ENERGY STORAGE SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Takeaways from Analyst

The global energy storage system market is expected to witness significant growth over the coming years due to increasing demand for reliable and clean electricity. Major drivers for the market growth include rising investments in renewable energy projects and focus on decarbonization of energy systems. Governments across regions have introduced supportive policies and incentives to integrate more renewable sources into the energy mix. This is increasing the need for efficient energy storage technologies that can store surplus renewable energy for use when solar and wind resources are unavailable. Lithium-ion battery technology is currently dominating the market owing to its versatile usage and declining costs. Residential electricity consumers are also increasingly adopting battery storage to manage electricity bills.

However, volatile prices of raw materials can pose challenges to the stable supply of lithium-ion batteries. Additionally, development of newer and cost-effective technologies is important to meet the rapidly growing energy storage demand. The Asia Pacific region, led by China, is anticipated to continue leading the global energy storage system market owing to strong government support for clean energy adoption and large renewable energy projects in the region. North America and Europe are also attracting major investments in the development of sustainable and resilient energy infrastructure involving energy storage systems. Overall, the energy storage system industry is expected to grow multi-fold over the next decade.