Based on technology, the global witnessed the dominance of the segment of pumped hydro storage. The segment accounted for a massive 90% of the global advanced energy storage market in 2015 and is likely to remain the most preferred advanced energy storage technology in the near- and long-term scenario. From a geographical standpoint, the market for advanced energy storage in Asia Pacific held the dominant market share in the global market, followed by Europe and North America, in 2015. The development of advanced energy storage industry in Asia Pacific has seen rapid growth in the last few year and is also expected to exhibit impressive rise during the forecast period.
Some of the key forces driving the global market for advanced energy storage is the significant growth observed in the field of battery energy storage, the vast rise in micro grid and on-grid energy distribution infrastructure across the globe, and lower regulatory constraints pertaining to energy storage. Of these, the excellent growth observed in the battery industry in the past few years, which has helped in significantly reducing battery prices, has fueled the growth of the electrochemical (battery) energy storage segment and benefitted the growth prospects of the global advanced battery storage market as well.
Impressive growth observed in the micro grid and on-grid energy distribution sector, especially across some of the world’s leading developed and emerging economies, has also had a massive positive impact on the overall growth prospects of the global advanced energy storage market. In the near future, the market is expected to benefit from relaxation in tax structure and encouraging government regulations concerning energy storage, especially in countries across Europe and Asia Pacific where governments support the industry via loan rebates and subsidies.
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