Advanced Energy Storage technology is used to convert electricity into energy, store it in various forms, and is then converted to usable electricity whenever needed. Growing demand for advanced energy storage systems from the automotive sector and power generation plants is a major factor driving growth of the advanced energy storage systems market over. A major factor restraining growth of the target market is the high operational and capital costs of energy storage systems.

The global advanced energy storage systems market is segmented on the basis of technology, application, and region. On the basis of technology, the global market is segmented into electrochemical, thermal storage, and mechanical energy storage. The electrochemical segment is expected to witness highest growth in terms of revenue in the target market during the forecast period.

On the basis of application, the global market is segmented into grid storage and transportation. The grid storage segment accounts for highest share and is projected to witness highest growth in the target market during the forecast period.

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On the basis of region, the global advanced energy storage systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market accounts for highest share in terms of revenue and is expected to dominate the global advanced energy storage systems market during the forecast period, owing to rising demand for advanced energy storage systems from various sectors such as automotive and power generation in the region. The Asia Pacific market is estimated to witness highest growth over the forecast period. The North America market accounts for significant share in terms of revenue in the global market. The Europe market is expected to witness significant growth over the forecast period.

Key players operating in the global advanced energy storage systems market include LG Chem., Ltd., ABB Ltd, GS Yuasa International Ltd., GENERAL ELECTRIC COMPANY, Saft Groupe S.A., Hitachi Chemical Co., Ltd., Tesla, Inc., Siemens AG, Exide Technologies, and CALMAC.