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Europe, North America, and Asia Pacific are set to maintain a large majority of the total storage capacity due to high EV installation and charging infrastructure adoption rates
As the rate of EV adoption increases across global markets, so does the demand for accessible and faster charging. To accelerate growth in this sector, charging networks must provide faster charging without incurring high demand charges or heavy costs for new infrastructure upgrades. One solution is the integration of energy storage systems into charging stations.According to a new report by Guidehouse Insights, the total compound annual growth rate (CAGR) across all segments for stationary ESEV is expected to be 28% by 2029, with total global installed stationary ESEV anticipated to reach around 1,900 MW by the end of the forecast period
Maria Chavez, research analyst with Guidehouse Insights commented that, a battery storage system could feed from the grid during low demand and release power to charge an EV during peak demand time.Energy storage not only aided in peak shaving to make EV charging solutions more cost effective, but also was needed to support integration of renewable energy resources (e.g., solar PV) into EV charging stations.
Regionally, Europe, North America, and Asia Pacific are set to maintain a large majority of the total storage capacity, largely due to high regional EV installation and charging infrastructure adoption rates. While current high costs of battery storage and some negative environmental impacts still pose challenges to wider market adoption, solutions such as second-life battery applications can bridge the gap to provide more sustainable options in the ESEV market.