(MENAFN- Ameliorate Digital Consultancy)
Consumption of energy storage systems is predicted to increase at a CAGR of 5.6% from 2022 to 2031.
The global energy storage systems market stands at US$ 45.1 billion in 2022, and is projected to reach a valuation of US$ 73.8 billion by the end of 2031.
Increasing energy generation via renewable energy generation plants is expected to boost the adoption of energy storage systems over the coming years.
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Key Takeaways from Market Study
Currently, the energy storage systems market stands at US$ 45.1 billion. From 2022 to 2031, the energy storage systems market is expected to expand at a CAGR of 5.6%. By 2031, the energy storage systems market is projected to attain a valuation of US$ 73.8 billion. Increasing use of renewable energy, rising demand for electric vehicles, and supportive government initiatives majorly drive demand for energy storage systems. High cost of installation is predicted to hamper industry growth a bit. Lithium-ion batteries to see hike in demand as sales of electric vehicles increase across the world. The energy storage systems market in Asia Pacific is projected to hold a dominant stance over the forecast period and expand at a CAGR of 6% through 2031.
“Increasing focus on sustainability and rising popularity of electric vehicles anticipated to provide a lucrative setting for energy storage systems market growth ,” says a Fact.MR analyst
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Competitive Landscape
Energy storage system manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope and fast-track their production processes in order to gain a competitive edge in the global landscape.
In December 2021 , LG Energy Solution , a storage battery manufacturing organization, announced the signing of a MoU (Memorandum of Understanding) with Siemens AG . This collaboration will be aimed at the digitization of the battery manufacturing process.
Key Companies Profiled:
ABB Ltd. BYD Company Limited EOS Energy Storage Evapco Inc. Maxwell Technologies Inc. General Electric Company Hitachi Ltd. LG Chem Ltd. NEC Corporation Panasonic Corporation
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Key Questions Covered in the Energy Storage Systems Market Report
What is the projected value of the Energy Storage Systems factors Industry in 2022? At what rate will the global Energy Storage Systems factors market size grow until 2031? Which are the factors hampering the growth of Energy Storage Systems factors? Which region is expected to lead in the global Energy Storage Systems factors market By 2031? Which are the factors driving the Energy Storage Systems factors Industry during the forecast period? What is the expected market value of the Energy Storage Systems factors market during the forecast period?
Regional Analysis For Energy Storage Systems Market:
APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka) Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania) North America (USA, Canada and Mexico) South America (Brazil, Chile, Argentina, Rest of South America) MEA (Saudi Arabia, United Arab Emirates, South Africa)
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