How Big Is the Energy Storage Market | Growth Analysis & Trends 2031

Q: What is driving the expansion of the energy storage market?

The expansion is driven by clean energy targets, electric mobility growth, blackout prevention needs, and falling battery costs.

Q: Which end-user segments are leading in energy storage adoption?

Utility-scale installations lead, followed by residential and commercial sectors seeking self-consumption and energy independence.

Q: How are governments influencing the energy storage market?

Governments are introducing mandates, offering tax credits, and launching storage auctions to encourage adoption and integration.

Q: What will the energy storage market be worth by 2031?

The energy storage market was valued at USD 93.4 Billion in 2024 and is expected to reach USD 176.2 Billion by 2031

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA6377

Publication Date: Jul 2025

How Big Is the Energy Storage Market?

According to 6Wresearch internal database and industry insights, the Global Energy Storage Market was valued at USD 93.4 Billion in 2024 and is expected to reach USD 176.2 Billion by 2031, growing at a compound annual growth rate of 7.20% during the forecast period (2025-2031).

The surge is largely attributed to growing renewable energy integration, rising demand for backup power solutions, and advancements in battery technologies especially lithium-ion and flow batteries for both residential and utility-scale deployments.

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Growth Drivers of the Energy Storage Market

Increasing renewable energy generation requiring stable grid integration
Rising adoption of electric vehicles driving large-scale battery manufacturing
Supportive government policies, subsidies, and incentive programs for energy storage
Demand for decentralized power solutions in remote and off-grid locations
Advancements in battery chemistries and cost reductions
Surge in residential and commercial solar systems with storage capabilities

Energy Storage Market Trends

Energy Storage Market is experiencing a significant transformation, with trends pointing toward hybrid energy systems that combine solar, wind, and battery storage for greater reliability. There is a shift toward long-duration storage technologies like solid-state batteries and hydrogen-based systems, along with increasing investments in second-life battery solutions and software-driven energy management systems. Countries are also adopting mandates for energy storage capacity additions to ensure energy resilience and reduce fossil fuel dependency.

Emerging Developments in Energy Storage Market

Key developments in the energy storage industry include the scaling of grid-scale battery installations, integration of artificial intelligence for optimized energy usage, and the launch of virtual power plants that aggregate distributed storage systems. Additionally, companies are investing in circular battery recycling ecosystems, while regulatory frameworks in markets like the U.S., Germany, and India are evolving to mandate energy storage for grid stability and peak demand management.