Global Demand For Energy Storage Connectors Will Increase Nearly 9 Times In The Next Decade

China Energy Storage Network: Research released by Wood Mackenzie on May 9 shows that global demand for energy storage connector will continue to grow rapidly in the next 10 years. Despite the risks caused by the COVID-19 pandemic and the adverse factors caused by rising commodity costs, global demand is expected to double year-on-year in 2022. The strong growth momentum will continue in the next 10 years, when the market will grow by as much as 9 times the current demand.

More than 10 countries drive global battery storage connector90% of total demand. Among them, energy storage demand in China and the United States is expected to account for 75% of total demand.

By 2031, the US market will grow 7 times, far exceeding other countries in the Americas.

Europe's rapid growth in storage connector demand due to reduced demand for Russian natural gas will increase total energy storage capacity by 14 times by 2031. The UK's electricity prices have risen by more than 300% in the past two years, which has boosted commercial demand in the storage sector and will also drive further investment in energy storage related to the UK grid. Germany remains the leader in the residential energy storage market, with rooftop solar becoming mandatory for all new buildings in the country.