![]() ![]() Europe is anticipated to fasten its grip on the battery energy storage market share during the forecast period owing to the EU’s ambitious emission reduction targets and unwavering focus on energy efficiency of the grid. In North America, supportive policies framed by state-level authorities to integrate BESS with the existing infrastructure are expected to power the market for BESS in the region. Moreover, these countries are rapidly implementing rural electrification programs, such as India’s Saubhagya Scheme and China’s Village Electrification Program, which has created a huge demand for battery energy storage systems. ![]() Massive Investments in Renewables to Foster Growth in Asia PacificĪsia Pacific, with a market size of USD 3.13 billion in 2019, is set to occupy a dominant position in this market owing to the extensive investments made in renewables by South Korea, India, and China. More importantly, renewables seem relatively insulated from the plummeting demand for energy, which is likely to encourage companies and governments to invest in energy storage systems and harness the full potential of renewables in the future.Ĭlick here to get the short-term and long-term impact of COVID-19 on this market. The main reason attributable to the impressive performance of renewables amid the current crisis, as per IEA’s analysis, is the completion of solar and wind projects in 2019, along with the favorable policies in many countries that support renewables. ![]() Furthermore, the IEA observes that several countries, even those that implemented strict lockdowns, experienced record-high shares of variable renewables in electricity consumption in Italy, Germany, Belgium, Hungary, and parts of the US. Increasing Share of Renewables in Electricity amid COVID-19 to Bolster Market Growthĭespite the COVID-19 pandemic wreaking havoc across the energy & power industry, the share of renewables in electricity has increased even in these challenging times, rising from 26% in 2019 to 28% in 2020, according to the IEA.
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