Powered Storage Devices Market Size

Powered Storage Devices Market size is poised to reach USD 65 billion by the end of 2036, expanding around 15% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of powered storage devices was USD 15 billion. This growth in the market revenue is set to be influenced by the growing demand for renewable energy. It is predicted that between 2022 and 2027, worldwide renewable capacity is expected to increase by almost 2 399 GW, or nearly 74%.

The primary sources of renewable energy generation are natural occurrences. For instance, hydroelectric power is contingent upon seasonal river flows, solar power is dependent upon daylight hours, and wind power is contingent upon wind constancy. Therefore, the amounts produced are erratic. As humans frequently require varying amounts of energy at different times of the day and year, the energy demand is also not consistent.

Therefore, it makes sense to store extra renewable energy when it is generated more than what is required so that it can be used when demand for renewable energy surpasses supply.