A new report from Transparency Market Research finds that the global energy storage systems market is likely to expand steadily at a compound annual growth rate of 5.6% from 2020 to 2031, from $40.53 billion in 2020 to 2031 73.8 billion US dollars in the year .

The global energy storage systems market is fragmented due to the large number of regional and international players. This market has a lot of room to grow and new players are entering. Hence, competition in the market is expected to heat up in the near future.

High energy demand for non-residential & residential

Apart from the automotive segment, commercial and industrial establishments are also driving the global energy storage systems market due to their high demand for energy storage. The research report further stated that the residential segment is expected to grow at a healthy pace in the coming years owing to the increasing adoption of solar panels and battery to reduce electricity costs and overcome blackouts.

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