Published On : 16 Jan 2019
Electric Vehicles are gaining traction due to their high frequency, smooth acceleration, and instant torque. Some governments are trying to employ strict policies for lowering carbon emission, which is accelerating the use of EVs. These initiatives are boosting growth of the next generation energy storage systems market.
The transportation segment is witnessing higher adoption of EVs which is demanding the next generation energy storage systems. This is expected to provide a boost to the market by accounting the largest market share and dominate the global next generation energy storage systems market. Globally, countries are focusing on improving EVs as energy-efficient alternatives to vehicles using the fossil fuel. The global next generation energy storage system market is growing substantially worldwide due to the extended government support across countries.
Global Next-Generation Battery Market to Experience Boost Growth due to Growing Demand for Grid Storage
The global next-generation energy storage has grid storage application, which is expected to grow over the forecast period. The demand smart grid and growing usage of renewable energy production, mainly in the wind and solar energy is boosting growth of the next generation energy storage. Next-generation energy storage with excess power and stores power, which is available during peak hours. Commonly used technology for storing energy is the Li-ion battery. However, increased adoption of smart grid is leading to use advanced energy storage for enhanced grid stability, management of electricity, and flexibility.
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North America to dominate the Global Next-Generation Energy Storage Systems Market
Robust development and stringent regulations in the North America is leading to provide a boost to the market. The region is expected to remain dominant over the forecast period due to growing adoption and research for improving the electric vehicles. However, the Asia Pacific is expected to witness growth with lucrative CAGR over the forecast period.
The key players operating in the global next-generation battery market are Sion Power, Seeo, OXIS Energy, Fluidic Energy, and GS Yuasa. These companies are dominating the market, thus, the market is extremely competitive but lucrative. The growing demand for the next generation energy storage systems market is expected to increase level of compitation in the market over the forecast period. For maintaining their position in the next generation energy storage systems market, the players are increasingly taking initiatives such as partnerships, mergers and acquisitions, and collaborations.
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