Distributed Energy Storage System Market Share

APAC Market Statistics

Asia Pacific industry is estimated to account for largest revenue share of 36% by 2037. The growth of the market can be attributed majorly to the increasing demand and consumption of electricity in countries such as China, India, Japan, and so on, coupled with the massive surge in investments in renewable energy in the region. For instance, by 2030, Asia Pacific investments in renewable energy production are estimated to be more than double to nearly USD 1.5 trillion, compared to the previous decade. In addition, the surge in the capacities of clean energy sources, along with the rapid urbanization and growing population ratio is also anticipated to boost the market growth during the forecast period.

Europe Market Forecast

The European distributed energy storage system market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be majorly attributed to the growing production and consumption of energy in the region. As per the IEA data, in the Europe region, total electricity production reached 4,112,925 GWh in 2019. In addition to this, the rising awareness regarding renewable sources, followed by the surge in governmental strategies to promote renewable power generation, and the massive adoption of electric vehicles are estimated to propel the regional growth of distributed energy storage system market in the projected time frame.