We think this is a very important part of the renewable message today and going forward. Energy storage is a game change on every level. As prices come down on batteries, as deployment of stored power gets more efficient, the ROI increases daily on such systems.
Those assets also allow for market growth in newer technology like hybrid electric buildings and micro grids. All of which means we use less KW's, get better data on what we use and get really smart about keeping our homes and commercial buildings up and running.
Interesting that China has emerged as a leader on this front. What does that portend on the future of their economy and environment?
China and South Korea are driving the growth of energy storage systems market in Asia-pacific with an increasing focus on production of electric vehicles in future. global market was valued at $172,236 million in 2015, is expected to garner $264,953 million by 2022, registering a CAGR of 6.4% during the period 2016 - 2022.
The increasing production of renewable energy by major economies across the world is driving the market for energy storage systems. Coupled with the increasing usage of renewable resources, the growing interest towards adoption of electric vehicles will also fuel the growth of energy storage systems.
Although there is a keen focus of major economies such as China, United Kingdom, France, Holland, Spain, Germany, Japan, U. S. on increased production of electric vehicles with an objective to save to high cost incurred due to fuel consumption.
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