Battery Energy Storage System Market To Charge Future Growth With A Notable 12% Cagr During 2018-2026 The rising global demand for electric vehicles, rising consumer demand for electronics, and increasing policy push for sustainable use of energy are expected to emerge as key drivers for growth in the battery energy storage market. The market will grow at a robust 12.0% CAGR during 2018-2026, with its valuation rising from US$9 bn in 2017 to an alltime high with large investments by China and the US in sustainable energy. Recently released battery energy storage system market report by TMR, will focus on various technologies in the market including Lithium-ion batteries, Sodium sulphur batteries, Nickel cadmium batteries, flow batteries, sodium-ion batteries. Among these, the lithium-ion batteries segment is likely to witness highest growth, thanks to its widespread use in electric vehicles, and smartphones. The growth of 5G will also create significant opportunities in the battery energy storage system market with expected rise in sales of smartphones. The rise in adoption of sustainable energy globally is expected to remain a major growth driver during the forecast period. Among regions, Asia Pacific, and North America will remain at the forefront of growth as both countries have supported key initiatives to support electric vehicle development infrastructure, and innovative products in the region continue to drive demand.
Rise in Demand in Residential Sector to Boost Growth The UK is on a quest to install smart meters in homes countrywide. The country plans on sourcing half of its current energy usage from renewables by 2021. As planned by the