Product ID: SQMIG55C2005
Report ID:
SQMIG55C2005 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
67 |
Figures:
75
In 2021, the Asia Pacific region dominated the battery energy storage system market accounting for the highest revenue. T In developing economies, rapid population development has raised the demand for electricity. Over the forecast period, grid operators will increase grid flexibility and reduce power disruptions by installing battery energy storage devices.
The demand for distributed power generation is predicted to increase across numerous economies in the Asia Pacific, which is expected to further accelerate regional market growth. The battery systems store excess renewable energy that is later used for local power generation and grid power delivery during periods of peak demand.
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REQUEST FREE CUSTOMIZATIONBattery Energy Storage System Market size was valued at USD 3.44 billion in 2019 and is poised to grow from USD 4.4 billion in 2023 to USD 31.51 billion by 2031, growing at a CAGR of 27.9% in the forecast period (2024-2031).
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Product ID: SQMIG55C2005