Energy Storage System (ESS) Research Report 2025: A $376.75 Billion Market by 2029, Driven by Renewable Expansion, EV Adoption, and Rising Energy Investment Accelerate Demand
unknown📝 Article Content
In 2023, the global energy storage system (ESS) market was valued at US$234.13 billion and is projected to reach US$376.75 billion by 2029, growing at a CAGR of 8.51% from 2024-2029. The surge in global adoption of renewable energy and increased grid investments are key growth drivers, along with rising energy demands and electric vehicle proliferation. Market segmentation by technology shows pumped hydro leading, while electromechanical storage is set for rapid growth. Regionally, Asia Pacific
📄 Summary
In 2023, the global energy storage system (ESS) market was valued at US$234.13 billion and is projected to reach US$376.75 billion by 2029, growing at a CAGR of 8.51% from 2024-2029. The surge in global adoption of renewable energy and increased grid investments are key growth drivers, along with rising energy demands and electric vehicle proliferation. Market segmentation by technology shows pumped hydro leading, while electromechanical storage is set for rapid growth. Regionally, Asia Pacific