The market for [FURL=https://www.industryarc.com/Report/19378/distributed-energy-storage-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Distributed Energy Storage Market[/FURL] is forecast to reach $18 billion by 2025, growing at a CAGR of 9.3% from 2020 to 2025. Increase in awareness about renewables and growth in government initiatives for renewable power generation in various developed and developing countries are likely to boost the distributed energy storage system market across the globe in the coming years. Furthermore, rise in the use of renewable energy and the increase in demand for clean energy are expected to be the main drivers of the market for distributed energy storage systems.Key Takeaways
In 2019, the mechanical category accounted for the highest storage capacity in the world as these systems can produce high amounts of power and are able to make the best use of natural resources, thus leading to numerous economic benefits.
Asia Pacific is expected to lead the global distributed energy storage system market during the forecast period with a CAGR of 12.3% due to the large portfolio & capacity of renewable energy sources and limited grid infrastructure presence in this region.
The growth in the usage of renewable energy and the increase in demand for clean energy are projected to be the key drivers of the market for distributed energy storage systems.
High capital investments associated with DESS installations restrain the usage of these technologies by customers such as captive power customers and residential customers among others.
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Distributed Energy Storage Market Segment Analysis - By Geography
Asia Pacific is expected to lead the global distributed energy storage system market during the forecast period with a CAGR of 12.3% followed by North America and Europe.
Distributed Energy Storage Market Drivers
Increasing renewable energy investments
Both developed and developing countries are revising their energy policies to include a large portion of their generation from renewable energy sources, including wind and solar.The distributed energy storage system allows renewable energy sources to be incorporated seamlessly into the main grid by reducing their variability.
Emergence of Smart Grid to Offer Lucrative Opportunities
Smart grid architecture has changed the way that power is produced, distributed, and consumed. For consumers and power companies, it has resulted in better and improved grid utilisation, reliability, and security.Smart grids are also seen as an energy infrastructure option for the smart cities of the future.
Distributed Energy Storage driver market top companies are General Electric, NEC Energy Solutions, Siemens AG, Schneider Electric, Johnson Controls, MCV Energy and ABB Ltd.
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