DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Advanced Battery Energy Storage Systems Market Insights, Opportunity Analysis, Market Shares and Forecast 2017 -2023" report to their offering.
Advanced battery energy storage systems market is rising with increasing demand for electric vehicles. According to International Council on Clean Transport (ICCT), the number of hybrid electric vehicles (HEV) in US in 2015, reached up to 15%. Also, the demand for HEV in US has increased by 36% in 2015 as compared to 2014 (11%).
The total count of HEV vehicles in Europe was more than 8% of the total transport vehicles in 2015. One in every seven vehicle sold in EU is HEV, since 2015. In 2015, Department of Transport, UK announced an investment of $270 million YoY till 2020 for electric vehicles. The aim of the investment is to have every vehicle in the country (UK) to be of low emission by 2050.
Scandinavian countries (Norway, Finland, Denmark and Netherlands) have been traditional markets for HEV in EU. The total sales of HEV in these countries grew by 22% in 2015. Asia Pacific is the fastest growing market for the forecast period 2016-2023. China, Korea, Singapore and Japan are main drivers of advanced battery energy storage systems technology market in Asia Pacific. The demand for electric vehicles in Japan is forecasted to increase by 11% in 2017.
Sales of electric vehicles in China grew astounding 294% in 2015, according to ICCT. The high growth rate is anticipated to continue till 2020. Above scenario confirms, global PCB market growth from $230million in 2016 to over $2030million by 2023, growing at CAGR 36.5% during period 2016-2023.
North America dominates global advanced battery energy storage systems market in terms of revenue followed by Europe. Rising demand for electrical vehicles, favourable regulatory environment, increasing expenditure in renewable energy, and large pool of automobile companies are the factors driving market in Europe and North America. In 2016, total renewable energy investment in USA was $23.1billion. By 2020, the total renewable energy investment in USA is anticipated to reach $30billion.
GS Yuasa Corporation, ABB Ltd., LG Chem Ltd., Enersys Inc., Saft Ltd., Hitachi Ltd., BYD Corporation Ltd., Beacon Power LLC and Exide Technologies Ltd., are amongst the pioneers in advanced battery energy storage systems.
Merger and Acquisition is the foremost strategy used by companies to acquire market share. China's Wanxiang Group bought US based electric vehicle lithium ion battery manufacturer, A123 systems in 2016. The investment is made eyeing 48 volt batteries, which Wanxiang Group intends to supply to top five Chinese auto makers for next five years.
Market Drivers & Market Impact
- Volatile Fossil Fuel Price
- Rising Investments In Renewable Energy
- Increasing Demand For Electric Vehicles
- New Technologies In Battery Technology
Market Restraints & Market Impact
- High Initial Capital Investments
- Market Competition
- Emerging Markets Like India And China
- Renewable Energy Demand In Europe
- Increasing Application In Defense Sector
- Regulatory Compliance
- Technical Challenges In Battery Technologies
- A123 Systems
- Abb Ltd
- Beacon Power Llc
- Byd Company Ltd
- Calmac Manufacturing Corp
- Exide Technologies
- GS Yuasa Corporation
- Hitachi Ltd
- LG Chem Ltd
- Maxwell Technologies
- Nippon Chemi-Con Corp
- Samsung SDI Co Ltd
- Toshiba Corp
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