Posted 3/1/2024, 3:51:00 PM
Energy Storage Market Poised for Steady Growth Amid Grid Upgrades, EV Adoption, and Resiliency Needs
- Global energy storage technologies market valued at $45.9 billion in 2023, projected to grow at 5.6% CAGR from 2024-2034
- Grid modernization and decentralization initiatives driving demand for energy storage to balance supply, manage voltage, enhance grid stability
- Electrification of transport and EV adoption creating opportunities for vehicle batteries to serve as mobile storage and support grid
- COVID-19 disrupted supply chains and workforces but underscored need for resilient, sustainable energy systems with storage
- Key drivers include demand for off-grid and remote power solutions, integration of AI and data analytics to optimize systems