Energy Storage Systems Market Expected to Grow Strong through 2028
February 17, 2023/Industry News Global/ -- This new report from Stratview Research analyses the Energy Storage Systems Market over the trend period from 2017 to 2020 and the forecast period from 2022 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.
Energy Storage Systems Market Overview:
Energy storage systems market demand was estimated at 210.94 GW in 2021 and is likely to grow at a CAGR of 11.1% from 2022-2028 to reach 440.71 GW in 2028.
What is Energy Storage System?
The energy storage system is a device used to convert electrical energy from a power system into a form that can be stored for converting back to electrical energy.
Drivers
- Increasing demand for continuous electricity supply and growing focus on renewable energy is likely to boost the growth of the energy storage systems market.
- Governments have been compelled to make significant investments in sustainable future initiatives due to increasing carbon emissions and diminishing environmental circumstances. As a result, spending on infrastructure and the development of renewable energy sources has grown recently.
- The global market for energy storage systems is crowded with regional and international companies. This makes the landscape disintegrated in nature.
Region Insights
Asia-Pacific is estimated to be the largest market led by China, Japan, India, South Korea, ASEAN Countries, and Others. Expanding industrial sector, rapid urbanization, significant economic development in the region, and increased focus on sustainable sources of energy are the major factors driving the growth of the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
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