Energy & Power

Global  advanced energy storage systems market   is expected to reach USD 6.93 billion by 2022, according to a new study by Grand View Research, Inc. Increasing demand for utility scale power generation particularly during peak hours is expected to augment demand for advanced energy storage systems. Advanced energy storage systems efficiently manage energy resources thereby reducing the need for utility scale power generation plants. The above factor significantly helps in reducing fixed cost and is expected to play a key role in market growth over the forecast period. Stringent regulatory framework governing the use of fossil fuels for power generation is also expected to act as a major driver for advanced energy storage systems market growth. Power plants generate significant quantities of GHG such as CO 2 , which can be overcome through the efficient use of advanced energy storage systems. These systems store energy when generated and are capable of providing back up powe