The growth of the industry is mainly because of the rising focus on alternative electricity sources, the growing concerns concerning the increasing pollution levels due to fossil fuel combustion, and the high accessibility of batteries. 

Based on type, the mechanical category led the energy storage market. This is attributed to the relatively advantageous economics over a long period and the high energy volume produced through pump hydro-mechanical projects.

Moreover, the liquid air energy storage, compressed air energy storage, and commissioning of hydro projects in the years to come will also assist this category to continue its dominance.

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

The European energy storage industry will advance at a significant rate in the years to come, which is primarily boosted by local subsidies. Western European nations will observe a robust need for commercial energy storage systems, as well as the rising data centers network in the region.

Hence, with the advantageous government policies and enhancing economy, as well as the increasing renewable sector, the energy storage industry will continue to grow in the years to come.