According to the business intelligence report titled ‘Global Advanced Energy Storage Systems Market Size study, by Technology (Electro Chemical Technology, Mechanical Technology, Thermal Storage Technology), by Application (Transportation and Grid Storage) and Regional Forecasts 2021-2027.’, available with MarketStudyReport, global advanced energy storage systems market was assessed at USD 16.18 billion in 2020 and is anticipated to be worth USD 28.46 billion by 2027, expanding at a y-o-y rate of 8.4% between 2021-2027.
 

Decreased technology costs owing to rapid developments in this business space and increasing investments in renewable energy sources are the key factors driving global advanced energy storage systems market expansion.
 

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Growing commercial and residential application of advanced energy storage systems will aid revenue inflow as well. Citing an example, in July 2021, Babcock & Wilcox Enterprises Inc. announced that it has signed an agreement with the U.S. Department of Energy. As per the agreement, the company will develop a long term thermal storage system in the United States.
 

On the other hand, lack of common codes & standards will act as a challenge for businesses operating in this domain.
 

Based on technology, global advanced energy storage systems market is split into electro chemical (lead acid battery, lithium-ion battery, flow battery, nickel metal hydride & nickel metal cadmium, sodium sulfur battery), mechanical (flywheel, pumped hydro, compressed air energy storage & liquid air energy storage), and thermal storage (latent, sensible, and thermo chemical).
 

From the regional frame of reference, Asia Pacific held majority of worldwide advanced energy storage systems industry share in the recent past, owing to growing concerns regarding energy security. Meanwhile, North America market is projected to garner substantial returns between 2021-2027, due to strict federal reforms pertaining to carbon emissions.
 

Leading players formulating the competitive landscape of global advanced energy storage systems market are ABB Ltd., Tesla Inc., Toshiba Corporation, CALMAC,  LG Chem Ltd., Panasonic Corporation, General Electric Company, Samsung SDI Co Ltd., Siemens AG, and GS Yuasa Corporation.
 

These companies are focusing on strategic moves such as mergers & acquisitions, partnerships, alliances, investments into R&D, and launch of new products to maximize profits and strengthen their foothold in this business domain.