Pune, India -- (SBWIRE) -- 04/24/2019 -- The report on Advanced Energy Storage Systems Market by technology (electro chemical, mechanical, thermal energy storage), application (grid storage and transportation) trends analysis and forecasts up to 2024 studies the market sizes, key trends and opportunities in the main geographies such as North America, Europe, Asia-Pacific, Rest of the World. According to the report the global advanced energy storage systems market is projected to grow at a CAGR 5.9% in terms of value over the period of 2018-2024. The growth in the world market is primarily driven by significant contribution by North America (Leading region) region to this market.

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The Cumulative Renewable Energy Investments are Driving the Growth of the Advanced Energy Storage System Market

The rapidly growing energy demand and depletion of fossil fuels lead to the growing adoption of renewable energy such as solar energy and wind power. The Cumulative renewable energy investments are driving the growth of the advanced energy storage system market. In Addition, the use of advanced energy storage systems in the heat and power generation and electrical/hybrid transportation are anticipated to boost the growth of the advanced energy storage system market.

The advanced energy system contains the integrated software's that helps to manage the storage system that is likely to escalate market growth. However, the high cost associated with the overall storage system is hampering the growth of the advanced energy storage system market. Moreover, the rising awareness about the renewable energy, growing adoption of advanced energy storage systems across various end-use industries and increasing investment in the modern infrastructure are the factors projected to create the several opportunities in the advanced energy storage system market in upcoming years.

The Asia Pacific Dominates the Growth of Energy Storage System Market

Geographically, the Asia Pacific region held the maximum market share in 2017 and is expected to dominate the advanced energy storage system market followed by Europe. The rapidly growing power supply infrastructure and the rising consumer's inclination towards renewable energy are the factors driving the growth of the advanced energy storage system market in the Asia Pacific region.

The Federal Government Supports Two New Energy Storage Research Hubs

In August 2018, the Federal government has announced $7.5 million in funding for two new research hubs that will focus on different aspects of advancing Australia's energy storage sector. Deakin University will receive $4.4 million to set up an Australian Research Council Training Centre for Future Energy Storage Technologies that will ensure the next generation of energy storage researchers have the required skills to create new knowledge and intellectual property in advanced energy materials, batteries and related control systems.

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Report Highlights:
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global advanced energy storage market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of advanced energy storage market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the advanced energy storage market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers and distributors of the advanced energy storage market to understand the present and future trends in this market and formulate their strategies accordingly.