One of the key drivers of the industry is the increasing emphasis on alternative sources of generating electricity. With the quick urbanization, there is a growing requirement for solar, hydro, and wind power. 

This has a lot to do with the fact that these resources are easily available, produce clean power, and can effortlessly meet the snowballing electricity requirement. Since renewable technologies, such as wind and solar, have variable outputs.

Browse detailed - Energy Storage Market Revenue Estimation and Growth Forecast Report

APAC led the energy storage market with 17,652 MW in 2022, on account of the high-volume project EPC activities in Japan, India and China. 

Furthermore, the highest storage capacity will be added in this region, which will witness the substantial growth in the years to come.

Presently, Asian power utilities take into consideration power storage systems the next upgrade in smart grid technologies. With the growing requirement for stable grids and snowballing emphasis of governments on smart grids, the region will increase its fundings on these technologies in the years to come.

It is because of the budding renewable sector all over the world, the demand for energy storage utilities will continue to grow at a considerable rate in the years to come.