The global market for energy storage systems is expected to register over 9% growth between 2019 and 2023.
The market is expected to add an additional 1477.40MW of energy storage capacity over the next five years.
The market growth will be driven by the increasing economic benefits of energy storage systems and several advances in battery energy storage technologies.
An increase in the installation of solar energy systems across the utility, commercial, industrial and residential sectors is driving the popularity of energy storage systems.
Several countries are experiencing heavy power loads and power outages hence will increase their focus on the technology to ensure more distributed energy resources are included in the energy mix.
The market’s year over year growth rate for 2019 is expected to reach 12.79% of which 48& of the overall market expansion is expected to come from the Asia-Pacific region.
The market is highly fragmented with few players occupying the market share.