Grid Scale Battery Market Regional Analysis:
APAC Market Insights
Asia Pacific region is anticipated to hold over 46.1% market share by 2035, due to growing electricity demand, and rapid urbanization in the region. As per the United Nations Department of Economic and Social Affairs, it is projected that India and China will have added 416 million and 255 million urban dwellers respectively. In addition, expanding the grid capacity of developing nations, and increasing the deployment of renewables for energy generation is also expected to accelerate the market. The increasing number of sectors that require energy storage units with increasing consumption of power and electricity is estimated to drive market growth. The rising adoption of power backup in IT sectors and other software industries to prevent unwanted disturbance in the program is anticipated to drive the market growth.
North American Market Insights
North America region is anticipated to hold lucrative share by 2030, owing to the growing focus of the government on utilizing renewable energy storage in residential, non-residential, and utility sectors in the region. The rising power plants with increasing industries are also anticipated to drive market growth in the coming years. The growth rate of industrial production in the United States increased by more than 0.6% in the year 2023.
Europe Market Insights
On the other hand, Europe had set a goal of meeting approximately 21% of its renewable sources with sustainable power by 2020, so the sustainable energy market in Europe was anticipated to grow at a rapid pace in the following decade. Over the projected timeframe, the development of the renewable energy sector is projected to generate sales of grid-scale batteries in the region.
