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The Global Energy Storage Market, valued at USD 64.96 Billion in the year 2021 has been witnessing unprecedented growth in the last few years on the back of growing environment concerns, growing government support, rapid urbanization and growing clean energy demand. These factors will drive the Energy Storage Market market value in the near future, reports Research And Markets.
The largest market share is held by the Battery segment globally. It is expected to grow faster in the future.
Lithium-Based Battery Demand is Higher in EVs, EESS Systems, and also battery storage is used in many electric vehicles, portable devices, due to the benefits of lithium-based batteries, which will drive market.
The market share for industrial end users (Industrial and Commercial) is large. This market will continue to grow in the future. This is the most important application of energy storage systems because the demand for energy storage is high in manufacturing. The rising demand for electric vehicles will continue to drive the market.
APAC is the region that has seen the largest growth in Energy Storage Market in 2021. Due to increasing population in countries such as China, Japan and Australia, the demand for energy has increased. This will increase the demand for renewable energy in Asian countries. These factors will increase the demand for energy storage systems in the region, which is expected to boost market growth.
The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Tesla Inc., Panasonic, Toshiba, LG Chem, GS Yuasa, BYD, General Electric, Fluence Energy Powin, Wartsila.