The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
Global Advanced Energy Storage Market to Reach 20.1 Thousand Megawatts by 2030
In the changed post COVID-19 business landscape, the global market for Advanced Energy Storage estimated at 11.7 Thousand Megawatts in the year 2022, is projected to reach a revised size of 20.1 Thousand Megawatts by 2030, growing at aCAGR of 7% over the period 2022-2030. Thermal Energy Storage, one of the segments analyzed in the report, is projected to record 8.1% CAGR and reach 10.2 Thousand Megawatts by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Electrochemical Energy Storage segment is readjusted to a revised 6.3% CAGR for the next 8-year period.
The U.S. Market is Estimated at 3.5 Thousand Megawatts, While China is Forecast to Grow at 6.3% CAGR
The Advanced Energy Storage market in the U.S. is estimated at 3.5 Thousand Megawatts in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of 3.4 Thousand Megawatts by the year 2030 trailing a CAGR of 6.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 5.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.
Select Competitors (Total 94 Featured)
- ABB Ltd.
- Active Power, Inc.
- AES Energy Storage, LLC
- Alevo Group S.A.
- Altair Nanotechnologies, Inc.
- Amber Kinetics, Inc.
- Areva
- Ashlawn Energy, LLC
- Axion Power International, Inc.
- Beacon Power, LLC
- BYD Co. Ltd.
- Calnetix Technologies, LLC
- Dresser-Rand Group, Inc.
- ECOULT
- Electrochaea GmbH
- Encell Technology, Inc.
- EnSync Energy Systems, Inc.
- Exide Technologies
- General Electric Company
- Gridflex Energy, LLC
- Highview Enterprises Ltd.
- Hitachi, Ltd.
- Hyper Tech Research, Inc.
- IMS group AS
- ITM Power Plc
- Kokam Co., Ltd
- Leclanché SA
- LG Chem
- LightSail Energy
- Maxwell Technologies, Inc.
- McPhy Energy S.A.
- NEC Energy Solutions
- NGK Insulators, Ltd.
- Proton OnSite
- Redflow Limited
- Saft Groupe S.A.
- Samsung SDI Co., Ltd.
- Siemens AG
- Temporal Power
- Tesla, Inc.
- Tianjin Lishen Battery Co., Ltd.
- Toshiba International Corporation
- ViZn Energy Systems, Inc.
