Energy Storage Market Size | Global Revenue, Growth Drivers & Forecast 2031

Q: What is the expected CAGR of the energy storage market from 2024 to 2032?

The market is projected to grow at a CAGR of 23.8% during the forecast period.

Q: Which sectors are increasingly using energy storage solutions?

Sectors such as utilities, residential, commercial, and industrial are significantly adopting energy storage systems.

Q: What are the major drivers of growth in the energy storage market?

Key drivers include renewable energy adoption, battery cost reductions, and supportive government regulations

Q: What is the current and projected market size of the energy storage market?

The energy storage market is valued at USD 28.5 billion and is projected to reach USD 157.6 billion by 2032.

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.

Q: Do you also provide customisation in the market study?

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Code: MTA4418

Publication Date: Jun 2025

What is the Energy storage market Size?

According to 6Wresearch internal database and industry insights, the Global Energy Storage Market was valued at USD 28.5 billion in 2024 and is anticipated to exceed USD 157.6 billion by 2031, registering a steady at a CAGR of 23.8% during the forecast period.

Global move towards renewable energy and demand for grid stability continues, the energy storage market is rapidly expanding. The increasing adoption of solar and wind power; the need for efficient energy management and utilization across the economy; and supportive government policies that stimulate action towards clean energy infrastructure, ` are significant contributors. Energy storage systems are important for enhancing energy reliability, reducing carbon emissions, and supporting decentralized energy networks.

Major Growth Factors of the Energy storage market

Government incentives and policies
Growth in renewable energy installations
Declining battery costs
Rising demand for grid stability and reliability
Need for peak load management
Increasing electric vehicle adoption
Rising industrial and residential energy needs
Expansion of smart grids and microgrids

Energy storage market Trends

The market is experiencing strong momentum towards lithium-ion battery technology, particularly in utility scale and residential applications. Interest in hybrid energy systems, long-duration storage, and renewable integration is on the rise, as are the concepts of energy as a service and modular storage solutions. These trends are promoting more flexible and scalable energy solutions that can be tailored to user specific needs and grid conditions. Finally, the convergence of digital technologies such as IoT and AI is optimizing energy storage performance and promoting predictive maintenance.

Emerging Developments in the Energy storage market

The recent developments are adoption of solid-state batteries, flow battery technology, and artificial intelligence for energy storage optimization. Companies are moving to focus on scalable and sustainable energy storage technologies to help address grid and off-grid energy needs. These presentations are catalyzing longer lifecycle, greater safety, and increased energy density for storage technologies. Strategic financing and partnership investments are leading to next-generation solutions for diverse climate and load conditions.