Battery Energy Storage Market Size

Battery Energy Storage Market size was valued at USD 20.36 billion in 2024 and is likely to exceed USD 83.36 billion by the end of 2037, expanding at over 12.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of battery energy storage is evaluated at USD 22.36 billion.

Increasing investments in solar and wind power, creating intermittent energy generation patterns, and substantial transition towards low-carbon energy generation solutions will contribute to a substantial expansion of industry size. In 2022, global investment in battery storage was over USD 20 billion with most investments concentrated on grid-wide deployment, representing almost 65% of overall expenditure.

The growth of electric vehicles (EVs) has created a demand for charging infrastructure and battery energy storage solutions. Electric car sales have more than tripled in three years, from roughly 4% in 2020 to 14% in 2022. EV sales are predicted to remain strong through 2023. Over 2.3 million electric vehicles were sold in the first quarter, representing a 25% increase over the same period last year.