The energy storage market is estimated to exhibit a CAGR of 27.6% from 2023 to 2032.
Increased customer acceptance of renewable energy, research and development of new storage methods, and increased government incentives for manufacturers are among the top drivers of the energy storage market globally.
The energy storage market was valued at US$ 9.5 billion in 2021.
Batteries, hydrogen, superconductor, and hydroelectric energy storage are some of the main types of energy storage devices that are available in the global market.
Exide Industries Ltd., LG Chemicals, Eos Energy Storage, Convergent Energy and Power Inc., BYD Company Ltd., Seeo Inc., Greensmith Energy Management Systems, Scheider Electric, SMA Solar Technology AG, S&C Electric Company are some of the leading companies in global energy storage market.
With a 58.2% revenue share, Asia Pacific led the global market for energy storage in 2022. This market is dominated by the Asia Pacific region.
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