According to the research report titled ‘Global Energy Storage Market (2022 Edition) - Analysis By Type (Battery, PSH, TES, Others), End-User, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2022-2027)’, available with MarketStudyReport, global energy storage market was worth USD 64.96 billion in 2021 and is anticipated to garner lucrative returns by the year 2027.

As per report findings, environmental concerns, increasing government support, rapid urbanization, and growing demand for clean energy are the major growth determinants for the global energy storage market.

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Based on type terrain, the industry is classified into pumped storage hydroelectricity, thermal energy storage, batteries, and others. Among these, the batteries segment accounts for major revenue share at present and is slated to grow significantly over the stipulated timeframe, owing to advantages and subsequent demand for lithium-based battery for usage in energy storage, ESS system, and EVs.

In terms of end user terrain, the industry is branched into residential, commercial, and industrial. Among these, the industrial segment holds significant market share and is expected to expand at a rapid pace in the coming years, owing to rising demand for electric vehicles.

Regionally speaking, the industry trends are studied across North America (U.S., Canada), Europe (Italy, UK, Germany, France), and Asia Pacific (China, India, Japan, Australia).

As cited in report, Asia pacific energy storage market held substantial revenue share in 2021 and is poised to expand at a notable CAGR over the analysis timeframe, owing to growing demand for energy in nations like India, China, Japan, Australia, and south Korea, on the back of booming population.

Speaking of the competitive arena, Panasonic Holdings Corporation, GS Yuasa Corporation, Wärtsilä Oyj Abp, General Electric Company, BYD Auto Co. Ltd., Powin Energy Corporation, LG Chem Ltd., Toshiba Corporation, and Tesla Inc. are the leading players influencing the global energy storage market dynamics. These giants are applying strategies like mergers & acquisitions, collaborations & partnerships, and innovative launches to reinforce their position in the market.