Growing awareness for clean energy and depletion of fossil fuels energy are proving energy storage systems as vital environmental as well as social need. Advanced battery energy storage systems save electric energy in the form of chemical energy. This chemical energy get reconvert into electric energy at the event of charging or any other energy utilization process. Initially designed for conventional energy system applications, advanced battery energy storage systems are witnessing subtle adoption across other application segments including electric vehicles and renewable energy application.
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Demand for electric vehicles have witnessed strong growth in recent years on account of severe environmental regulations implemented by the governments in several countries. Electrification of transportation primarily offers benefit to shrink excessive dependence on fossil fuels, air pollution, and carbon emissions, contributing substantially to climate change. Primary inhibitor for adoption of electric vehicles is lack of charging facilities in recent market. Advanced battery energy storage systems are the most accurate solution for these energy saving problems.
Thus, growing electric vehicle demand expected to spur the demand for advanced battery energy storage systems. As well as, major automotive manufacturers have expressed their desire to venture into the electric vehicle and related component business considering the huge potential and positive outlook of the industry. For instance, EUROBAT, the association of European manufacturers of automotive, industrial and energy storage batteries works to develop suitable battery solutions to decarbonize energy utilization to create clean environment.
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Another vital factor for advanced battery energy storage systems growth is growing renewable energy utilization. In view of tremendously escalating energy demands, awareness for depletion of fossil fuels are paving way for renewable energy utilization. With changing environment conditions it is important to save infrequent energy produced by these resources for long term utilization. Advanced battery storage systems enables saving of solar energy, wind energy and other renewable energies in chemical form for later utilization. With such vital application in energy & utilization, advanced battery storage systems market is to witness immense growth in coming years.
The on-going global paradigm shift from conventional energy utilization technology to electric technology offers a unique opportunity to promote the development of next generation energy saving options. North America is leading geographic region for advanced battery energy storage systems market, credited to significant investment on renewable energy sources and government initiatives towards carbonless energy utilization. On the other hand, with strong demand for energy saving solutions from APAC countries, the region is witnessing highest advanced battery storage systems market growth rate over the period. Presence of number of major players is another vital factor supporting the rapid penetration of the market in APAC region.
Charlie Gefen
Credence Research Inc
gefen.c@credenceresearch.com
https://www.credenceresearch.com