Energy Storage System Market to Reach $329.1 billion, Globally, by 2032 at 5.2% CAGR

Allied Market Research

Renewable energy integration, regulatory support & incentives, and decentralization & microgrids are the factors that drive the growth of the market.

PORTLAND, Ore., April 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Energy Storage System Market by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage), Application (Stationary and Transport), and End-Use (Residential, Non Residential, and Utilities): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "energy storage system market" was valued at $198.8 billion in 2022, and is estimated to reach $329.1 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.

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Prime determinants of energy storage system market growth

The global energy storage system market has experienced growth due to several factors such as renewable energy integration, regulator support & incentives, and decentralization & microgrids. However, lack of standardization and perception of risk hinder market growth. Moreover, investment in electric vehicle charging infrastructure, and rural electrification initiatives provides opportunities for expanding the energy storage system market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2023	$198.8 billion
Market Size in 2032	$329.1 billion
CAGR	5.2 %
No. of Pages in Report	250
Segments Covered