Powered Storage Devices Industry - Regional Synopsis
APAC Market Forecast
Asia Pacific industry is poised to dominate majority revenue share of 33% by 2037. The growth of the market is set to rise on account of growing investment in power grids. Over the next ten years, the Asia-Pacific region is assesed to make investments of over USD 4 trillion in power generation, of which about 50% will be allocated towards wind and solar power and close to 11% towards energy storage.
With the Asia-Pacific region accounting for more than half of the world's electricity demand this year, it is crucial to the power sector's energy transformation. Besides, the government in this region is estimated to launch various initiatives for the adoption of electric vehicles which is also estimated to drive the market expansion.
North American Market Analysis
By 2037, North America region in powered storage devices market is set to hold more than 27% revenue share. State-level regulations and incentives for the installation of powered storage, especially in California and Hawaii, have served as the primary drivers of the powered storage market's rapid growth in the United States in recent years.
In addition, the United States government has extended financial support and tax breaks to facilitate the advancement and implementation of powered storage technologies. These include financing for research and development via the Advanced Research Projects Agency-Energy initiative.
