According to a recent Fact.MR research analysis, the market for energy storage systems will grow at a CAGR of 5.6 percent between 2022 and 2031. The market for energy storage systems is currently valued at US$ 45.1 billion.
Due to increased investments in R&D to produce more effective energy storage systems, energy storage technologies have experienced remarkable developments in recent years. This is anticipated to significantly influence the market for energy storage systems. Energy storage system usage will be positively impacted by an increase in the use of energy storage systems in the automotive industry as a result of the rising sales and popularity of electric vehicles. Energy storage system adoption is anticipated to be somewhat constrained by high installation costs.
Key Market Study Conclusions
• The market for energy storage systems is currently worth USD 45.1 billion.
• The energy storage systems market is anticipated to grow at a CAGR of 5.6 percent between 2022 and 2031.
• The market for energy storage systems is anticipated to reach a value of US$73.8 billion by 2031.
• The need for energy storage systems is primarily driven by increased use of renewable energy, rising demand for electric vehicles, and supportive government programs.
• It is anticipated that high installation costs will somewhat impede industry growth.
• As the number of electric car sales rises globally, lithium-ion batteries will experience an increase in demand.
• Throughout the forecast period, the energy storage systems market in the Asia Pacific is anticipated to maintain its leadership position and grow at a CAGR of 6% through 2031.
Manufacturers of energy storage systems are implementing organic and inorganic expansion methods to broaden the scope of their businesses globally. In the upcoming years, increased demand for improved and next-generation energy storage systems will favor market potential.
Future sales of energy storage systems are also anticipated to benefit from supportive government programs and subsidies.
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