Asia Pacific Distributed Energy Storage System Market Anticipated to Be the Sector With the Fastest Growth | 2035
The market in the Asia Pacific region is anticipated to gain the largest market share throughout the forecast period owing to the very high electricity imports in the region.
The global distributed energy storage system market is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2023–2035. The market is segmented by application into transportation, grid storage, renewable energy storage, and others, out of which, the grid storage segment is estimated to hold a notable share in the market during the forecast period, owing to the constantly rising demand for continuous, and uninterrupted electricity supply, globally. Moreover, the rising demand for electricity is also expected to boost the segment growth.
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The global distributed energy storage system market is estimated to grow on the back of increasing need for energy transportation and distribution across the globe, supported by the growing energy consumption. According to the data by the International Energy Agency (IEA), the global electricity demand is estimated to increase by over 1,000 TWh in 2021. Moreover, distributed energy storage systems are more convenient and safer for transportation, owing to their higher resistance to extreme temperatures. Furthermore, the growing adoption of advanced technologies in the energy sector is projected to fuel the market growth.
On the basis of geographical analysis, the global distributed energy storage system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. A report by the IEA stated that the Europe region imported 459,952 GWh electricity. Moreover, the growing consumption of energy in the region, backed by rapid economic development is estimated to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Need for Energy Transportation to Boost the Market Growth
Distributed energy storage system is ideal for energy transportation across long distances, and under extreme conditions. In addition to this, the growing need for transportation of stored energy, backed by the growing import and export of various forms of energy, is also expected to drive the market growth.
However, requirement of high capital investment is expected to operate as key restraint to the growth of global distributed energy storage system market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global distributed energy storage system market which includes company profiling of ABB Ltd., General Electric, LG Energy Solutions, Siemens AG, Schneider Electric SE, MCV Energy, Emerson Electric Co., Advanced Control Systems LLC, Hitachi, Ltd., and Johnson Controls International. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global distributed energy storage system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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