Stationary Battery Storage Market Regional Analysis:
APAC Market Insights
Stationary battery storage market in Asia Pacific region is anticipated to hold largest revenue share of about 33% during the forecast period. The growth of the market in this region is because of the focus on infrastructural improvements and the electrification of rural areas. For instance, TP Renewable Microgrid introduced the biggest sustainability initiative for India's rural areas in December 2021. The demand for storage battery systems will be increased by initiatives like this. A number of establishments have also aimed to promote sustainability by augmenting their dependence on sustainable energy resources. For example, the Asian Development Bank authorized a USD 3 million credit in November 2022 to help with project preparations for renewable energy projects around the area. The purpose of this facility was to increase the energy sector's dependability and sustainability while encouraging private sector investment in renewable energy. Such initiatives will increase the region's adoption of stationary battery storage systems based on clean energy.
North American Market Insights
Stationary battery storage market in North America is attributed to hold second largest market share of about 27% during the forecast period. The end-user markets, battery energy storage manufacturers, and equipment suppliers comprise the US market value chain. The process of creating a battery energy storage system requires the usage of bus bars, connections, cables, module packs, and batteries. The batteries are a big and crucial component of the battery energy storage system.
