global battery energy storage system market will exceed 6.8 billion in 2022 years

The International market research institutes Reportsnreports released a report said that the extent of global battery energy storage system will reach 6.81 billion US dollars, during the compound annual growth rate as high as 37% by 2022 years.

The report believes that increasing demand for networking solutions, the rapid development of the electric car market, the improving application of lithium-ion batteries and policy support are the main reasons for the rapid growth of battery energy storage systems.

According to the report, electric vehicles are the prime factor in promoting the rapid growth of battery energy storage systems by 2022 years. It is estimated that by 2020 the global electric vehicle ownership will reach 20 million. China, the United States, Japan, Spain, France, Germany, Portugal, the Netherlands and India are major EV sales markets.

Regionally, North America will be the largest regional market for battery energy storage systems by 2022.However, in terms of compound annual growth rate, the fastest growth in the Asia Pacific region .Increasing demand of electric vehicles and increasing installation of battery storage system is the main reason.