Advanced Battery Energy Storage System Market is Expected to Dominate by Transportation

According to TechSci Research report, “Global Advanced Battery Energy Storage System Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Advanced Battery Energy Storage System is anticipated to project robust growth in the forecast period with a CAGR of 9.50% through 2028. Electric vehicles are becoming increasingly popular, and they require high-performance batteries that can store a lot of energy. Advanced Energy Storage System batteries offer the potential to meet this demand, with higher energy densities than traditional lithium-ion batteries. Renewable energy sources, such as solar and wind power, are becoming increasingly popular. However, these sources are intermittent, so they require energy storage solutions to store energy when it is produced and release it when it is needed. Advanced Energy Storage System batteries offer the potential to be used in these energy storage solutions. Traditional lithium-ion batteries have been known to catch fire, which can be a safety hazard. Advanced  Energy Storage System batteries offer the potential to be safer and more sustainable than traditional lithium-ion batteries. Governments around the world are increasingly regulating the use of traditional lithium-ion batteries due to their environmental impact. This is creating a demand for Advanced Energy Storage System batteries, which are seen as being more environmentally friendly.

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Based on End User, Transportation Segment Expected to Dominate the Market. In April 2022, Honda Motors announced that it would invest USD 39.84 billion in electrification and software technologies to accelerate its business globally for the next ten years. It will also build a demonstration production line for all-solid-state batteries in North America, allocating approximately USD 342.65 million. The investment company plans to launch two mid-to-large-scale electric vehicles (EV) models by 2024 with a partnership with General Motors. ​

According to the International Energy Agency (IEA), the global electric vehicle stock increased from 1.25 million in 2015 to about 10.2 million in 2020. In 2020, battery-electric vehicles accounted for most of the electric vehicles at about 6.85 million, and plug-in hybrid electric vehicles were about 3.35 million. ​

Furthermore, aluminium-air batteries have an advantage over the conventional lithium-ion battery as the aluminium acts as a fuel where air reacts with the metal via an electrolyte to produce power. It has a travel range similar to gasoline-powered cars and a higher energy density than the lithium-ion battery. However, it lacks government policy support and attention from automakers to make it a popular battery energy storage system for electric vehicles. ​ In December 2021, Mercedes Benz, a German car manufacturer, announced to invest of USD 100 million in a wide range of electric cars. The company also intends to integrate solid-state battery technology into a limited number of vehicles within the next five years.

Mercedes Benz plans to invest tens of millions into Factorial Energy, a battery company to develop solid-state batteries. ​In April 2022, Nissan Motor Company planned to bring laminated solid-state batteries to the market by 2028, with the beginning of a prototype production facility. It is a part of Nissan’s Ambition 2030 strategy, plus an investment of USD 17 billion for the four new electric vehicle concepts. ​Overall, automobile manufacturers are investing heavily in developing solid-state batteries and metal-air batteries, making automobiles one of the major sectors of the next-generation advanced market.

Key market players in the Global Advanced Battery Energy Storage System Market include:

• Tesla, Inc
• Panasonic Corporation
• LG Chem
• Samsung SDI
• BYD Company Limited
• CATL
• A123 Systems
• Enphase Energy
• NEC Energy Solutions
• Saft Group

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“As of 2021, China, India, and Japan were the potential markets for the Advanced Battery Energy Storage System technology in the Asia-Pacific region. As of March 2022, China’s battery energy storage capacity reached 3 GW, representing an increase of 76.5% compared to 1.7 GW in 2019. Furthermore, the Chinese Government is expected to increase its battery storage capacity to 100 GW by 2030. Such scenarios are creating vast opportunities for various next-generation advanced developers in the region. According to the China Energy Storage Alliance (CNESA), the refinement of policy related to grid ancillary services – energy storage’s primary application – as well as policy developments in regions including Qinghai, Guangdong, Jiangsu, inner Mongolia, and Xinjiang, have created a wave of energy storage construction and development in China. Such government policies will likely boost the demand for advanced technologies during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Advanced Battery Energy Storage System Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Application (Residential, Commercial, Industrial), By Technology (Solid State Batteries, Flow Battery, Thermal Energy Battery), By Region, By Competition 2018-2028 has evaluated the future growth potential of Portable Advanced Battery Energy Storage System Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Portable Advanced Battery Energy Storage System Market.

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