Energy Storage System Market Regional Analysis:
APAC Market Insights
Asia Pacific region is poised to dominate around 47.5% market share by 2035, attributed majorly to the massively increasing demand for energy in the region owing to rapid urbanization. For instance, in 2021, the Asia Pacific region utilized nearly 275.50 exajoules of primary energy, an increase of more than 6% compared to the previous year. Further, the rapid growth in industrialization in the countries such as India, China, Korea, and so on is also accelerating energy consumption on a huge level that is also projected to contribute to the market growth in the region. In addition, mounting investment in rural electrification, excessive government investments in the acceptance of green energy sources, and augmented government programs to stimulate the corporate sector to implement renewable energy sources are the major factors that are estimated to further drive the growth.
North American Market Insights
In energy storage system market, North American region is estimated to capture significant share by 2035. attributed to the expanding initiatives to lessen carbon footprint, coupled with the amplified awareness about the advantages of renewable energy sources in the region. Moreover, demand for efficient and regular power supply on utility and end-use scales is radically surging on the back of the huge adoption of electric vehicles which is thoroughly boosting the proportion of electric vehicle charging stations is also anticipated to fuel the market growth further in the region throughout the forecast period. As per the report of the U.S. Energy Information Administration (EIA), transporting people and commodities utilized around 28% of total U.S. energy usage in 2021.
