Market Size of Energy Storage Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 51.10 Billion |
| Market Size (2029) | USD 99.72 Billion |
| CAGR (2024 - 2029) | 14.31 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Energy Storage Market Analysis
The Energy Storage Market size is estimated at USD 51.10 billion in 2024, and is expected to reach USD 99.72 billion by 2029, growing at a CAGR of 14.31% during the forecast period (2024-2029).
The outbreak of COVID-19 had a negative effect on the market. Currently, the market has reached pre-pandemic levels.
- The development of the renewable energy sector, favorable government policies and programs for energy storage systems (ESS), and improved energy storage economics are all likely to have an impact on the energy storage market in the upcoming years.
- But a mismatch between the demand and supply of raw materials like cobalt, lithium, and graphite is likely to slow market growth over the next few years.
- The commercial and industrial (C&I) sector is using renewable energy sources like solar and wind power more and more to power their own buildings. But renewable energy isn't always a reliable source of power, and the C&I sector isn't making the most of these resources. So, the C&I sector is likely to use energy storage systems more and more to increase the amount of renewable energy it uses. This will create big opportunities for ESS providers in the future.
- Asia-Pacific was the largest market in the world in 2021. This was because countries like China, South Korea, and India needed more energy storage systems.
