Energy Storage System Market Size

Energy Storage System Market size was valued at USD 236.15 Billion in 2023 and is expected to exceed USD 597.61 Billion by the end of 2036, registering over 7.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of energy storage system is evaluated at USD 249.6 Billion.. The growth of the market can be attributed to the growing demand for energy storage and transportation, backed by the global adoption of renewable energy, and soaring investments in grids are anticipated to drive the market growth in the coming years. As per a report by the International Energy Agency (IEA), electricity grid investments were expected to reach USD 290 billion in 2021. Moreover, the radically increasing demand for energy throughout the world is also predicted to increase the growth of the global energy storage system market further in the years to come.

In addition to these, factors that are believed to fuel the market growth of energy storage system include the worldwide rise in power outages, along with the surging investments in the production of renewable energy. For instance, based on a 2019–2020 assessment of residential energy use in India, more than 55% of rural residents experienced intermittent power outages each day. Additionally, a surge in the demand for efficient grid management, coupled with the favorable governmental framework for sustainable technologies are some major factors that are anticipated to boost the market growth further over the projected time frame.