Global Distributed Energy Storage System Market to Reach $10.6 Bn
The growth of the distributed energy storage system market can be attributed to various factors such as increasing demand for renewable energy sources, growing need for energy security and grid stability, and rising focus on reducing carbon emissions. The adoption of distributed energy storage systems is also being driven by factors such as declining costs of energy storage, government initiatives and policies promoting the use of renewable energy, and advancements in energy storage technologies.
Among the different types of distributed energy storage systems, lithium-ion batteries are expected to account for a significant share of the market, owing to their high energy density, longer life cycle, and declining costs. The residential sector is also expected to emerge as a key end-use segment for distributed energy storage systems, driven by increasing adoption of rooftop solar panels and the need for energy security and independence.
Geographically, Asia Pacific is expected to be the largest and fastest-growing market for distributed energy storage systems, owing to the high demand for energy in countries such as China and India, government initiatives promoting renewable energy, and increasing investments in energy storage projects. North America and Europe are also expected to witness significant growth in the market, driven by the increasing adoption of renewable energy sources and growing focus on reducing carbon emissions
Appreciate the creator