Increasing energy generation via renewable energy generation plants is expected to boost the adoption of energy storage systems over the coming years.
Rising popularity of electric vehicles will also positively boost demand for energy storage systems (ESS) along with electric car battery charger systems. The market for energy storage systems in the Asian region is anticipated to expand at a higher CAGR of 6% through 2031.
Which Industry Will Positively Impact the ESS Market?
Rising Popularity of Electric Vehicles to Drive ESS Market Potentialâ€
The automotive industry has seen a paradigm shift towards electric vehicles from conventional IC engine-powered vehicles and this has substantially increased the demand for EV connectors and battery energy storage systems.
Key energy storage system manufacturers are investing in research and development of energy storage batteries with longer-duration storage capacity and this is expected to drive energy storage systems market growth.
The trend of electric vehicles is projected to boost demand for battery energy storage products such as flow batteries, lithium-ion batteries, rechargeable batteries, ultra-batteries, etc.
Report : https://www.factmr.com/report/energy-storage-systems-market
Which Region is Seeing Rising Consumption of Energy Storage Systems?
The regions of East Asia and South Asia are anticipated to be the most lucrative markets on a global scale. Rising urbanization and increasing popularity of electric vehicles are expected to be prominent trends driving the ESS market potential in the Asian region. India and China are projected to see high demand for energy storage technologies.
The Asian region energy storage systems market share is expected to exhibit a dominant outlook across the forecast period and account for a value of US$ 16.5 billion by 2031.
North America accounts for the second-largest market share in the global energy storage market in 2022.
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