Advanced energy storage systems market is expected to reach a value of USD 15.95 billion by 2020, at a high CAGR of 4.4 percent during the forecast period, a recent research from Reportlinker said.
Energy arbitrage opportunities, increasing renewable installations and growth of the electric vehicles market are propelling the growth of the energy storage systems market across the globe.
Growing economies such as Asia-Pacific leading the energy storage systems market as the region is moving towards renewable energy sources to cope up with the increasing energy demand, according to the report.
The governments in these regions have taken various steps for renewable energy programs, and therefore, increasing renewable energy programs across the world would definitely support the usage of energy storage systems.
Various regions, especially North America and Europe, are investing in expanding their energy storage infrastructure in order to perceive sustainable development; energy storage systems are considered to be the need of the hour in order to achieve energy security.
The transportation application is the fastest growing segment in the global energy storage systems market. The growth of this market is primarily attributed to increasing usage of electric vehicles in developing as well as developed economies across the world.
According to Electric Vehicles Initiative (EVI), there will be approximately 20 million electric vehicles on road by 2020, which is a huge growth considering the current presence of 180,000+ electric vehicles globally.
Europe and North America are focusing on developing reliable and efficient grid networks. In order to achieve sustainable development, respective governments are deploying new renewable installations in the countries. This increases the demand for energy storage systems in the region.
Most countries in the respective regions are member of EVI, and as a part of their target of reducing carbon emissions, these countries have long-term sales targets of electric vehicles, supporting the demand for energy storage systems in the region.