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  • energy storage-Distributed Energy Storage Market Overview

    energy storage-Distributed Energy Storage Market Overview

    The Distributed Energy Storage market size is forecast to reach $19.2 billion by 2027, growing at CAGR 8.6% from 2022 to 2027. The growth of this market is mainly driven by increasing demand for continuous electricity, increasing investment on renewable energy projects by both developed and developing countries and rising demand for grid storage technology, especially micro-grid. Rapid industrialization and growth in purchasing power increases the demand for power, which enhances the adoption of distributed energy storage system including renewable energy storage, thermal energy storage, superconducting magnetic energy storage, flywheel energy storage, battery energy storage system and others, as it helps in meeting the energy requirement during peak hours. Furthermore, governments are taking various initiatives to promote the usage of renewable energy as a prime source of power generation, which is boosting the growth of distributed energy storage market. Hence, the above-mentioned factors are fueling the growth of Distributed Energy Storage industry during the forecast period 2022-2027.

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