Most developed countries are focusing on decarbonization and are shifting to energy storage technologies to reduce their carbon footprints. Investments in renewable energy are expected to grow by 25% in the United States through 2022 because the private and public sectors are committed to addressing climate change concerns. Also, the Democratic party is urging President Biden to move ahead with the climate change part of his proposed Build Back Better bill, which includes $555 billion in climate change investments. The bill has been stalled in the Senate for more than a month.
The surge in growth in the energy storage market is driven by increased demand for peak load management, grid balancing, and innovation in energy storage technologies owing to the recent and ongoing digital transformation. According to a report from Acumen Research and Consulting, the Energy Storage as a Service Market is projected to reach more than $2.62 billion by 2028, with a 9.8% CAGR.
