Renewable Battery Storage Market Share

Regionally, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific industry is likely to hold largest revenue share of 40% by 2037. On the other hand, the market in North America is anticipated to register a revenue of USD 164.18 Million by the end of 2021. The market in North America is growing on account of the rising demand for renewable energy sources and the increasing need for uninterrupted power sources, backed by the concern for the aging grid infrastructure. Moreover, growing awareness on reducing the congestion on grid power by the use of renewable battery storage systems amongst the end users, is also anticipated to drive the growth of the market in the region. Further, there is growing demand for renewable battery storage systems amongst the end-users for use in applications, such as e-mobility, utility scales, and others, which is also anticipated to contribute to the growth of the market in North America. The renewable battery storage market in North America is further segmented by country into the U.S. and Canada, out of which the market in the U.S. is anticipated to grab the largest market share of 94.54% by the end of 2036. Alternatively, the market in Canada is projected to grow with the largest CAGR of 37.04% during the forecast period.