Grid Scale Stationary Battery Storage Market Share

APAC Market Statistics

Asia Pacific industry is estimated to dominate majority revenue share of 35% by 2037, ascribing to the rapid rate of industrialization and urbanization, high manufacturing output of countries such as China and India, and rise in the development of new products in the region. For instance, in 2017, the share of the urban population in China was approximately 59 percent, which increased to about 64 percent by the end of the year 2020.

North American Market Forecast   

The North American grid scale stationary battery storage market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The regional growth can majorly be attributed to the increasing government initiatives to improve energy distribution, which is expected to fuel the growth of the market in the region in the coming years. Moreover, the North American market is expected to account for the largest share during the forecast period owing to heavy R&D investments in new energy storage technologies and the strong presence of market players in the region.

Europe Market Forecast

Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The rising demand and production of electricity is considered to be the major factor for market growth in the region. Also, the increasing number of industries in the region that demand a high amount of energy is anticipated to create a positive outlook for market growth.