. Ltd. 
Hitachi Limited
Toshiba Corporation
Alstom, Exide Technologies
L.G. Chem. Limited
Alevo Group S.A.
Maxwell Technologies Inc.
AES Corporation
Tesla Inc.
General Electric Company
Voith GmbH
Sulzer Ltd.
Hydrostor Inc.

Advanced energy storage systems Global Market - Competitive AnalysisThe global market for advanced energy storage systems seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Advanced energy storage systems Global Market – SegmentationThe scope of global advanced energy storage systems market is segmented into two major segments which are explained below:By Technology

Batteries
Flywheels
Compressed Air Storage
Thermal
Pumped Hydro-power
Others

By Application

Power
Automotive
Others

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Regional Analysis of Advanced Energy Storage Systems MarketAsia-Pacific market is expected to dominate the advanced energy storage market with major manufacturing and infrastructural activities being undertaken in this region. Major growth in the electric vehicles market in this region is another factor which is contributing to the growth of the Advanced Energy Storage system market.
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