- The report added that battery segment is projected to record a 31.4 per cent CAGR and reach $12.1 billion by the end of the analysis period
- The US market is estimated at $805 million while China is forecast to grow at 30.2 per cent
The global battery energy storage system industry will reach $17. 9 Billion by 2027 as per a report by Reportlinker. It will grow at a CAGR of 31.1 per cent over the analysis period 2020-2027.
The report added that battery segment is projected to record a 31.4 per cent CAGR and reach $12.1 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 30.7 per cent CAGR for the next seven-year period
US market is estimated at $805 million
As per the report, the US market is estimated at $805 million while China is forecast to grow at 30.2 per cent. It will reach $3 billion by the year 2027. Japan and Canada, each forecast to grow at 28 per cent and 26.7 per cent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 21.9 per cent CAGR.
In the the global Other Elements segment, USA, Canada, Japan, China and Europe will drive the 30.3 per cent CAGR estimated for this segment. The report said that these markets accounting for a combined market size of $142.6 million in the year 2020 will reach a projected size of $907.1 million by the close of the analysis period. . China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $2.1 Billion by the year 2027.
