The global advanced energy storage systems market is projected to grow at a CAGR of 8.38%, from 2017 to 2022. The market in Asia Pacific is estimated to be the largest for advanced energy storage systems, followed by the market in North America in 2017. This trend is expected to continue till 2022. The growth of the advanced energy storage systems market is driven by the increasing investments in renewables and regulations demanding energy efficiency and growing market for electric vehicles around the world.
The advanced energy storage systems market is dominated by a few global players. The key players operating in this market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd. (South Korea), General Electric Company (US), and Tesla, Inc. (US).
Major strategies adopted by the players include contracts & agreements, new product launches, expansions, and mergers & acquisitions. New product launches was the most commonly adopted strategy from 2013 to August 2017. Industry players also adopted contracts & agreements and investments and expansions, which were the first and second most widely followed strategies, respectively, during the same period.
LG Chem, Ltd. was founded in 1988 and is headquartered in Switzerland. It is a leading chemical company. The company operates through four business segments, namely, basic materials and chemicals, IT and electronic material, energy solutions, and advanced materials. The company offers advanced energy storage systems through its energy solutions segment which consist of mobile batteries and automotive batteries. LG Chem, Ltd. is gaining market in various energy storage system sectors which include smart grids, homes, and UPS. The company has its existence in countries, such as, South Korea, India, China, Hong Kong, Taiwan, Germany, Vietnam, Poland, Brazil, and the US. The company manufactures a wide range of products, ranging from petrochemical goods to high-value added plastics and extends its chemical expertise in high-tech areas, such as electronic materials and rechargeable batteries. In April 2017, LG Chem, Ltd. (South Korea) launched its range of residential battery systems which offers AC- and DC-coupled solutions with capacities up to 9.8 kWh in the North American market. This is expected to increase the market for energy storage systems in the residential segment.
ABB Ltd. founded in 1988 and headquartered in Switzerland, is one of the leading players in the electrical product industry. It is a multinational company, which operates in the fields of power technology and industrial automation. The company operates through four business segments, namely, electrification product, robotics and motion, industrial automation, and power grid. ABB Ltd. has its presence in more than 100 countries along with its subsidiaries. The company has its manufacturing units in Europe, the Middle East and Africa, and North America. The company has more than 125 years of experience in power engineering. It has proficiency in energy storage implementation and deals in community energy storage systems, distributed energy storage, battery energy storage systems, high voltage capacitors and filters, medium voltage capacitors and filters, and low voltage capacitors and filters. In February 2017, ABB Ltd. (US) launched an innovative microgrid, combining battery and flywheel based storage technologies, designed to test scalability and improve power stability.
Advanced Energy Storage Systems Market by Technology (Electro Chemical Technology, Mechanical Technology, Thermal Storage Technology), by Application (Transportation and Grid Storage), and Region - Global Forecast to 2022
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