Energy storage systems to reach $3.4bn by 2022

Energy storage systems to reach $3.4bn by 2022

Globally, the advanced energy storage systems market has observed significant growth, registering a compound annual growth rate of 7.63% during the forecast period, states Crystal Market Research. The market, valued at $1.51 billion in 2012, is expected to reach approximately $3.42 billion by 2022. This is owing to increased research and development associated with the rising number of substitute energy sources, which is further compounded by consumers switching to advanced energy storage systems due to the high cost of electricity. Market contributors Key findings related to the advanced energy storage systems market include: Thermal energy storage systems were the […]