Regionally, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World. The market in the Asia Pacific region is estimated to hold the largest market share throughout the forecast period and further reach a value of USD 6110.48 Million by the end of 2028 by growing at the highest CAGR of 37.84% over the forecast period. On the other hand, the market in North America is anticipated to register a revenue of USD 164.18 Million by the end of 2021. The market in North America is growing on account of the rising demand for renewable energy sources and the increasing need for uninterrupted power sources, backed by the concern for the aging grid infrastructure. Moreover, growing awareness on reducing the congestion on grid power by the use of renewable battery storage systems amongst the end users, is also anticipated to drive the growth of the market in the region. Further, there is growing demand for renewable battery storage systems amongst the end-users for use in applications, such as e-mobility, utility scales, and others, which is also anticipated to contribute to the growth of the market in North America. The market in North America is further segmented by country into the U.S. and Canada, out of which the market in the U.S. is anticipated to grab the largest market share of 94.54% by the end of 2028. Alternatively, the market in Canada is projected to grow with the largest CAGR of 37.04% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Moreover, increasing government incentives for renewable energy storage systems and the rising trends for energy-storage-as-a-service (ESaaS) services are also anticipated to contribute to the market growth during the forecast period. The market is further anticipated to reach a value of USD 1630.2 Million by the end of 2021.
