According to the new market research report 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, published by MarketsandMarkets™, The advanced energy storage systems market is expected to grow from an estimated USD 12.73 Billion in 2017 to USD 19.04 Billion by 2022, registering a CAGR of 8.38% from 2017 to 2022. Energy arbitrage opportunities, renewable energy installations, and growing electric vehicles market are driving the energy storage systems market globally.
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The transportation segment accounted for a major share in the advanced energy storage systems market. Lithium-Ion batteries held a major share in the transportation sector in 2016. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by major automotive companies, the usage of lithium-ion batteries is expected to increase at a rapid rate in electric vehicles by 2022.
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In this report, the advanced energy storage systems market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and the rest of the world. The energy storage systems market is expanding in developing countries owing to the progress in renewable energy installations and growth in the electric vehicles market. The Asia Pacific energy storage systems market is expected to dominate the global AESS market, with the highest share. The region is expected to maintain its dominance in the energy storage systems market during the forecast period.
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Leading players in the advanced energy storage systems market include ABB Ltd. (Switzerland), LG Chem, Ltd.( South Korea) , Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US). New product launches was the strategy most commonly adopted by top players, constituting 31% of the total developments, from 2013 to August 2017. It was followed by contracts & agreements and investments and expansions.