The U.S. Advanced Battery Energy Storage System Market size is projected to value at USD 780.5 million by 2024, according to a new report published by Million Insights. The presence of numerous market players coupled with technological advancement is projected to stimulate demand from 2016 to 2024.
The market is anticipated to observe a considerable increase in the upcoming years due to technological advancements in the area of smart grids, home control devices, and smart metering. Additionally, the increasing R&D activities and investments in the distributed energy storage sector are likely to augment the market growth during the projected period.
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The growing concerns of government for declining the dependency on fossil fuels for catering to energy needs and a higher share of clean sources in the energy mix are predicted to boost the market demand for these systems in the grid storage from 2016 to 2024.
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