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 yielded USD 64.96 billion in 2021 and is reckoned to showcase robust expansion during 2022-2027.

Swift urbanization & a subsequent increase in demand for clean energy, soaring environmental concerns, and supportive government initiatives are variables contributing to development of global energy storage market.

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In terms of type, the battery vertical is slated to gain substantial traction during the forecast period, due to the huge demand for batteries in electric vehicles and energy storage systems (ESS). Moreover, battery storage is widely used in electric vehicles and portable devices given the benefits offered by lithium-ion batteries. 

Based on end-user, worldwide energy storage industry share is divided into commercial, industrial, and residential. Herein, the industrial segment is estimated to record massive growth during the speculated timeline, owing to the surging focus on energy storage in manufacturing sector. Additionally, the expansion of EV sector is further amplifying the demand. 

Concerning geographical terrain, the business landscape spans across Europe (France, UK, Italy, Germany), Asia Pacific (India, Australia, Japan, China), and America (Canada, U.S.). 

Of these, Asia Pacific market is poised to rise exponentially during the assessment timeframe, attributed to the growing population, particularly in countries like India, Japan, Australia, South Korea, and China, which is impelling the demand for energy. Besides, paradigm shift towards the use of renewable energy is infusing progress in business sphere tremendously. 

The companies defining the competitive outlook of worldwide energy storage industry include Wartsila Oyj Abp, Tesla Inc., Fluence Energy, Powin Energy Corp., Panasonic Corporation, General Electric Company, Toshiba Corporation, BYD Co. Ltd., LG Chem Ltd., and GS Yuasa Corporation among others. 

The report tracks the recent developments undertaken by the aforementioned key players such as mergers & acquisitions, new product launches, and innovative strategies for better understanding of the industry dynamics.