The advanced energy storage market is segmented into consumer electronics, automotive and grid storage & distribution. The automotive segment is growing due to the adoption of advanced storage and fuel cells in electric cars. The consumer electronics segment is expected to have a prominent share in the market due to the increasing popularity of wireless devices which use different kinds of cells.
The North American market is expected to have considerable share in the market. this can be attributed to the long-term Outlook for Solar Energy, favorable US policies to improve solar power generation capabilities, rising number of energy storage projects. NYC utility's ambitious plans for energy efficiency is also expected to propel the market during the forecast period. The Asia Pacific is also expected to have a significant share in the market mainly due to the adoption of renewable energy sources in China.
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