Energy Storage Systems Revenue is Likely to Reach a Valuation of US$ 73.8 Billion by 2031
Increasing focus on sustainability and rising popularity of electric vehicles anticipated to provide a lucrative setting for energy storage systems market growth
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.
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Competitive Environment
To acquire a competitive edge in the worldwide market, producers of energy storage systems are concentrating on mergers, acquisitions, collaborations, and partnerships to broaden their company scope and accelerate their manufacturing processes.
A Memorandum of Understanding (MoU) was signed by Siemens AG and LG Energy Solution, a storage battery manufacturing company, in December 2021, according to the announcement. The goal of this collaboration is to digitise the battery production 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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